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Definition of Business Ethics:

Business ethics is about knowing what is acceptable and unacceptable at the workplace. This can be about the product and service you offer, stock trading, your company’s stand on social issues, workplace issues and so on. Businesses try to abide by the ethics, not just because it keeps legal issues at bay, but also because it can boost their public image. It helps in inculcating trust amongst customers and investors. 

Business ethics covers a range of topics, and companies usually have a basic guideline on which they tread, but the law has the biggest influence on how businesses abide by these ethics. There are laws on bribery, minimum wage, environmental regulations that guide companies and let them know how it should be handled. 

Importance of Business Ethics: 

Examples of Business Ethics

It is the responsibility of the business to be honest with their consumers. In that quest, any attempt that is shady or unethical is unacceptable. 
Example 1: During the time of COVID-19, a lot of food supplements added the terms ‘Immunity booster’ and ‘COVID resistance’ as a part of their marketing campaigns. While in reality, their product might not do what it claims. 

Example 2: Similarly, a famous cell phone provider had to recall their mobile phones as their phones exploded during charging, mainly because they had to prioritize the safety of their customers over the profit margins. Customers could swap their phone with a new safe model. 

How to follow business ethics at your workplace?