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Posted: November 9th, 2022
Ethics in Commerce
Ethics in Commerce
Ethics are principles that guide a person or are a group of people about what is right and what is wrong when making decisions on their daily activities. In business and commerce, ethics comprises of all the values, principles, norms, and actions that govern the actions and behavior of people within the corporate environment. These values have a direct impact on brand reputation and perception, and ultimately on productivity and overall performance of the organization. Ethics ensure that employees remain motivated, giving them a sense of direction as they work towards a common objective.
Commerce in business is concerned with the exchange of goods and services. The trade brings together different groups of people, all with the intention of gaining something from the trade. This calls for properly established ethical principles that guide how business should be carried out. Decisions made during the process should be influenced by the organization’s culture.
Below are 5 major ethical principles in Commerce
Honesty
All parties in commerce are required to be honest in all their daily dealings. They have the responsibility of being truthful in all their actions relating to trade. At no given time, should one party deliberately deceive or share misleading information to the next party with the intention of benefiting from it. They are also required to share any information they possess without omitting, adding, or misinterpreting it.
Integrity
Integrity is mainly tested when a person is faced with a situation where the right decision conflicts the goal of profit maximization. Both parties are required to make the decision that they believe is right, even under such circumstances.
Loyalty and Trust
Trust is the basis of all ethical behaviors. In commerce, loyalty and trust work in tandem. The organization should not disclose private information about the other party. By doing so, employees, customers, suppliers, and other parties with interest have confidence in organization and can work in harmony towards achieving set objectives.
Respect
Business and commerce bring together people from different races and ethnic groups around the world. It is important to acknowledge that all these people are different and respect their beliefs and practices, even if you don’t necessarily subscribe to them.
Compliance with Government laws
The last and most crucial principle in commerce is in compliance with Government laws. This includes tax laws, environmental, federal, and state safety regulations put forward by the government to regulate business activities. The organization, through its employees and management, must ensure that they conduct business in compliance with these rules and policies.
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