“Just because you can, doesn’t mean you should.” We’ve all heard this old adage, and it is more applicable today than ever as debates about business ethics rage across all platforms. Is it okay for businesses to monitor employees’ social media accounts? Is it ethical to require that employees be vaccinated? These issues and similar ones have created a buzz of conversation that deserves your consideration. Let’s talk about what business ethics are and why they are so important.

Business Ethics: A Basic Definition

Business ethics set the standard for what is morally acceptable in a business setting. In addition to outlining how a company treats its consumers, it also forms a framework for how employees should be treated. While ethics and the law often overlap, it is important to keep in mind that a business’s code of ethics often touches on things outside of the government’s control.

The Importance of Ethics

Of course, the most important reason to consider ethics is simply that integrity and moral uprightness are universal human concerns. However, a well-defined code of ethics can also benefit you in your career and boost a business’s bottom line. Here are a few examples of how that is true:

• High integrity and honesty are among the most sought-after soft skills in business leaders.
• Ethics training inspires employees to conduct themselves with integrity. A 2018 survey found that 99% of employees in a company with a strong ethics culture felt prepared to handle ethical issues.
• Companies with a reputation for ethical conduct tend to enjoy higher levels of trust with consumers and better performance in the stock market. One study even found that roughly half of U.S. consumers do not buy from companies that they perceive as unethical.

Preserving Your Ethical Integrity

For many ethical issues, there seems to be no obvious “right” answer. Such issues require careful consideration and should be examined from all angles before any decision is made. Other issues are less muddy but quite difficult to solve. For example, many are concerned about discrimination and a lack of diversity in the workplace. Obviously, discrimination is bad and diversity is desirable, but it takes work to reduce the one and build up the other. Navigating any ethical issue requires planning, foresight, and a willingness to be adaptable.

Are you familiar with the nuances of business ethics? Learning about this important topic can help you maintain a good conscience and benefit your career.

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