Business ethics
- Created by: aimeestewxrt
- Created on: 03-02-21 12:16
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- Business Ethics
- Benefits of acting ethically
- Reduces risk as deduced possibility of incidents and compensation claims if they operate within and above the law
- Ethical policy allows monitoring of targets and of potential impact - issues can be identified and solutions sought before it damages the business financially or their reputation.
- May help business to retain its current staff who value the company pursuing to act ethically
- Likely to provide the business with improved corporate image as consumers will view adopting an ethical policy positively
- Drawbacks of acting ethically
- Ethical policy will incur costs to set up and implement, both to comply with the law and go above and beyond what is legally expected
- The compliance and implementation required for an ethical policy increases the workload of management and employees
- Benefits of acting ethically
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