by Sam Young, marketing intern & junior marketing major, Mike Cottrell College of Business
Consumers today are more conscious of ethical business practices than ever before. In today’s business world, there is easy access to information about companies and how they conduct business. Consumers have become acutely aware of this information and have made it an important part of where they decide to invest their money.
Due to the ease of access to information provided by modern communication, people have become very aware of ethical businesses and the impact that they have. There are even businesses that were created to showcase and give awards that highlight companies who are ethical leaders in their industries. This includes lists like EthiSphere’s annual ethical company ratings that consumers use to determine the ethical standing of a company. Companies will promote these achievements in their corporate literature and their websites because it has become an essential part of being a successful company.
Avoiding unethical business practices will not only help to create a good reputation, but keeps the company safe from litigation. Money scandals and poor business practices can cause a major loss in profit. These can lead to a loss in motivation in employees and ultimately bankruptcy. Maintaining quality and productivity by not cutting corners can only create a good reputation and preserve a good code of ethics for the company.
This is why having training in ethics is necessary for a successful business. They not only help promote awareness to the ethical practices in the company, but ethics training programs boosts morale so that employees work more effectively and harmoniously with their co-workers. Being ethically aware helps to maintain a positive corporate culture and upholds a strong public image.
Ethics trainings are essential to preserving a positive business culture and responsive to any ethical dilemmas that could arise. Communicating ethical business behavior and implementing that behavior into the workplace is an important business strategy that can only improve a business. By having these programs in place and updating them when necessary, companies will flourish and grow into a thriving and respected business for years to come.