{"id":19831,"date":"2024-04-06T21:54:38","date_gmt":"2024-04-06T21:54:38","guid":{"rendered":"https:\/\/www.writemyessays.app\/blog\/questions\/the-importance-and-impact-of-good-ethics-in-the-business-world-proper-business-ethics-are-very-important-for-the-success-of-a-company\/"},"modified":"2024-04-06T21:54:38","modified_gmt":"2024-04-06T21:54:38","slug":"the-importance-and-impact-of-good-ethics-in-the-business-world-proper-business-ethics-are-very-important-for-the-success-of-a-company","status":"publish","type":"questions","link":"https:\/\/www.writemyessays.app\/blog\/questions\/the-importance-and-impact-of-good-ethics-in-the-business-world-proper-business-ethics-are-very-important-for-the-success-of-a-company\/","title":{"rendered":"The importance and impact of good ethics in the business world; Proper business ethics are very important for the success of a company."},"content":{"rendered":"

I have 5 sources but they are all on my college library.<\/p>\n

I have a research paper for English class. <\/div>\n
my topic:The importance and impact of good ethics in the business world; Proper business ethics are <\/span>very important<\/span> for the success of a company.<\/span><\/span> <\/span><\/div>\n

<\/span><\/div>\n
what I have so far: <\/span><\/div>\n
<\/p>\n
\n

Avoid phrases such as “are like” – especially in your opening sentence. <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Introduction needs work – thesis?<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Use present tense.<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Your conclusion could be used as part of the introduction.<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Format of work cited page<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

(insert opinion here)<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Definition of ethic: Proper business ethics are important for a company’s success.<\/span><\/span> Business<\/span> ethics <\/span>are th<\/span>e foundation of a <\/span>good company. <\/span>Ethical dilemmas are all too common in the business world. <\/span>Without ethics where would the business world be <\/span>today.<\/span> <\/span>Luck<\/span>i<\/span>ly,<\/span> we do ha<\/span>ve ethics<\/span> this contributes to a better society<\/span>. The way ethics contributes to a better <\/span>society<\/span> <\/span>is it not only focuses on profit, but it takes humanity into account. For <\/span>example,<\/span> <\/span>without ethics a business would pollute waterways to cut costs and maximize profits but if y<\/span>ou stop and <\/span>consider<\/span> the damage to the community that’s ethics<\/span>. There are ethical concerns with<\/span> <\/span>electronics,<\/span> for example <\/span>lithium<\/span> and cobalt are mined<\/span> in <\/span>countries<\/span> that use child labor<\/span>.<\/span> <\/span><\/span>Children told Amnesty International they worked for up to 12 hours a day in the mines, carrying heavy loads to earn between one and two dollars a day. In 2014 approximately <\/span>40,000 children<\/span> worked in mines across southern DRC, many of them mining cobalt, according to UNICEF. <\/span><\/span>This is a<\/span>nother ethical issue <\/span>that <\/span>companies<\/span> face when dealing with other <\/span>countries<\/span> <\/span>due to different <\/span>workplace <\/span>regulations that they have. <\/span>Ethical issues in business <\/span>aren’t<\/span> always easy to <\/span>solve,<\/span> sometimes there <\/span>isn’t<\/span> <\/span>an<\/span> <\/span>entirely ethical <\/span>option<\/span>.  <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

why is it important,<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Proper business ethics are important <\/span>for the success of a company and those who work for the company<\/span>, <\/span>and those who live near the company<\/span>. The success of the company is also tied to ethics<\/span>. I<\/span>f a company <\/span>is caught up in <\/span>an<\/span> ethical dilemma that can <\/span>greatly affect<\/span> the company’s reputation<\/span> and hurt the customer base. <\/span><\/span>Over half of U.S. consumers said they no longer buy from companies they perceive as unethical<\/span>. <\/span><\/span>This matters to the modern shopper<\/span>,<\/span> as we grow more socially <\/span>conscious <\/span>the <\/span>business<\/span> world<\/span> <\/span>is incentivized to match our interests. <\/span>Ethics also matter to the employees of a company<\/span>. <\/span><\/span>The <\/span>LrN<\/span> Ethics Study confirms that a company’s reputation for ethical behavior matters a great deal to employees. <\/span><\/span>An overwhelming majority of employees surveyed \u2013 94 percent \u2013 say it is \u201ccritical\u201d or \u201cimportant\u201d that the company they work for is ethical<\/span>. <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

why does it matter,<\/span> <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Business ethics matter <\/span>because<\/span>.<\/span> <\/span>T<\/span>he <\/span>success of a company is tied to ethics because co<\/span>nsumers <\/span>value ethical companies. Ethics also matter because typically when <\/span>something<\/span> is un<\/span>ethical it is also illegal<\/span>. <\/span>When they get caught it often comes with heavy fines <\/span>for example the Wells Fargo <\/span>scandal,<\/span> they had to pay 3 billion in fines<\/span>. <\/span>They also <\/span>damaged their reputation <\/span>because of<\/span> the scandal<\/span> they lost investors, and many people closed their accounts. <\/span>When a company has bad ethics, they lose <\/span>long-term<\/span> <\/span>customers<\/span>.<\/span> <\/span> <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

 historical development of ethical concepts and <\/span>practices.<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Greedy business owners have been around for a long time. <\/span>(Quote) <\/span><\/span>For years, <\/span>Keayne<\/span> had been accused of being a corrupt merchant- of practicing usury<\/span>, of selling goods at <\/span>higher than normal<\/span> prices, <\/span>of placing his own self-interest ahead of the common good, and of <\/span>contravening<\/span> <\/span>Puritan <\/span>religious tenets. The specific charges against him <\/span>were filed in the General court in 1639. He was fined 200 pounds for this alleged <\/span>misdemeanor, although it was <\/span>later <\/span>reduced to 80 pounds.<\/span><\/span> (end quote)<\/span> <\/span>The <\/span>concept <\/span>of unfair pricing has been around for quite <\/span>some time<\/span> <\/span>and<\/span> <\/span>continues<\/span> today<\/span>. <\/span>A recent example is <\/span><\/span>Martin Shkreli, an aspiring pharmaceutical entrepreneur and former hedge fund manager, <\/span>made<\/span> headlines in 2015 when he capitalized on a profitable and controversial business opportunity. As the founder and CEO of Turing Pharmaceuticals, Shkreli obtained the expired patent for a lifesaving drug used to combat HIV. He raised the US market price overnight from $13.50 to $750 per pill\u2014a 5,000 percent increase<\/span>.<\/span> <\/span> <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

How good ethics affect a <\/span>company<\/span>: <\/span><\/span>Ethics matters for the reputation of a company because without a good reputation it will lose trust with shareholders, struggle to find quality employes and attract customers.<\/span> <\/span>It’s<\/span> easy to get a bad reputation <\/span>but <\/span>it\u2019s<\/span> hard to lose it<\/span>.<\/span> But good ethics <\/span>make for <\/span>a happy <\/span>workplace,<\/span> loyal <\/span>customers<\/span> <\/span>and lasting profits for the future. <\/span>An ethical company is also more likely to have some corporate social <\/span>responsibility<\/span> <\/span>and have better public relations than an unethical company. <\/span>They might donate to local <\/span>charities. An<\/span> example<\/span> of this<\/span> is <\/span>Starbucks<\/span> donating unused food at the end of the day to food banks<\/span>. <\/span>Another example<\/span> of corporate social responsibility<\/span> is Coca colas partnership with the special <\/span>Olympics,<\/span> <\/span>a <\/span>long-lasting<\/span> one going on 56 years <\/span>this year. <\/span>Charity is not the only way business can <\/span>engage<\/span> in <\/span>corporate<\/span> soci<\/span>al responsibly <\/span>many <\/span>companies<\/span> have pledged to be carbon neutral<\/span>. Some <\/span>company’s<\/span> give their employees a charity match on donation others <\/span>gives<\/span> the<\/span>m<\/span> paid <\/span>volunteer<\/span> hours  <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Ethics and profitability <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Ethics matter for the long-term success of a company<\/span>. Because <\/span>an<\/span> <\/span>ethical<\/span> company is a trustworthy one and <\/span>it’s<\/span> more likely to <\/span>retain<\/span> <\/span>loyal <\/span>customers<\/span>. <\/span>Ethical <\/span>companies<\/span> <\/span>outperform<\/span> <\/span>unethical <\/span>companies with <\/span>increased employee <\/span>retention,<\/span> <\/span>long-term<\/span> <\/span>customers<\/span> <\/span>and a better reputation<\/span>.<\/span> Typically, ethical decisions are legal decisions and <\/span>unethical decisions<\/span> ar<\/span>e illegal<\/span>.<\/span><\/span> <\/span> <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

 <\/span>what happens when a company <\/span>doesn’t<\/span> have good ethics and what <\/span>consequences<\/span> come with <\/span>it.<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

(Enron)<\/span> (salad <\/span>oil) <\/span><\/span>When<\/span> a company <\/span>doesn’t<\/span> practice good ethics <\/span>it can damage the reputation<\/span>. <\/span>It hurts<\/span> <\/span>the future<\/span> growth of the company and <\/span>affects<\/span> the future trustworthiness <\/span>with investors and the p<\/span>ublic. <\/span>The bad press from an ethical scandal can also leave a lasting impact<\/span>. For <\/span>example,<\/span> Kobe steel got in trouble <\/span>for lying about the certification<\/span> for<\/span> the <\/span>metal they produced<\/span>. Now this is a concern for anyone <\/span>considering buying Kobe steel in the future<\/span> especially if the certification matters. <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

The role of whistleblowers in business, <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Whistleblowers hold companies accountable for bad business practices whistleblowing can be done by current or <\/span>former<\/span> <\/span>employees. <\/span>A whistleblower is anyone who has specific evidence of <\/span>wrongdoing<\/span>. The<\/span> <\/span>type<\/span> of <\/span>wrongdoing<\/span> is <\/span><\/span>significant fraud against the government, securities law violations, commodity law violations or tax violations<\/span>.<\/span> Even safety violations can be a reason to <\/span>whistle blow. <\/span>I<\/span>n some instances, <\/span>t<\/span><\/span>here’s<\/span> also an incentive <\/span>to whistle blow<\/span>. <\/span><\/span>The whistleblower might receive a reward of 10 percent to 30 percent of what the government <\/span>recovers, if<\/span> the SEC recovers more than $1 million<\/span>. <\/span><\/span>Another <\/span>benefit of whistleblowers is they keep companies ethical from within<\/span>.<\/span> <\/span>They<\/span> <\/span>seek<\/span> to make change within the company<\/span> and foster a strong set of ethics <\/span>for<\/span> the company<\/span>. <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Why<\/span> integrity <\/span>matters.<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Integrity is <\/span>the act of following business practices within an ethical <\/span>and moral <\/span>framework<\/span>.<\/span> It matters for <\/span>building a<\/span> company’s reputation<\/span> <\/span>help sustain long term customers<\/span>. <\/span>As the <\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

Why<\/span> do Ethics Still Matter Today?<\/span><\/span> <\/span><\/p>\n<\/div>\n

\n

<\/span><\/span> <\/span><\/p>\n<\/div>\n

<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

I have 5 sources but they are all on my college library. I have a research paper for English class.  my topic:The importance and impact of good ethics in the business world; Proper business ethics are very important for the success of a company.  what I have so far:  Avoid phrases such as “are like” […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[14],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions\/19831"}],"collection":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/comments?post=19831"}],"version-history":[{"count":0,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions\/19831\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/media?parent=19831"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/disciplines?post=19831"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/paper_types?post=19831"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/tagged?post=19831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}