Meaning: Business ethics refers to the standards and principles which govern the business activities. It means doing business activities with rational thinking and honesty. A business requires ethics for its success. Now a days availability of proper safety measures for employees, satisfaction of consumers and protection of environment are modern business standards.
Elements of business ethics: Following are the 6 elements of business ethics:
- Identification: It means that businessmen should be competent enough to rank and identify the ethical issues in order of importance.
- Evaluation: It means that businessmen must develop the rules and regulations in order to evaluate the ethical issues of the business.
- Imagination: A businessman should be imaginative enough that he should think about the society before taking any decision about the business. He must be aware of the areas towards which people are sensitive.
- Tolerance: Businessmen must have the quality to tolerate ethical disagreement.
- Obligations: Business decision taking process should be evaluate that it must fulfill the ethical obligations.
- Competence: A businessman should be competent enough to integrate the business ethical issues with the ethical issues of the society otherwise he has to pay the huge amount for the disagreement.
I hope you have got relevant information about the meaning and elements of business ethics.