Business Management Assignment Question 1 In the modern business environment, ethics as well as values play an integral role in business sustainability. Ethics may be defined as the written or unwritten moral principles that govern a personâ€™s or individuals actions within an organisation while values, in a business sense, may be seen as certain standards or principles considered valuable or important in life, such as attitudes towards topics like truth, justice and honesty(Nieuwenhuizen & Oosthuizen 2014, p. 95). Ethics and values have become a paramount necessity to successful contemporary business outfits. In recent yearâ€™s people, policy makers, and businesses themselves have been focused on manufacturing products and using services that are of a positive ethical nature (Nieuwenhuizen & Oosthuizen 2014, p. 92). Further proof of an increased attention to ethical practices may be seen in the growth in demand for ethical investment products, organic produce and fair trade (Nieuwenhuizen & Oosthuizen 2014, p. 92). Due to this elevated consciousness of ethical practices in business, organisations should ensure that application of favourable ethics and values are always upheld, else various consequences which threaten the sustenance of the business may arise as an organisation which is perceived as being unethical to the public-eye will influence the organisation in a negative manner. Once knowledge of unethical behaviour has been made public, credibility of the business may come under scrutiny as customers and consumers of the organisations products and/or services may choose to boycott the business entity. This will in turn diminish the image, brand and reputation of the business and result in a lack of sales in products and services thus resulting in an inability to make profit. Once the reputation of a business has been damaged it is often difficult to rebuild a good name for the organisation. Furthermore, due to its tarnished reputation, the business may find it hard to keep hold of its most valuable employees as well as recruiting new ones due to the fact that no one would like to work for a company with a poor reputation. Investors as well as suppliers will also tend to overlook any association with businesses that have a poor image as it may be detrimental to their own images and reputations. As a result, the process of sustaining the business entity will become more challenging. A lack of ethics and values in an organisation may also lead to unfavourable employee performance. In many cases employees tend to become greedy and almost obsessed with financial gain to such an extent that standard business procedure and protocols are not followed in the correct manner which then results in additional work completion to correct errors. As a result of employees unethically working only for personal gain, performance of the organisation and its ability to satisfy customers will decline in conjunction with the ability to sustain the business. On the other hand the ethical employees may feel that their approach to â€œlife in the workplaceâ€ is not as beneficial as those unethical employees and this may cause a lack of motivation and therefore a decrease in productivity from the ethical employee.
We will send an essay sample to you in 2 Hours. If you need help faster you can always use our custom writing service.Get help with my paper