primbondh/ October 26, 2021/ business ethics

However, although a company might have less freedom to maximise profit, acting responsibly benefits the wider society. Ethical behaviour also significantly boosts a company’s reputation, which has a knock-on effect on attracting and retaining customers, sales, investors and employees. Improvements in working conditions, such as providing workers with living wage and having proper health and safety standards in place, are ethical but raises the amount it costs to run these factories.

business ethics

We have a clearSpeak Up Policy, which offers various channels for raising concerns, including an externally administered and monitored confidential reporting line, Safecall, which is extensively promoted within Subsea 7 Group. All personnel are encouraged to utilise one of these reporting channels if they become aware of a possible breach of our Code of Conduct or have other concerns in respect of unethical conduct. The disruptions caused by COVID-19 have heightened the risk of unethical behavior in different sectors, including in healthcare, where trust is our lifeblood. We’ve seen an outbreak of misinformation during the pandemic, ranging from fake cures, false claims, and harmful health advice. We’ve seen bad-acting opportunists take advantage to trade illegitimate or non-compliant products.

Share This Page On:

The paper addresses the concepts of business ethics and corporate social responsibility. From the perspectives of MBA students and managers, it came out that business ethics and social responsibility are very important for organizational growth and success. Specifically, they consider business ethics to lead to positive employee, customer and community relations. Not only that but also, they perceive that better public image/reputation; greater customer loyalty; strong and healthier community relations can inure to the benefit of corporations that are socially responsible. We seek to anticipate, prevent and mitigate potential negative human rights impacts through our policy and processes, which underpin our commitment to responsible business practices.

  • Ethical behaviour can significantly benefit a company, namely by improving their reputation which can help boost sales and profits.
  • On-demand content is available from 14 March, with a live interactive session on 29 March.
  • We identify ethical conduct, bound by rigorous compliance and governance, and the right behaviours, as one of the ESG issues that matter most to our stakeholders.

To ensure that your company’s efforts are seen as genuine, it’s important to review your expectations to ensure they dovetail with the company’s mission and vision. Our compliance and ethics programme also includes our Code of Conduct for Suppliers, which sets out the key principles of ethical conduct that our suppliers agree must be upheld when working with us. When an organisation asks you to comply with its Code of Conduct, it can seem like an imposition. Our Values underpin everything we do, including whom we choose to do business with and how we and our suppliers work together. The IBE’s purpose is to champion the highest standards of ethical behaviour in business.

Disadvantages Of Business Ethics

Plus, it means they can be comfortable knowing they’re not indirectly contributing to unethical practices. Whatever the industry, an ethical way of doing business can be that company’s USP . Customers feel better about parting with their money if they know the goods will have been produced ethically and responsibly. Oversight of our anti-bribery and corruption programme is provided by our Chief Ethics Officer who provides quarterly briefs of the programme status to the Chief Executive Officer and the Risk & CSR Committee. We also provide more in-depth anti-bribery training for those in higher risk roles,.

To Contact The Commercial And Business Ethics Clerks, Please Email [email protected] Couk Or Phone+44 20 7993 7600

I can only hope that it builds a solid foundation for future research, fostering a better understanding that trust is vital to innovation and delivery of health technologies across the globe. Included in these processes are risk assessment, due diligence, and sustainable procurement. How and what we buy is an integral part of improving our sustainability, so we continue to focus on the way we work with our suppliers. In the UK we are an active member of the MOD-Industry Sustainable Procurement Working Group. We have a robust process for undertaking due diligence, monitoring and audit of our use of commercial intermediaries; and we use expert third party due diligence providers to support our processes.

Share this Post