In your personal life, you might not give much thought to the importance of ethics exactly. You just try to do what’s right.
But just like making those moral judgment calls can have a major impact on your life, they can affect a business’s success in big ways. Your business can offer a great service or innovative product, but with questionable ethics, values and objectives it might not even matter.
Setting up Business ethics, values and objectives not only improves profitability but also fosters business relations and employee’s productivity.
Benefits of Setting up Business ethics, values and objectives
There are tangible and intangible benefits to maintaining ethical practices in your workplace, including:
Improved employee retention
Strong business ethics often encourage managers to show appreciation for an employee’s hard work. As a result, team members may be more loyal to the company and strive to be more productive. It also means employees at all levels are less likely to be let go for reasons related to unethical behavior.
Stronger collaboration
Team members who practice business ethics have respect for one another and work well together. This camaraderie not only fosters a pleasant work environment but also helps with team collaboration and productivity.
More effective leadership
When a manager follows business ethics, they’re more likely to treat employees well. As a result, teams are more inclined to follow their lead. This minimizes discipline issues and teams’ trust in managers and supervisors when tough decisions need to be made.
Increased professional value
When you have a positive attitude toward your work and those you work with, you can increase the quality of your work. It also increases your value to your team and the company as a whole.
Improved Business Reputation
Business ethics help ensure a good reputation for your company. Not only does it feel good to be part of a company with a great reputation, but it’s great for business. When you have a reputation for consistently being ethical in how you source and build products, and treat employees, customers and the community, more people will want to do business with you.
Increases customer satisfaction
Good ethics will improve and increase the overall satisfaction of your customers. Same customers will want to do business with you again and again if customer satisfaction is increased so is the company revenue, growth, and the organization’s overall brand image.
CONCLUSION
Having clear company values helps you ensure that all your employees are working towards the same goals. Your core values support the company’s vision and shape its culture. That’s why every single business decision should be aligned with these values.
At Knight and Bishop, we are keen about building great teams, delivering excellent customer service and fostering innovation through defined and shared company values.