The Importance Of Ethical Business Practices

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In the past 20 years, unethical practices caused business failures, corporate scandals, and out-of-control CEO’s. Enron, Worldcom, Hollinger International, Tyco, and Yahoo! suffered losses because of unethical business practices. Key factors, such as, productivity, retention of talented employees, business credibility, and legal issues decide whether a business will be successes or unsuccessful. The organization and its employee’s ethics, direct these factors to either increase or decrease. What are ethical business practices? Ethical business practices are activities performed and demeanors held by a business and its employees, which are considered professional and ethical. These practices advance the objectives of the organization without jeopardizing the benefit of every one of its employees, clients, and even competitors. Ethical practices do not guarantee success, but without them failure is assured. Corporate executives and business …show more content…
Engagement is a management approach created to ensure that employees are committed to their organization’s goals and values, motivated to contribute to organizational success, and are able at the same time to enhance their own sense of well-being. In the modern workforce an enriching work environment, midlevel management, and investing in leadership development increases employee engagement. First, select an employee with strengths for the job. Pre-hiring screening is a tool which helps find the right person for the position. Education and prior positions cannot be the sole criteria for the modern job applicant. Offer enriching work that fits each employee and productivity will increase. “An insurance company found that the best salespeople were not those from top schools, but rather those who had experience in the auto industry and no typos on their resumes. When we hire people who fit, they perform well, and they love their work” (Bersin,

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