Unhappy customers, on the other hand, vent their frustrations, avoid future purchases, and even tell others about their bad experience. Asymmetric information, product availability, and services between the advancement and its outcome can all contribute to customer dissatisfaction. Customers’ trust in your business depends on your ability to perform honestly, uphold ethical business practices, and adhere to sound financial principles (Ai et al., 2022). Its purpose is to clearly articulate our ethical standards and provide employees with a guide to what is expected of them in their behaviour and business activities.
We respond to a number of queries through the ethics advice services each year and all communication through the confidential reporting line is investigated. We have a Group Code of Conduct, and all our employees, our leaders and our board receive training in business ethics. Indicated Lecture Hours are approximate and may include in-class tests where one or more of these are an assessment on the module.
You will also practice argumentative and writing skills that will help you express your thoughts clearly and concisely. However, while these results clearly provide a business case for boards to establish an ethics programme as part of their governance agenda, even with an ethics programme, establishing a unified ethical culture is a challenge. Global corporations, working across multiple jurisdictions, find achieving consistency particularly difficult, as reported business scandals in the news testify. In this context, a key challenge that the international community faces is to develop governance systems that apply effectively to globalised markets.
With businesses now moving their operations to the digital space through the adoption of e-commerce practices, technology https://www.wikipedia.org/ are necessary. These ethics include customer data protection, customer privacy, customer personal information protection, fair intellectual properties practices, etc. Accountability means businesses taking full responsibility for their actions or practices. This includes any bad decisions taken or unethical business practices followed during the course of business operations. Business ethics guide an organisation in these operations and keep them in line with laws and regulations.
Our compliance regime is championed, supported, and overseen at local, divisional and Board level, and supplemented by regular independent verification. We have a well-developed, comprehensive compliance and governance regime at Petrofac. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. Honesty includes telling the truth, being transparent, and taking ownership of your words, work and actions. If you are part of a team project, you should make sure all your team members receive credit for their work.
The morality of SMEs actors has been shown to be influenced by two economically irrational factors that do not straight touch fiscal morality. Altruism and economic morality are critical to a company’s long-term viability, and the government, which has so far focused on business skills training, must develop empowerment programs that focus on cultivating these values. Ethics training can reinforce what is important in the company code of conduct and how to behave ethically in different situations. Employees can complete additional ethics training online, or via yearly in-office seminars.
You can observe self-respect in how others communicate and present themselves. People with a good degree of self-respect take pride in their work and also conduct themselves https://www.themotorettes.com/ with professionalism. You can do this by thinking before you speak and actively listening to others in a way that maintains a reverence for their thoughts and ideas.
This may be done by, for example, offering a replacement or a refund for a faulty product purchased by a customer. Businesses have a responsibility to the environment where their operations are sited. Therefore, businesses are to work towards ensuring environmental protection and giving back to the community through empowerment or investments. Businesses should honor their responsibilities to their employees, partners, and customers. These interests may take the form of written contracts, verbal agreements, or legal obligations. Transparent communication between business owners and employees is much desired.
Our supplier’s minimum compliance should encompass all statutory and legal requirements relating to the environmental effects of their business activities. The study of ethics forms an integral component of both the philosophical and business sides of the programme, preparing you to think through the ethical and commercial dilemmas that real-world decision-makers face. Assessment is an integral part of your university studies and usually consists of a combination of coursework and examinations, although this will vary from course to course – on some of our courses, assessment is entirely by coursework. The methods of assessment on this course are specified below under ‘Methods of assessment on this course’. On our taught courses, you will have scheduled teaching and study sessions each year. Scheduled teaching sessions may include lectures, seminars, workshops or laboratory work.
This approach can shape business investors’ and customers’ perceptions of a business. Therefore, developing the right set of business ethics is essential for business growth and can only be achieved by understanding the fundamentals of the concept. Luckily, there are many different ways to operate ethically so companies can choose the ethical practices and approaches that best suit them. If you choose an outdoor print solution from a print specialist who can produce these products ethically, you can boost your reputation among your target audience even more. Ethical behaviour can significantly benefit a company, namely by improving their reputation which can help boost sales and profits.