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Reasons for Fostering Good Business Ethics
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There are 5 reasons for fostering good business ethics, which are gaining the goodwill of the community, creating an organization that operates consistently, fostering good business practices, protecting the organization and its employees from legal action, and avoiding unfavorable publicity.
Companies do not only earn profits from their products or services but they also need to take fundamental responsibilities to society. Some organization can donate money while some others can provide their resources to support non-profit or charitable organizations. This will help gain the good will of community and maintain loyalty with their customers. The second reason is consistent operation and this is the need of stakeholders including shareholders, employees, customers, suppliers, and the community. The consistency will help retain customers, reduce turnover rate of employees, improve their morals and get higher priority from suppliers and business partners. The next reason is protecting organization and employees from legal action, this is especially important to prevent misconduct in the workplace by establishing code of conducts. The final reason is avoiding unfavorable publicity because it can affect directly to the reputation of a company.
Differences of ethics from morals and laws
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Essay OpenSubscribe: RSS | Email SubmitHomeSell Your EssaysJoinReasons for Fostering Good Business EthicsPosted in Business & Economy Leave a commentThere are 5 reasons for fostering good business ethics, which are gaining the goodwill of the community, creating an organization that operates consistently, fostering good business practices, protecting the organization and its employees from legal action, and avoiding unfavorable publicity.Companies do not only earn profits from their products or services but they also need to take fundamental responsibilities to society. Some organization can donate money while some others can provide their resources to support non-profit or charitable organizations. This will help gain the good will of community and maintain loyalty with their customers. The second reason is consistent operation and this is the need of stakeholders including shareholders, employees, customers, suppliers, and the community. The consistency will help retain customers, reduce turnover rate of employees, improve their morals and get higher priority from suppliers and business partners. The next reason is protecting organization and employees from legal action, this is especially important to prevent misconduct in the workplace by establishing code of conducts. The final reason is avoiding unfavorable publicity because it can affect directly to the reputation of a company.Differences of ethics from morals and lawsIs this Useful? Join Essay Open to read thefull research paper and more.Register← Characteristics of Organizational Leadership and Organizational ManagementElectoral College: Pros and Cons →CATEGORIESBusiness & EconomyComputer ScienceHealth CarePoliticsPsychologySocial ScienceNEW ESSAYSStrategy to Attract International Students to AmericaThe Impact of International Aid on U.S. EconomyFinancial Status of United State Agency for International Development (USAID)Data Center Power Management and the Impact on the EnvironmentReducing Medical Errors, Patient Mortality Rates and Costs Through EMR ImplementationGet the full Essays and PapersSubscribe TodayNo comments yet.LEAVE A REPLYName (Required)Email (Required)WebsiteCommentLeave your opinion here. Please be nice. Your Email address will be kept private.RELATED ESSAYSBUSINESS & ECONOMYThe Impact of International Aid on U.S. EconomyMay 9, 2013BUSINESS & ECONOMYFinancial Status of United State Agency for International Development (USAID)March 8, 2013BUSINESS & ECONOMYSamsung Group 2012 Investment and Hiring PlansSeptember 30, 2012Essay Open © 2015. All Rights Reserved.
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