Ethics are moral guidelines which govern good behaviour
So behaving ethically is doing what is morally right
Behaving ethically in business is widely regarded as good business practice. To provide you with a couple of quotes:
Ethical principles and standards in business:
An important distinction to remember is that behaving ethically is not quite the same thing as behaving lawfully:
An ethical decision is one that is both legal and meets the shared ethical standards of the community
Businesses face ethical issues and decisions almost every day – in some industries the issues are very significant. For example:
You will probably note the link between business ethics and corporate social responsibility (CSR). The two concepts are closely linked:
However there is also a distinction between the two:
How do businesses ensure that its directors, managers and employees act ethically?
A common approach is to implement a code of practice. Ethical codes are increasingly popular – particularly with larger businesses and cover areas such as:
We'll use this Series to curate resources that support teachers and students preparing for the BUSS4 Section A Research Theme on Manufacturing in the UK (June 2015). These resources will complement our popular BUSS4 Section A Toolkit on Manufacturing and the BUSS4 Exam Coaching Workshops which also include sessions on Manufacturing.