In Focus Consumer Credit
What it really means to work in an ethical way
The term ‘business ethics’ is increasingly part of the industry’s vocabulary, but what does it really mean?
Guendalina Dondé Senior researcher, Institute of Business Ethics
G.Donde@
ibe.org.uk
‘Ethics’ is a word that often comes up in business and political debate. Successful business generates innovation, economic growth and employment. Organisations of all sizes, which understand the importance of doing business ethically, can be drivers of positive change and help society thrive. However, too often this is put at risk by
unethical behaviour. Hardly a week goes by without reference in the media to the story of a major illegal or unethical lapse in the way an organisation does its business. Business ethics is a broad subject and it is difficult to sum up all its different components
in this article. Instead, I will try to give you an idea of what business ethics is, what it is not, and why it is important for business leaders to lead by example and promote ethical behaviour, in the best interest of their organisation.
So, what is business ethics? Recently, a colleague of mine said to me that business ethics is a little bit like a beautiful sunset. It is difficult to describe – as soon as you try, you lose the magic! But when you see one, you know exactly what it is and how it makes you feel.
When we talk about ethics, we talk about values and how these values can influence behaviours
An awareness of what it means to be
ethical is ingrained in our upbringing. It begins with the sense of injustice that, as a child, made you cry “it is unfair!” when you were unjustly punished instead of your little brother. There are many definitions of ‘business
ethics’ that have been suggested over the decades. At the IBE, we sum it up as the application of ethical values to business behaviour. When we talk about ethics, we talk about values and how these values can influence behaviours.
Ethical values This definition, however, prompts another question: what do we really mean by ethical values? An organisation’s core values define the
culture of that specific company: ‘how things are done around here’. They are how the company will achieve its purpose. Values are the reference point for all employees when they are faced with difficult decisions on the workplace. Many organisations, of all sizes, adopt core values that describe how they do their
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www.CCRMagazine.co.uk December 2017
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