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Companies that produce energy, particularly nonrenewable energy , face unrelenting scrutiny on how they treat the environment. One misstep—whether it is a minor coal ash spill at a power plant or a major disaster such as the BP BP oil spill—forces a company to answer to numerous regulatory bodies and society at large regarding whether it skirted its duty to protect the environment in an aggressive pursuit of higher profits.
A stringent, clearly defined system of environmental ethics is paramount for an energy company if it wants to thrive in a climate of increased regulations and public awareness on environmental issues. When it comes to protecting their customers' privacy and security, however, their ethics are examined very closely. A particular area in which technology companies must make tough ethical decisions is marketing.
Advancements in data mining technology enable businesses to track their customers' movements online and sell that data to marketing companies or use it to match customers with advertising promotions. Many people view this type of activity as a major invasion of privacy. However, such customer data is invaluable to businesses, as they can use it to increase profits substantially. Thus, an ethical dilemma is born: To what extent is it appropriate to spy on customers' online lives to gain a marketing advantage?
The importance of business ethics reaches far beyond employee loyalty and morale or the strength of a management team bond. As with all business initiatives, the ethical operation of a company is directly related to profitability in both the short and long term. The reputation of a business in the surrounding community, other businesses, and individual investors is paramount in determining whether a company is a worthwhile investment.
If a company is perceived to not operate ethically, investors are less inclined to buy stock or otherwise support its operations. Companies have more and more of an incentive to be ethical as the area of socially responsible and ethical investing keeps growing.
The increasing number of investors seeking out ethically operating companies to invest in is driving more firms to take this issue more seriously. With consistent ethical behavior comes an increasingly positive public image, and there are few other considerations as important to potential investors and current shareholders. To retain a positive image, businesses must be committed to operating on an ethical foundation as it relates to the treatment of employees, respecting the surrounding environment , and fair market practices in terms of price and consumer treatment.
Small Business. Career Advice. Business Essentials. Business Leaders. Health Care Administration, B. Cybersecurity, A. Computer Information Systems, B. Programs Programs Overview. Degree completion A. Associate of Applied Science B. Bachelor of Science. Search form Search. All information submitted to Charter College is subject to our privacy policy. According to Gartner, an ethics program should:. Corporations have a critical role in developing good ethics in business. But educational institutions also play a fundamental part in shaping ethical leaders.
At the University of Redlands, we understand why business ethics is important. Complex dilemmas like climate change, safety, and security require critical thinking and ethical reasoning. Through a cutting-edge, interactive curriculum, we prepare students to meet and advocate for the behavioral expectations of an ethical workplace.
Our students investigate the ethical, legal, and social factors of decision-making, and cultivate an ethical framework of business decisions in one of four concentration areas. We underscore ethics throughout our online MBA program, preparing students to promote an exceptional culture of ethics wherever they choose to work.
Another reason why business ethics is important is that it can improve profitability. A well-implemented ethics program can also reduce losses. Companies that practice questionable ethics may also experience a decrease in stock price and severed business partnerships, which can affect profitability.
In addition, business ethics is linked to customer loyalty. Table of Contents. Importance of Business Ethics. Add CommerceMates to your Homescreen!
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