How does ethics affect business strategy?
Business ethics enhances the law by outlining acceptable behaviors beyond government control.
Corporations establish business ethics to promote integrity among their employees and gain trust from key stakeholders, such as investors and consumers..
Types of business ethics
Here, we take a brief look at (1) utilitarianism, (2) deontology, (3) social justice and social contract theory, and (4) virtue theory..
Types of business ethics
Many people may not think of the two together, but they are closely linked.
Values and ethics are key components of business strategy, as they provide the foundation for how a company operates and interacts with its customers, employees, and collective stakeholders.Oct 2, 2023.
Types of business ethics
Strategy and Ethics
Setting an organizational strategy, vision, and set of values is the starting point of any new venture.
Building in a strong sense of ethics, and an alignment with the well-being of all existing stakeholders (and society at large) is an integral aspect of the strategic planning process..
What are the ethics of a business strategy?
Business ethics is an evolving topic.
Generally, there are about 12 ethical principles: honesty, fairness, leadership, integrity, compassion, respect, responsibility, loyalty, law-abiding, transparency, and environmental concerns..
- A clear ethics strategy is needed to better enable the organisation to realise its ethical goals.
Ideally, this strategy needs to include six focus areas.
The first two provide the initial foundation and the remaining four represent primary focus areas of on-going activity needed to manage a company's ethics.
