What reasons are there for business organizations to embrace ethical values? Here are some reasons:
Ethical businesses are getting more and more customers. People don't like to buy from unethical companies. In the words of Nike's CEO Phil Knight, "I truly believe the American consumer doesn't want to buy products made under abusive conditions." More and more people are choosing to buy products of ethical companies.
Quality people want to work in and be associated with ethical businesses. People feel proud and passionate when working in an organization that is ethical. They would rather prefer working for an organization which has the human touch than one which stands only on profit. Ethical organizations therefore has a competitive advantage in workforce recruitment.
Investors nowadays prefer to put their money into ethical organizations. Generally speaking, people with money to invest would fancy partnering with ethical organizations which care for humanity rather than organizations which seek to maximize profits. Being ethical allows organizations to draw in more capital.
By being ethical, organizations are also able to keep the government at arm's length. This is to say that organizations very much prefer to exist in an environment where regulations are at a minimum. Unethical practices tend to attract intervention by government and the subsequent inconvenience of red tapes and regulations.
Gone are the days when organizations can trample over employees and consumers.
Yes... things have changed.
ReplyDeleteDo good to get more business ;P
http://tenshichn.blogspot.com/2013/12/030-smooth-up-your-day.html
Yes, Tenshi, strong ethics will go a long way - in life and business. :)) Rewards may not be instantaneous but in time to come. Nevertheless, it's the principles and standards that count.
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