Importance of Business Ethics in Today's Organizations
Business ethics play a crucial role in shaping organizational culture and decision-making. This presentation explores the significance of ethical conduct in business, covering topics like moral principles, company values, and the impact on stakeholders. Understand why business ethics matter and how they influence public opinion, employee perception, and overall company reputation.
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Presentation Transcript
Libyan International Medical University Faculty of Business Administration The Importance of Business Ethics Name: Heba kambraki ID: 3754 Email: heba_3754@limu.edu.ly
Table of Contents 01 02 03 Introduction Importance of Business Ethics Business Ethics 02
04 05 06 Examples Conclusion References 03
Learning Objectives Hopefully Hopefully By the end of this By the end of this presentation you ll be able to presentation you ll be able to : Describe the importance Describe the importance of business ethics. of business ethics. o 04
01 Introduction 05
Introduction The set of moral and ethical principles that guide an organization's and its employees' actions is known as business ethics. Business ethics influence a company's ideals,objectives,and day-to-day operations. Honesty, integrity, fairness, reliability, trustworthiness, accountability, and respect for others are just a few of the values that guide an ethicalbusiness. Organizationalleaders have the chance to encourage an ethical culture by adopting rules of conduct and by setting an example for the rest of the organization by acting ethically. 06
02 Business Ethics 07
What is Business Ethics? Business ethics is the study of proper company conduct when it comes to potentially contentious issues including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, fiduciary duties,and much more. 08
03 Why Business Ethics are Important? 09
The Importance of Business Ethics Public Opinion : According to studies, 50% of the population is aware of corporate social responsibility, and 20% of them will actively criticize or avoid doing business with organizations they feel are acting unethically. Employee Perception : Companies need to foster an environment of justice and transparency in order to draw in and retain competent workers. 10
04 Examples 11
Treat employees with respect : 1. Talented, motivated, ethical employees are easier to recruit and keep for businesses that hold their staff to high but fair standards. For instance, promotions and pay raises ought to be provided based on performance rather than personal preference. Employees should receive their wages on schedule and as agreed. Implement ethical business practices : 2. Additionally,businesses ought to be fair to its partners and clients. They shouldn t overcharge for goods or services or exaggerate the worth of what they have to offer. 12
05 Conclusion 13
By defining permissible practices outside of the purview of the state, business ethics strengthen the law. Businesses construct business ethics to encourage moral behavior among their workforce and win over importantconstituencies like customers and investors. 14
06 References 15
The Importance of Business Ethics | Maryville Online. Maryville Online, online.maryville.edu/online-masters-degrees/management-and- leadership/careers/importance-of-business-ethics.Accessed 4 Nov.2022. 16
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