In order for a business to succeed and maintain a strong, beneficial staff, the business must have a strong foundation in ethical awareness and a solid ground of social responsibility. Having a phenomenal social commitment not just to its employees but also to the community will stabilize a business, create a following of consumers and maximize the possible profits for the business.
The Role of Ethics in Strategic Planning
Ethics is very important when it involves the strategic planning of the business. By being in an ethical company, this enforces the company’s mission and vision statements. This also helps in giving a direction to the company and a solid base foundation for the organization, the employees and the management staff. When a company develops a strategic planning, this is supposed to be done to the best interest of the business. This is why ethics is very crucial to a business on the daily, weekly, monthly and yearly operations.
In order for us to truly under ethics, we need to define it. According to Velasquez (2010), ethics has several definitions: "Ethics has to do with what my feelings tell me is right or wrong." "Ethics has to do with my religious beliefs." "Being ethical is doing what the law requires." "Ethics consists of the standards of behavior our society accepts" (para.).
Ethics is also very important to the stakeholders of the business. These individuals need to know how their money is going to be used. Also, the managers need to assure the stakeholders that they are doing what is in the best interest of the business and the stakeholders. By adhering to these ethical standards, it ensures that the company is making sure that they are on top of their game.
There are 8 ways a company can make sure that the ethical practices are followed:
1. “Understand the benefits of ethical...