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Business Ethics

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.\When I hear the term “Business Ethics,” I think of a lot of things. Business ethics exists on both the internal and external level of a business. Externally, business ethics is the process of applying moral principles within a company’s external environment. In terms of finance, a business is acting ethically by accurately reporting their financial credentials for use by creditors and investors. The business is also following government regulations and laws and not participating in acts that are illegal or frowned upon in the business community. In terms of human resources, businesses act ethically by giving everyone a fair chance. It is discriminatory for a company to hire someone based on race or gender. Acting ethically would mean a business is giving everyone a fair chance and an equal opportunity; gender and race do not play a part in the hiring process. The same goes for internal circumstances within HR. Promotions should not be based on gender or race or based on favoritism. Business ethics in the aspect of internal HR functions means that the person best fit for the position gets the promotion. Internally, business ethics involves acting in the company’s best interest and not having personal hidden agendas. Employees need to work together and respect other employees, not set others back in order to get ahead. Fair treatment and abiding by the law also apply to internal business ethics. The best way to describe business ethics is to play fairly, both internally and externally. Ethics is an important topic in the world of business today for many reasons. The main reason why ethics is important is because of the span of influence the decisions made within a company have. Unethical decisions can have a huge impact on stakeholders such as employees, customers, and the business itself. The company Enron did not practice ethical business

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