Business ethics

View mindmap
  • 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


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Business ethics resources »