Posts Tagged ‘strategic management’
BUSINESS ETHICS AND STRATEGIC MANAGEMENT
Business ethics is defined as the principles of conduct within organizations that guide decision making and behavior. Good business ethics is a prerequisite for effective strategic management, an appropriate ethics is simply good business!
There is a growing awareness of the importance of business ethics worldwide. Strategists are individuals who have a greater responsibility to ensure that practices are promoted and high ethical principles in the company. All decisions in the formulation, implementation and evaluation of the strategy are bound ethical implications.
The prospect of electronic commerce focuses on business ethics issues related to the internet, but simply having a code of ethics is not sufficient to ensure ethical conduct of business. A code of ethics could be seen as a public relations trick, a series of themes or as a showcase.
To ensure that the code is read, understood, believed and remembered, companies must conduct periodic ethics workshops to sensitize staff working on the circumstances in which ethical problems may arise. If employees see examples of punishment for violating the code of respect and reward, this will help to reinforce importance of the ethics code of a company.
One reason that wages strategists are high compared with others in a business is that strategists must take the moral risks of the company; they are responsible for the creation, communication and implementation of the code business ethics for their companies.