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Business Ethics Concepts and "Issues"

Business ethics involves application of the moral standards to systems and the organizations through which we create and distribute the goods and the services and to people who work within these organizations and systems.

Business ethics concepts are anxious with the three different kinds of the ethical/moral issues. Some concepts are related to the issues involving conduct of the business within the systems where the business operates, including political, economic, the legal and other social systems. Other concepts are concerned with the corporate issues those involving the questions related to conduct of a particular company. And, still the other concepts are concerned with the examination of individual issues--those where the questions are related to behavior/conduct of one or more individuals inside a company.

Importance of Creating a Code of Ethics

A code of ethics is a very important document for any business, as breaches of the ethics can land the companies in grave trouble with the consumer's government authorities, or other organizations. Creating a code of ethics makes the decision-making easier at all levels of an organization by reducing the ambiguity and the considerations of individual perspectives in the ethical standards.

Purpose

The code of ethics guides the all managerial decisions, creating a general framework upon which all the decisions are founded. This can help to make a cohesive understanding of boundaries within an organization and standards set for interacting with the external stakeholders. A formal and well-communicated code of ethics can also help to protect a company's legal standing and reputation in the event of a breach of ethics by an individual employee.

Scope

The codes of ethics can wrap any scope, from corporate level to workgroup level. The Corporate level ethics standards speak in idealistic terms, grand, communicating entire ethical vision of organization in a single document. The Ethical standards for the business units or the geographical divisions can be a bit more precise, applying to particular industry or region in the question. The codes of ethics at departmental level often deal with the highly precise issues, which are often related to the experiences and trends within department.

Process

The codes of ethics are simple for an executive to make in privacy of his own office, but an individually dictated set of the standards can often fail to accomplish its purpose. Involving a wide range of the employees from all the levels of an organization in process of drafting and the formalizing a code of ethics can help to ensure that all the employees are on board with and enthusiastic to the standards.

Revising your code of ethics from time to time in response to the changes in industry or the legal environment can help to ensure that your company's ethical reputation remains the impeccable.

Training and Incentives

The Ethical considerations are very important in today's business environment, and smart companies do all they can to construct their code of ethics relevant and important to their workers. Implement the ethics training programs for new hires and the existing employees to increase effectiveness of your code. Tie compensation incentives to the ethical behavior to further increase code's relevance to the individual employees.

Considerations

The Codes of ethics take on additional complexity and importance in the international arena. The Ethical standards differ between the countries and regions; the international business people must have an understanding of each culture's ethical standards to be most efficient, and company's code of ethics either be written to compromise with the foreign ethical standards or to support a single code in all the countries.

Fundamentals of Business Law

Whether you are running a big corporation or the starting up as a small business, it's best to stand by rules and play fair, and to understand fundamentals of the business law. Also known as business law commercial law, is a branch of the civil law that governs how the commerce is undertaken by a variety of stakeholders of the society. While a startup or the small business might not necessarily be required a very deep understanding of ins and outs of the commercial law, it pays to know fundamentals and basics, to keep abreast of requirements of law. The students of business law usually refer to civil code and the previous court decisions to arrive at a determination of what is legal and what is not, in realm of the business. For our purpose of discussing fundamentals, here are a few main concepts behind the business law.

Contracts and the Nature of Business

In most countries, law recognizes need of the businesses to handle, and therefore the commercial transactions are optimistic, because these are viewed as beneficial to economy and, therefore, to society at large. For this purpose, law protects parties who enter into the contracts or the agreements, and makes sure that whatever is agreed upon would be imposed and carried out by the both parties. The business law also provides for the taxation this makes the government eligible to have a share of whatever benefits earned by the businesses.

Crimes and Ethics of the Business

The business law also governs what is illegal and legal in realm of the business. However, what is the legal may not always be ethical, and the part of business law is differentiating the two. For instance, a few companies might be running businesses that, while sticking to all the legal requirements, might not be doing exact thing. Some examples might be those that pose the risks to health and environment. In these cases, rulings of courts might be subjective, and depending on judgment of those who enforce a law. The concept of crime in the business also includes the cyber crimes like identity theft, online fraud and the like.

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