What are the several myths about business ethics?

Every business works on ethics and moral values. To ensure the uniform behavior of all the employees, it is essential to implement and prioritize the moral values and ethics of every business. At the workplace, there are many myths that are involved relating to business ethics.

Ethical ways of business

There are different types of employees in every business with diverse backgrounds, religions, cultures, opinions. One thing that aligns everybody in the same direction is the common business ethics and values. Every employee has to follow business ethics to maintain discipline in the workplace. But, many myths revolve around these business ethics, and everybody has a different viewpoint about it. There may be ethical dilemmas or simplistic views that may arise from different opinions on business ethics. Many people get into business and do not have business ethics formed.

business ethics

For example, if you have borrowed fast loans with no guarantor for your business in the UK, your business ethics also defines timely repayment of the loan. But many businesses do not focus on repayment of the loan and do not pay back, getting their business in trouble.

Myths about business ethics

Business ethics are related to religion instead of management

Many people believe that business ethics is more of a concern of religion as compared to management. People usually alter the business ethics as per their religious believes and backgrounds.
This may cause various conflicts at the workplace as many people belonging to different religions are involved. Hence, this myth should be eliminated as business ethics are more related to management than to religion.

Employees should be ethical instead of implementing the business ethics

If there are any ethical dilemmas at the workplace, they can grow into highly complex issues. Most employees and management believe that if they are ethical in their approach, there is no importance for business ethics.
On the other hand, business ethics are essential to sync everybody’s goals in One Direction. There may be many employees that may have different ethics in relation to their backgrounds and cultures.
No two employees have the same ethics, and hence it can create differences and conflicts within the employees. Also, the management may have different ethics and opinions that may clash with the employees.
And these clashes may have severe consequences on the productivity of the business. Hence there should be common business ethics that can maintain peace and harmony at the workplace within the employees.

Management and leaders are not a part of the business ethics, and it only caters to philosophers and academicians.

Many people believe that business ethics can only be led in an effective way by philosophers and academicians. There has been a lack of involvement from the managers and business leaders’ side from the past times.
Hence, it has led to a thought of the process that it has very little to do with the management and business people. However, business ethics is the main area for management people and leaders. It includes a lot of practical tools and theories that have to be applied to the workplace in the vigilance of the management. Hence, management and business leaders have a significant role in implementing business ethics in the workplace.

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Business ethics has only one motto of “do good”

In any workplace, most employees think that business ethics only focuses on one thing that is good. It is essential to realize that business ethics is more than the two good theories at the workplace. Also, it represents all the values and the thoughts of the business and its mission and vision. It also involves a code of conduct for the employees that define the business in the market.

For example, it is very good for people to be honest and transparent in their approach. Still, if the organization is dealing with honesty issues, this code of conduct will help them to imbibe honesty and ethics in the industry. Hence, the code of ethics is a compulsory protocol in any business organization to ensure its smooth functioning.

Business ethics always flows from the direction of good guys to bad guys

Most of the time, when we see around us, the good guys preach to the bad guys and tell them the importance of good values and ethics. Many people think the same case with business workplace. On the contrary, there are many good guys in the business that we not follow business ethics and may be stressed out. To manage business ethics in a workplace, everybody’s contribution is equally required irrespective of their past and behavior. If everybody follows business ethics in a collective way, it will keep away the stress from the workplace and avoid any confusion in the working culture of the business.

Social duty and business ethics are the two views of the same coin

You may have heard of many different things at a workplace, such as business ethics and social responsibility or one and the same thing. Many people feel that social responsibility is just another name for business ethics. Whereas business ethics are only for the corporate community, they are the way of telling about business dealings to the world. Also, many businesses identify them with their business ethics and code of conduct.

Social responsibility is a totally different aspect of the business. Social responsibility usually does not address several business issues, and hence business ethics should be involved to define the business in an effective way. Business ethics also consists of developing policies and procedures that will help the business stand in the market and improve its productivity and credibility.

Conclusion

Most businesses work on the concept of business ethics and have their own set of ethics. Business ethics differ from business to business and work differently for every company.
It is essential to have specific business ethics for your business to maintain harmony and peace at the workplace. Also, it aligns the goals of every employee in one direction.

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