A Critical Component of Corporate Performance - Business Ethics
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Written by: decey
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Date: Wed, 25 Nov 2009 |
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What is business ethics? Business ethics is subjected to the range of ethics. It is certain of ethics that is applied in the specified business activities or business scenes. Without doubt, it is realized and admitted by all citizens. Business ethic, though is different from law, it still provides code of behaviors to judge whether the corporate behaviors ethical. Concerned with the business, the background of the ethic is business essence and business activities.
Now days, the business plays a more and more important role in dealing with company’s performance. The related organization also includes the element of business ethics when rating company’s performance. Obviously, measuring company performance is not only a case of rating its turnover, profits or in dividend, but also in terms of its business ethics. Code of ethics is the core of company culture and a key tool for company surviving in the long run and owning durable goodwill prospect. It is often the case that ethical behavior pays off in financial returns.
So how to measure corporate performance when it refers to business ethics.
In the first place, people should understand which behaviors are ethical for the company.
More and more companies are facing the problems when making business decisions or operating business, such as environmental protection, integrity, social responsibilities, tax-avoidance, unfair competition, ECT.
A company with responsibility for society is always the winner. Company pays attention to other entities during their operating. The Johnson&Johnson is the international pharmaceutical company .It turns out to enjoying better performance as a high priority was placed on ethics.
Its Tylenol used to be a leading over-counter analgesic. Unfortunately, some people were died after taking it to relieve pain. The executives of the company responded the problem immediately though they were faced with a dilemma, whether they spend millions to recall the product but encourage similar crimes or they simply replace the product in people’s hands and wish no any bottles of Tylenol were contaminated. They solved the serious problem according to their credo which emphasizes the importance of protecting the public and the responsibility for consumers. They imposed new regulations to make drug packaging tamper resistant and tried their best to reduce the harmful elements and offer safer product.
During these crises, Johnson&Johnson has showed the public that it cares about the consumer. As a result, it shows a reliable image among the consumers and has been increasing its market share and then it is enjoying a good performance.
Definitely, the Johnson&Johnson is an example of other companies when dealing with business ethics. It tells all the companies that unless you keep the code of business ethics and responsibilities in mind and carry out them, you will not possible gain the trust of customers, clients and the public, even worse, the company will certainly fail to survive in this highly competitive age.
About the Author
Decey is a professional financial commentators, we are happy with me.
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