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Business Ethics and Social Responsibilities in the Workplace

Essay by   •  January 17, 2013  •  Research Paper  •  2,357 Words (10 Pages)  •  1,096 Views

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Business Ethics and Social Responsibility in the Workplace

Executive Summary

The terms business ethics and corporate responsibility have increased in the business language over the last several years. More and more, proper business ethics and corporate responsibility have emerged as on top of the list for companies. This includes proper ways to maintaining proper business conduct throughout the company, and developing proper ethic procedures for all employees, management, and especially their Chief Financial Officer, Chief Executive Officer, and Chief Operating Officer to follow.

Businesses today should operate openly to the public view, ensuring that the public can see that they have nothing to hide. This will earn high regards from their customers and will give their competitors something to worry about. A company that can feel good about the employees they have, the products they produce, and the services they give to their customers can stand proud and become an integral part of a community that gives a sense of pride that everyone including employees, investors, suppliers, and customers want to be a part of.

In the breakdown of ethics and corporate responsibility, this report will define reasons why becoming more ethical and socially responsible in the community will increase our efficiency, boost our employee morale, please our investors while increasing our profits, as well as proving to our customers that we are a company that takes care of our employees, and the health of our company. We strive to provide leadership and management that will prove that we are a responsible corporation and strive to help improve the community that we are a part of.

Introduction

In today's society, companies find it hard to survive without proper ethics and taking an active role in corporate responsibility. People want to work for employers that do the right thing; follow proper rules and regulations; treat their employees fair, and with respect; and they are not afraid to leave the organization when faced with challenging situations that they feel are not ethical.

Customers want to conduct business with companies they feel are fair and honest. They want to know that they can depend on these products or services without question. In order to receive such a reputation, a company must act accordingly. Dedicated employees; a strong position in the community; and dependable products and services make an organization very proud - exactly what it takes to make a great company and a great leader in the community.

By creating and putting in place an ethics policy and adhering to it, we can strengthen this company and give our employees, investors, and customers a company that they are proud to work for and be associated with. Our workforce will become more productive, providing products that they believe in while providing the best in customer service. Our investors will be proud of our financial status and the policies and procedures that we adhere to when it comes to our finances. Our customers will speak highly of our company from the great products and customer service they receive and will relay this information to their friends and families, which in turn will bring new business to our company.

Research Findings

Ethics and social responsibilities are a huge burden on corporations. Not only does a corporation have to deal with conducting business while following all the laws and regulations, but also while making employees trust them; making the community aware of their good business practices by helping their community; and by allowing the public to see how it operates and what it is doing. Good ethical practices and social responsibility allow companies to increase their efficiency and productivity, improve their reputation, and have good relationships with their employees, investors, and customers.

Increased Efficiency

Organizations that practice good ethics have lower turnover rates, less absentees, and a higher rate of employee loyalty. When employees work for a company that practices good ethics, they tend to be very comfortable in their work environment and are proud of their accomplishments and the accomplishments of the company. Companies with good ethics tend to have employees that are well compensated for their work with higher wages and good benefits, and this brings a since of unity among workers and positive relations between employees and management.

Increased productivity can result in a show of trust in the company. Employers that treat their employees fair, are open to comments and suggestions, respect employees, and make ethical decisions, tend to find that their employees are more dedicated and less distracted in their work, giving a more efficient staff and an increase in productivity. Ethics (www.referenceforbusiness.com/management/Em-Exp/Ethics.html)

The practice of good ethics tends to reduce distractions by workers, which can lower productivity throughout the workplace. A 2006 study of 834 full-time workers over the age 18 shows that 94% of employees think ethics was a central key to their satisfaction with their employer. 82% stated they would prefer to be paid less and work for a business with ethical practices than to be paid more money to work for a company that had low ethical practices. (LRN Ethics Study: Workplace Productivity) Unethical behavior distracts many employees in various ways, leading to missed work time and production slowdowns.

Social responsibility, such as becoming involved in their community by sponsoring a food drive for the local food bank can rally employees together and show the community that the company wants to be a part of the community. Simple social efforts such as becoming a sponsor of a local community ball team can leave lasting impressions on a community while building pride in the company and in its employees (Ethics and Social Responsibilities in the Workplace) It is important for a company to show that they want to be a integral part of the community they are in, not just a business out to make money. People in the community will respect the company more, and in turn, will become dedicated customers. The customers see that by purchasing this company's products, it not only benefits the company's profits, but it helps their community as well.

Reputation

Good ethical practices increase the potential of good reputations in businesses. A company with a good reputation

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