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What Are Business Ethics & Why Are They Important?

• 27 Jul 2023

From artificial intelligence to facial recognition technology, organizations face an increasing number of ethical dilemmas. While innovation can aid business growth, it can also create opportunities for potential abuse.

“The long-term impacts of a new technology—both positive and negative—may not become apparent until years after it’s introduced,” says Harvard Business School Professor Nien-hê Hsieh in the online course Leadership, Ethics, and Corporate Accountability . “For example, the impact of social media on children and teenagers didn’t become evident until we watched it play out over time.”

If you’re a current or prospective leader concerned about navigating difficult situations, here's an overview of business ethics, why they're important, and how to ensure ethical behavior in your organization.

Access your free e-book today.

What Are Business Ethics?

Business ethics are principles that guide decision-making . As a leader, you’ll face many challenges in the workplace because of different interpretations of what's ethical. Situations often require navigating the “gray area,” where it’s unclear what’s right and wrong.

When making decisions, your experiences, opinions, and perspectives can influence what you believe to be ethical, making it vital to:

• Be transparent.
• Invite feedback.
• Consider impacts on employees, stakeholders, and society.
• Reflect on past experiences to learn what you could have done better.

“The way to think about ethics, in my view, is: What are the externalities that your business creates, both positive and negative?” says Harvard Business School Professor Vikram Gandhi in Leadership, Ethics, and Corporate Accountability . “And, therefore, how do you actually increase the positive element of externalities? And how do you decrease the negative?”

Related: Why Managers Should Involve Their Team in the Decision-Making Process

Ethical Responsibilities to Society

Promoting ethical conduct can benefit both your company and society long term.

“I'm a strong believer that a long-term focus is what creates long-term value,” Gandhi says in Leadership, Ethics, and Corporate Accountability . “So you should get shareholders in your company that have that same perspective.”

Prioritizing the triple bottom line is an effective way for your business to fulfill its environmental responsibilities and create long-term value. It focuses on three factors:

• Profit: The financial return your company generates for shareholders
• People: How your company affects customers, employees, and stakeholders
• Planet: Your company’s impact on the planet and environment

Check out the video below to learn more about the triple bottom line, and subscribe to our YouTube channel for more explainer content!

Ethical and corporate social responsibility (CSR) considerations can go a long way toward creating value, especially since an increasing number of customers, employees, and investors expect organizations to prioritize CSR. According to the Conscious Consumer Spending Index , 67 percent of customers prefer buying from socially responsible companies.

To prevent costly employee turnover and satisfy customers, strive to fulfill your ethical responsibilities to society.

Ethical Responsibilities to Customers

As a leader, you must ensure you don’t mislead your customers. Doing so can backfire, negatively impacting your organization’s credibility and profits.

Actions to avoid include:

• Greenwashing : Taking advantage of customers’ CSR preferences by claiming your business practices are sustainable when they aren't.
• False advertising : Making unverified or untrue claims in advertisements or promotional material.
• Making false promises : Lying to make a sale.

These unethical practices can result in multi-million dollar lawsuits, as well as highly dissatisfied customers.

Ethical Responsibilities to Employees

You also have ethical responsibilities to your employees—from the beginning to the end of their employment.

One area of business ethics that receives a lot of attention is employee termination. According to Leadership, Ethics, and Corporate Accountability , letting an employee go requires an individualized approach that ensures fairness.

Not only can wrongful termination cost your company upwards of $100,000 in legal expenses , it can also negatively impact other employees’ morale and how they perceive your leadership.

Ethical business practices have additional benefits, such as attracting and retaining talented employees willing to take a pay cut to work for a socially responsible company. Approximately 40 percent of millennials say they would switch jobs to work for a company that emphasizes sustainability.

Ultimately, it's critical to do your best to treat employees fairly.

“Fairness is not only an ethical response to power asymmetries in the work environment,” Hsieh says in the course. “Fairness—and having a successful organizational culture–can benefit the organization economically and legally.”

Why Are Business Ethics Important?

Failure to understand and apply business ethics can result in moral disengagement .

“Moral disengagement refers to ways in which we convince ourselves that what we’re doing is not wrong,” Hsieh says in Leadership, Ethics, and Corporate Accountability . “It can upset the balance of judgment—causing us to prioritize our personal commitments over shared beliefs, rules, and principles—or it can skew our logic to make unethical behaviors appear less harmful or not wrong.”

Moral disengagement can also lead to questionable decisions, such as insider trading .

“In the U.S., insider trading is defined in common, federal, and state laws regulating the opportunity for insiders to benefit from material, non-public information, or MNPI,” Hsieh explains.

This type of unethical behavior can carry severe legal consequences and negatively impact your company's bottom line.

“If you create a certain amount of harm to a society, your customers, or employees over a period of time, that’s going to have a negative impact on your economic value,” Gandhi says in the course.

This is reflected in over half of the top 10 largest bankruptcies between 1980 and 2013 that resulted from unethical behavior. As a business leader, strive to make ethical decisions and fulfill your responsibilities to stakeholders.

How to Implement Business Ethics

To become a more ethical leader, it's crucial to have a balanced, long-term focus.

“It's very important to balance the fact that, even if you're focused on the long term, you have to perform in the short term as well and have a very clear, articulated strategy around that,” Gandhi says in Leadership, Ethics, and Corporate Accountability .

Making ethical decisions requires reflective leadership.

“Reflecting on complex, gray-area decisions is a key part of what it means to be human, as well as an effective leader,” Hsieh says. “You have agency. You must choose how to act. And with that agency comes responsibility.”

Related: Why Are Ethics Important in Engineering?

Hsieh advises asking the following questions:

• Are you using the “greater good” to justify unethical behavior?
• Are you downplaying your actions to feel better?

“Asking these and similar questions at regular intervals can help you notice when you or others may be approaching the line between making a tough but ethical call and justifying problematic actions,” Hsieh says.

Become a More Ethical Leader

Learning from past successes and mistakes can enable you to improve your ethical decision-making.

“As a leader, when trying to determine what to do, it can be helpful to start by simply asking in any given situation, ‘What can we do?’ and ‘What would be wrong to do?’” Hsieh says.

Many times, the answers come from experience.

Gain insights from others’ ethical decisions, too. One way to do so is by taking an online course, such as Leadership, Ethics, and Corporate Accountability , which includes case studies that immerse you in real-world business situations, as well as a reflective leadership model to inform your decision-making.

Ready to become a better leader? Enroll in Leadership, Ethics, and Corporate Accountability —one of our online leadership and management courses —and download our free e-book on how to be a more effective leader.

About the Author

Building an Ethical Company

Create an organization that helps employees behave more honorably. by Isaac H. Smith and Maryam Kouchaki

Summary .   

People don’t enter the workforce with a fixed moral character. Just as employees can nurture (or neglect) their skills and abilities over time, they can learn to be more or less ethical. Yet rather than take a long-term view of employees’ moral development, many organizations treat ethics training as a onetime event, often limiting it to the onboarding process. If they do address ethics thereafter, it may be only by espousing codes of conduct or establishing whistleblower hotlines. Such steps may curb specific unethical actions, but they don’t necessarily help employees develop as moral people.

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Free Business Ethics Essay Examples & Topics

What is business ethics? An essay about it can be a task in your class. For that, you need to understand the term and what it implies.

Running a successful business, negotiating a contract, or simply dealing with clients is impossible without understanding and applying business ethics and its practices. It is a study of appropriate policies that companies and employees can use. They are vital in controversial situations that involve corporate governance, fiduciary responsibility, corporate social responsibility, etc.

That’s where the importance of business ethics comes from. For a company to be successful in the modern world, it should implement techniques and practices of business ethics. Customers and clients expect firms to behave appropriately. Operating this way is more than not breaking laws.

Our team came up with some tips that can help you write your business ethics essay. Additionally, you will find topics for different academic papers, and you can check our free samples.

How to Start a Business Ethics Essay

Let’s start with learning the basics of a business ethics essay. Here we will explain how to approach such a type of academic paper.

First of all, you need to see how this essay will differ from other assignments. That’s why we’ve prepared a step-by-step plan for you:

• Pick an idea.

As you can imagine, you need to have a solid idea. It does not have to be defined at the very beginning. However, you need to know what direction you want to take. You need to come up with an assumption that you will later develop in your essay.

• Research your topic.

The next step in starting your business ethics essay is to research the case carefully. The Internet, non-fiction books, interviews, business journals can become great sources for your paper.

• Take notes.

While doing your research, you should always write down key information. It will ensure that you will not miss any vital data and keep track of good thoughts.

• Craft a thesis statement.

After you’ve conducted your research, the next step is to explain your message and position. A thesis statement usually appears at the end of your introductory paragraph.

• Think of your introduction.

After step number four, when your thesis statement is ready, you can develop your introduction. It has to catch readers’ attention and adequately introduce the topic of your essay. Additionally, think about the way it can be connected with your conclusion .

• Outline your essay.

One more step before writing is organizing your text. Like any other academic paper, an ethics essay follows a structure. It consists of an introduction, body, and conclusion. The opening and the closing take about twenty percent of the entire article, and the rest eighty percent is left for the body.

17 Business Ethics Essay Topics

Now that you know how to start your business ethics paper, we’ve prepared a list of seventeen topics for your assignment. They can help you compose a fantastic essay about business ethics or use them to inspire your homework.

The topics are 100% original , so you can freely use them as your own:

• Raising the minimum wage for minorities.
• Issues with child labor.
• Analyzing Uber’s business behaviors.
• Is capitalism good or bad today?
• How does social responsibility connect with business ethics?
• Can moral principles guide business decisions?
• Ethical issues in business law.
• Advantages and disadvantages of Confucian business ethics.
• The role of ethics in purchasing decisions.
• Ways to eradicate unfair treatment due to race or religion at a workplace.
• Walmart business ethics and ethical standards.
• Social media in business ethics.
• Ways to reduce business’s environmental impact.
• Concept of corporate social responsibility.
• CSR trends in 2021.
• A balance between profit and CSR.
• Ethical dilemmas people face every day at the workplace.

5 Business Ethics Research Paper Topics

We also came up with five high-quality business ethics topics for the research paper. Good luck with your essay and with learning more about business ethics!

• List major ethical issues that business faces today.
• Kantian approach to business ethics and morality.
• How utilitarianism ethics can be used in companies.
• The role of ethics in international business.
• Applying Aristotle’s virtue ethics to business.

Thank you for reading the article till the end. Do not hesitate to share it with your peers who may need our tips or topics. Now, you can also look at our business ethics essay examples below.

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Home — Essay Samples — Business — Business Ethics — Ethical issues that businesses face

Ethical Issues that Businesses Face

• Categories: Business Ethics Ethics

About this sample

Words: 687 |

Published: Jan 15, 2019

Words: 687 | Pages: 2 | 4 min read

Table of contents

Ethics essay outline, introduction, integrity and trust, ethical response to diversity, ethical decision-making framework, fraud as an ethical issue, discrimination in the workplace, ethics essay example, works cited:.

• Explanation of the lack of quality integrity as an ethical issue
• Importance of ethical values in promoting honesty, truthfulness, and professional competence
• Discussion of integrity as a fundamental ethical issue in business
• Importance of conducting business affairs with honesty and fairness
• Building trust with customers through ethical business practices
• Role of diversity in ethical considerations
• Recruiting a diverse workforce and promoting equal opportunity
• Creating a respectful workplace environment that values contributions
• Overview of an ethical decision-making process
• Protecting employee and customer rights, ensuring fairness, and promoting the common good
• Reflecting on outcomes and individual values and beliefs
• Recognition of fraud as a complex ethical issue
• Ethical obligation to report fraudulent activities
• The role of ethics of virtues in addressing fraud
• Addressing discrimination based on ethnic origin, gender, race, or sexual orientation
• Potential legal consequences for discrimination
• Ethical perspectives for resolving discrimination issues
• The challenges of ethical behavior faced by managers
• The importance of positive ethical cultures and ethical issue resolution in modern businesses
• The role of individual ethical perspectives in ethical accountability and standards
• Ace Metrix. (2013). Google named overall brand of the year and ad of the year by Ace Metrix. Ace Metrix. https://www.acemetrix.com/resources/news/google-named-overall-brand-of-the-year-and-ad-of-the-year-by-ace-metrix/
• Alphabet. (2022). Alphabet revenue. Alphabet Investor Relations. https://abc.xyz/investor/static/pdf/2022Q1_alphabet_earnings_release.pdf
• Calico. (n.d.). Our mission. Calico.
• Google. (n.d.). About Google. Google.
• Google. (n.d.). Our mission. Google.
• Google. (n.d.). Strengths, weaknesses, opportunities and threats (SWOT) analysis. Google.
• Google. (n.d.). The history of Google. Google.
• Moz. (n.d.). Google algorithm updates. Moz.
• Pichai, S. (2022). Sundar Pichai - CEO, Google & Alphabet Inc. LinkedIn.
• Rao, L. (2019). Google’s business model explained in 3 simple steps. Forbes. https://www.forbes.com/sites/leonardkenyon/2019/10/16/googles-business-model-explained-in-3-simple-steps/?sh=794a95d26dd9

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