Business ethics is the system of moral principles and values that help us to differentiate between right and the wrong behavior. A proper understanding of business ethics often depends on the general and personal values of the UAE company’s managers. It is important to train managers in such a way that they recognize the importance of corporate ethics. Business ethics values are based on respect – respect towards employees, the target audience (both in the UAE and globally), partners, and competitors.
Corporate ethics requires timely attention from company management and leaders to comply with all business arrangements, agreements, and promises. It also implies providing necessary information to the clients, partners, and investors of the company. Business ethics refers to the relations within certain GCC market niches, as well as to cooperation in the international markets. Therefore, business ethics values involve decency and honesty, team spirit, a conflict-free environment, constructive criticism, professionalism, upholding agreements, respect for the rights of others, and corporate social responsibility.
Why is business ethics so important?
First of all, it guarantees the achievement of sought-after goals in business. These are universal values that help entrepreneurs to handle relationships and social responsibilities. Business ethics implies a certain approach and attitude towards the customers of a company. It implies that the goods and services provided by a business are of the proper quality and price. Corporate ethics presupposes honesty, including honesty in advertising and various methods of business promotion.
Implementing business ethics values into your daily work has multiple advantages. Typically, modern entrepreneurs and managers adhere to established legal regulations, as ignoring them can have serious consequences. Business ethics, in contrast, is more of an act of goodwill. There is no obligation to implement a code of ethics since there is no legal penalty imposed by the government for not doing so. No wonder, then, that a huge number of businesspeople neglect corporate ethics.
The importance of business ethics is undeniable for business success in Dubai. The experience of many companies shows that the absence of ethical norms can have a very negative impact on business. The quality of a company’s operations is the guarantee of its success. The team environment, relationships between employees, and their attitudes are all highly important. The matter is that as you give, you receive. These factors are determined by the policies and strategies developed by the company’s management, for which they are solely responsible. If a manager does not treat other employees with due respect, it will ultimately influence the efficiency of work and the company morale as a whole.
Management and employees that adhere to the principles of business ethics are much more effective. Comfortable working conditions are a very powerful incentive for better performance. If their workplace is comfortable, they’re more motivated to perform their daily duties. What else influences a person’s desire to work well? A friendly team, fair salary, and understanding, interested managers are the essential conditions in order for an employee to effectively execute his or her daily activities.
Wise leaders know that corporate ethics and values are the fundamental elements of any business which guarantee the company’s future success. A good manager always starts with himself – this way, he can set the example of standard behavior. The employees will appreciate the respect, and if they’re happy about the way they’re treated, they will be more efficient. This results in the company’s success and prosperity.
Business ethics builds trust. Even the smallest transaction based on business ethics can lead to a series of increasingly profitable large transactions. All rational businesspeople prefer to deal with a company with a good reputation, the daily praxis of which is based on the principles of honesty and decency.
It is important to maintain balance between your company’s benefits and its responsibilities. It’s to be expected that a businessperson will hesitate when faced with a choice of receiving large revenue or staying faithful to principles. However, you need to remember that your reputation is at stake. It is hard to gain and very easy to lose.
Therefore, it is important for any business to follow the values of business ethics and to find the right balance between aiming to earn higher revenue and practicing social responsibility. It is the choice between short-term gains and long-term success. Remember the importance of the values your business stands for, as well as the company’s personal goals. It is crucial to understand that striking the right balance between the desire to earn and corporate ethics will bring massive benefits. Discarding business ethics is always the wrong approach. Adhering to them is a guarantee of your UAE company’s long-term prosperity and well-being.