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Essay / The importance of ethics and values in business,...
Question 1: Explain the importance of ethics and values in business sustainability. In order to understand the importance of ethics, we must first understand what ethics is. Ethics can be defined by Hornby as “moral principles that govern or influence a person's behavior.” It is the behavior of an individual or a company and is therefore related to businesses. Business ethics can be defined as “written or unwritten codes of principles or values that govern decisions and actions within an organization.” There are different types of ethics, namely: descriptive ethics, normative ethics and analytical ethics. Ethics is based on genetic inheritance, religion, philosophical systems, cultural experiences and the legal system. Individual factors, organizational factors, and environmental factors all influence ethics. Values can be defined as “the context within an organization where the norms of a society are established and justified”. . Ethics and values work interdependently and therefore, employees are more attracted to an organization that has a good set of ethics and values. Many ethical issues can arise due to the ever-changing environment and that is why ethics and values must be described in such a way that there is stability in a business. Some ethical issues will be discussed below. The code of conduct is a guideline on how employees should behave in a work environment and also explains your role within an organization. A code of conduct is there to promote honesty and ethical conduct, proper public disclosure and compliance with the law so that fraud, dishonesty and criminal conduct can be avoided. Whistleblowing occurs when an employee raises a concern with people who have the appropriate authority and power. to...... middle of paper ......the- low concern for people and great concern for production.3. Impoverished style - low concern for people and low concern for production.4. Intermediate style: moderate concern for people and moderate concern for production.5. Team style: great concern for people and great concern for production. There are many different leadership styles that many leader-managers can develop. The ones they develop can either benefit the company and ensure its success through focusing on employees as well as production, or harm the company by focusing only on the tasks that need to be accomplished. This will cause employees to feel like they are not needed and Theory X behavior will come into play. This can be avoided by developing good leadership qualities in order to create and sustain a successful business..