Ethics is a concept from philosophy which tells about the morality of a subject , whether it is bad , good ,wrong or right . That is to have clear idea or Justification in a subject . So if the ethics is practiced in business firms then it may be called as Business ethics. So to make the deals or to run the business in a proper manner with professionalism as well as looking at profits ethics is practiced in organizations. It is to enrich the functions with which it is working and to be fair in all its dealings , even with stakeholders of the company also. Now,Business firms should practice Ethics in parallel to the profits of the company, even if they are losing a deal or getting loss also they should not lose their ethics . The ethics helps out a organization to solve its ethical or moral problems that arise internally. It is not confined to one sector , Any sector can go for it. In other words it is called as Professional Ethics or Corporate Ethics.
The ethics may include the following
1. Deals between two companies or on the agreement of two or More companies.
2. Between stake holders and Company.
3. CSR is used as a weapon for the corporate ethics between the company and Society.
4. Misuse of policies in Sales or marketing deals for the Profits.
5. For the Leadership or Executive problems in Organization.
6. To solve the HR ( Human Resource) problems , between employees of the company and regarding issues with Privacy , Safety , Culture and so on.
7. Regarding Political Problems of Company.
8. Regarding the Violation in IPR terms such as Trademark,Copy rights, misuse of Patents.
9. relation between company and Environment - such as pollution, Carbon emissions trading
10. Last but not least the most Important thing of an organization is the Accounting and Financial terms. If any thing wrong has been done such as Creative accounting, Misuse in Balance sheet and P&L account, Bribery, misleading financial Analysis, Compensations etc.
So to carry all these things in moral manner , Business firms Practice ethics. For ethics to be in organization there should be some basic things need to be done.
There Should be a support from the top management. It should be done in written as well as in oral manner, There should be a proper Inspection on the ethics of each company, It should be neutral not favoring to any one, And it should be practiced accordingly so as to reach the firm in a well form of Business Ethics.
So as discuss above , we can say that each organization should practice the ethics so that they can avoid immoral things to be happened in the organization so as to run the business in a smoother and healthier way , with the parallel of Profits of Organization. Business Ethics should be the Policy in every organization to avoid troubles.
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