12 Ethical Principles for Business Executives (2023)

FAQs

What are the 12 principles of business ethics? ›

Generally, there are about 12 ethical principles: honesty, fairness, leadership, integrity, compassion, respect, responsibility, loyalty, law-abiding, transparency, and environmental concerns.

Employees make better decisions in less time when business ethics are a guiding principle. This increases productivity and overall employee morale. When employees work in a way that is based on honesty and integrity, the whole organization benefits.

There are seven principles of business ethics including accountability, care and respect, honesty, healthy competition, loyalty, transparency, and respect for the rule of law.

Moral Principles

The five principles, autonomy, justice, beneficence, nonmaleficence, and fidelity are each absolute truths in and of themselves. By exploring the dilemma in regards to these principles one may come to a better understanding of the conflicting issues.

Ans:- Ethics tries to ascertain the moral ideal, but does not lay down rules or means for the attainment of it. It does not teach us how to live a moral life. As Mackenzie states, Ethics gives us a knowledge of the guiding principles of life, but does not tell us how to apply them.

Business ethics enhances the law by outlining acceptable behaviors beyond government control. Corporations establish business ethics to promote integrity among their employees and gain trust from key stakeholders, such as investors and consumers. While corporate ethics programs have become common, the quality varies.

By establishing clear guidelines for behavior, ethics help create an atmosphere of trust and respect. This, in turn, leads to greater job satisfaction and productivity. Additionally, ethical practices help protect both employees and employers from potential legal problems.”

Employees who are ethically positive, honest, hardworking, and driven by principles of fairness and decency in the workplace, increases the overall morale and enhances the performance of an organization. A company that has established behavioral policies can improve its reputation and help ensure its long-term success.

Typically these include honesty, trustworthiness, transparency, accountability, confidentiality, objectivity, respect, obedience to the law, and loyalty.

What are the 8 ethical standards? ›

This analysis focuses on whether and how the statements in these eight codes specify core moral norms (Autonomy, Beneficence, Non-Maleficence, and Justice), core behavioral norms (Veracity, Privacy, Confidentiality, and Fidelity), and other norms that are empirically derived from the code statements.

The nine core principles are including: 1) Do no harm 2) Respecting autonomy 3) Benefiting others 4) Being Just 5) Being Truthful 6) According Dignity 7) Treating others with caring and compassion 8) Pursuit of excellence 9) Accepting responsibility. Behaviour analysts should follow those basic principles.

Ten Basics of Ethical Communication

Listen when others speak. Speak non-judgmentally. Speak from your own experience and perspective, expressing your own thoughts, needs, and feelings. Seek to understand others (rather than to be “right” or “more ethical than thou”).

Section 7. Every teacher shall maintain harmonious and pleasant personal and official relations with other professionals, with government officials, and with the people, individually or collectively.

The principles of ethical leadership include honesty, justice, respect, community and integrity.

1. HONESTY. Ethical executives are honest and truthful in all their dealings and they do not deliberately mislead or deceive others by misrepresentations, overstatements, partial truths, selective omissions, or any other means. 2.

Using the AHP to measure the relative importance of the different medical ethical principles for individuals, the most important principle is, without ambiguity, “Non maleficence”.

But respect for dignity, integrity, and accountability are some of the most important principles when it comes to doing business. In practice, companies typically start implementing these principles through an internal code of conduct, as well as through various guidelines and policies.

What are the 13 tips for successful business? ›

Business Ethics for Executives

Promise-Keeping & Trustworthiness. Loyalty. Fairness. Concern for Others.

Ethical principles in business are the moral standards set by a company as a whole and individual employees within an organization. These principles take into account values, standards, regulations and common industry rules that dictate how people behave in the workplace and how a business operates in the community.

Business Ethics studies how to deal with corporate governance, whistleblowing, corporate culture, and corporate social responsibility. It emphasizes standard principles prescribed by governing bodies. Non-compliance with business ethics leads to unnecessary legal actions.

In the long-term, ethical leadership can prevent company scandals, ethical dilemmas, and ethical issues. It can also help organizations gain more partnerships and customers, which can lead to more money at the end of the day. Loyal employees are also a crucial element of long-term success for a business.

Harassment and discrimination are arguably the largest ethical issues that impact business owners today. Should harassment or discrimination take place in the workplace, the result could be catastrophic for your organization both financially and reputationally.

Holding respect for others and equally around the team and company is another example of ethical leadership. Egalitarian treatment of their peers is key, there is no favoritism being played out and no ill treatment of any member of staff through any form of discrimination.

The principles are beneficence, non-maleficence, autonomy, justice; truth-telling and promise-keeping.

What are the six core ethical values? ›

These values were identified by a nonpartisan, nonsectarian (secular) group of youth development experts in 1992 as “core ethical values that transcend cultural, religious and socioeconomic differences”. The Six Pillars of Character are: Trustworthiness, Respect, Responsibility, Fairness, Caring and Citizenship.

The Fundamental Principles of Ethics. Beneficence, nonmaleficence, autonomy, and justice constitute the 4 principles of ethics. The first 2 can be traced back to the time of Hippocrates “to help and do no harm,” while the latter 2 evolved later.

The three Cs are “compliance,” “consequences” and “contributions.” Applied Business ethics is an applied morality, like legal, engineering and medical ethics.

This analysis focuses on whether and how the statements in these eight codes specify core moral norms (Autonomy, Beneficence, Non-Maleficence, and Justice), core behavioral norms (Veracity, Privacy, Confidentiality, and Fidelity), and other norms that are empirically derived from the code statements.

The 3Rs: replacement, reduction and refinement.

The Fundamental Principles of Ethics. Beneficence, nonmaleficence, autonomy, and justice constitute the 4 principles of ethics. The first 2 can be traced back to the time of Hippocrates “to help and do no harm,” while the latter 2 evolved later.

Business ethics is a practice that determines what is right, wrong, and appropriate in the workplace. Business ethics is often guided by laws, and these principles keep companies and individuals from engaging in illegal activity such as insider trading, discrimination and bribery.

Examples of ethical behaviors in the workplace includes; obeying the company's rules, effective communication, taking responsibility, accountability, professionalism, trust and mutual respect for your colleagues at work. These examples of ethical behaviors ensures maximum productivity output at work.

The principles that we will cover are utilitarianism, universalism, rights/legal, justice, virtue, common good, and ethical relativism approaches. As you read these, ask yourself which principles characterize and underlie your own values, beliefs, behaviors, and actions.

The core ethical principles of beneficence (do good), nonmaleficence (do not harm), autonomy (control by the individual), and justice (fairness) stated by Beauchamp and Childress⁷ are important to a code of ethics.

What is the best ethical principle? ›

There are also significant differences between autonomy and truth-telling, justice and truth-telling and confidentiality and truth-telling. Therefore, non-maleficence is the most important principle and truth-telling the least important principle.

7. RESPECT FOR OTHERS. Treat everyone with respect. Ethical executives demonstrate respect for the human dignity, autonomy, privacy, rights, and interests of all those who have a stake in their decisions; they are courteous and treat all people with equal respect and dignity regardless of sex, race or national origin.

The principles are beneficence, non-maleficence, autonomy, justice; truth-telling and promise-keeping.