For every organization/Institution, it is important for every organization to follow the ethical standards. To accomplish success, every must have to ensure the compliance of ethical standards in their institution. It may advantage the business organsiation in several ways which includes employees motivation, customer satisfaction, improve productivity, reduces operative cost, long term advantage, competitive advantage etc.
Hence following are some fundamental principles or requirements of business ethics.
Legal compliance- Every decision and action should be total compliance with the laws , rules and regulations. If the company wants to grab success then it is important for the organsiations to follow the law or act made upon them.
Ethical conduct- The buisness decisions should be based on the financial factors as well as the imoact of such decisions on the society. The decisions and action should be complied with expectations of the society and ethical principles.
Accountability- The management should be accountable for the decision taken by it. The decisions taken should be in accordance with the set goals and objectives, strategies and policies.
Fairness- Fairness and honesty must be there in the decisions taken by the compant.. It should address general concerns like recognizing and responding to the needs of the others.
Transparency- Company shall ensure that the true picture of financial position shall be given to the stakeholders. There shall be no window dressing in the financial statements of the company.
Stakeholder’s protection- It is important to protect the interest of all the stakeholders as they have certain rights with respect to the working of the organisation
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