It is a very important factor in business these days, especially that there is more intense competition in the business society today, people are more diverse than ever, and that there are various business companies that employees may switch to if, in case, they agree that the group is making them more aggravated, especially in terms of ethics.
For this, corporate managers nowadays should take business ethics more seriously. Apart from having a good business plan, implementing good business ethics motivates the employees and the customers alike, since it gives a positive impression on the company itself, and makes the people aware that this company does not just value the cash but the people as well. A well-organized, motivated business group is more capable of succeeding, and this would all depend on the ethics set by the higher staff.
If I were the chief executive officer or CEO of a corporation, I would communicate my perspective on the importance of ethics to my employees by acting out what I preach, and by implementing integrity, dependability, fairness, and most of all, transparency. Everything would have to start in transparency by improving the value of honesty and openness within the company. I should also do the same thing with the customers and the other stakeholder groups. This builds what Baum and Kling (2004) calls a values-based business culture (p.1). Business ethics may mean different things to different people, yet it all lands on the same ground”the execution of values, morals, and principles.
Baum, H., & Kling, T. (2004). The transparent leader: how to build a great company through straight talk, openness, and accountability. New York, NY: HarperCollins.