You can find many definitions of business ethics, but the standard definition that business ethics refers to is a set of moral standards, principles, values, and norms that guides an organization’s action and conduct. In short, business ethics is a particular study of any company’s moral rights or wrongs. And it has to face the 3 C’s – compliance, consequence, and contribution.
In this post, we’re going to break down all these C’s of business ethics that are helpful for any business. If you’re one of them then take a few minutes and read the entire post without skipping any part.
Introduction of the 3 C’s of Business Ethics
We’ve already mentioned that business ethics has to maintain compliance, contribution, and consequence; the 3 C’s. But what are they all about? Now it’s time to know them in detail. Let’s start with compliance first.
1. Compliance
It’s the major fundamental of business ethics. Compliance refers to adhering to rules and regulations that supervise a business. Those are related to labor, health and safety, and environmental protection. And businesses also need to comply with the ethical expectations of their stakeholders, bankers, employees, etc. This includes factors like not engaging in deceptive or misleading practices, protecting the environment, and avoiding discrimination.
2. Contribution
Businesses should make positive contributions to society. This can be done through things like providing quality products and services, creating jobs, and giving back to the community. Most businesses are unaware that they can do a lot of other progress than just making money. For example, they can consider improving convenience for consumers by offering more product choices. It’s clear that a business can contribute to a more productive economy and a happier society.
3. Consequence
Last but not least, businesses have to consider the potential consequences of their actions, both for themselves and for others. This includes both the immediate and long-term consequences, as well as the intended and unintended consequences. It’s necessary as any wrong step taken by a business can badly affect its business system and the related factors.
Summary
So, it can be said that –
- A business must abide by laws, moral principles, social customs, and company policy.
- A business must contribute through its core values, employment, quality of work life, quality goods and services, and beneficial social activities.
- A business must think about the consequences of its activities regarding better public image, overall spheres of the company, and responsibility toward shareholders, employees, customers, etc.
Conclusion
Thus far, we’ve explained the 3 C’s of business ethics. These are pretty necessary when you’re running a business of your own. If you successfully maintain these fundamentals, the relevant hassles will reduce, and your business will have a good shape. That’s it. If you find this post useful then don’t forget to share your valuable feedback with us.
