Importance Of Ethics In Business

Although recent headlines have brought business ethical issues to the forefront of American public discussion, there is still a body of thought that discounts the importance of ethics in business. Many people take a very dog eat dog attitude towards business. They argue that the best business is the one that wins, no matter what. According to this way of thinking, the importance of ethics in business is barely worth mentioning. The point is to make as much money as you can for the shareholders and to not get in trouble. Ethical business practices count for very little.

Recently, however, a number of experts have really come to question this. According to the new way of thinking, ethics isn't only good for the soul, it is also good business. Basically, if you can run an honest business, you can count on your employees to work honestly with you. Setting up a corporate environment of ethical responsibility means that your business will do better in the long term. Everyone from the top to the bottom will know that they are expected to behave in an appropriate manner, and you will not have to deal with the downfall that has plagued so many mighty industries recently.

It is crucial that you hire people that know about the importance of ethics in business from day one. Otherwise, you'll end up with nothing but a gang of ruthless robber barons at the top. People whose only interest is making money for themselves will initially help your business out by making it more competitive, but in the long run many of them will turn out to be sociopaths. These folks tend to view themselves as invincible and often follow meteoric rises with meteoric falls. The problem is that such folks tend to take whole businesses with them.

Enron ethics is, of course, a prime example of this. The same values that made the Enron executives able to climb to the top of the business world also made them willing to defraud investors and employees and ultimately destroy their own company. This isn't only bad practice, it is also bad business. Had Enron set out to deal with business ethical issues from the get-go, it would not have had to face such a tragic end. At the very least, workplace ethics are as important as excellent business skills. In the long run, they might prove to be even more important.

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