The need for financial ethics and Good co-operate governance in an organization
The operations in any organization are guided by ethics that stipulate the code of conduct that needs to be upheld in any organization. It’s fair to say that if you manage a business that follows ethical financial practices, your business may succeed both in the short, middle and long-run periods. There is some cooperation’s that have ceased to operate due to the lack of ethics while conducting their business one of them being the Wolf Street. Some of the benefit that can be envisaged by an organization upholding ethical behavior include the following.
6 Benefits of upholding ethical behavior
Attraction of more customers
Customers are usually attracted to business whereby workers treat them with respect and dignity. Remember the need for good ethics arises from the top level management in succession up to the bottom level member of an organization. By you upholding Ethics while dealing with clients, your juniors will follow in the same suit and the long run your business will become more profitable.
Attractions for new workers, investors
Employees will desire to stay and work in a business that treats its workers with dignity. New employees too will be attracted to join and work for in the industry. You will not be short of employees as interns, graduate trainees and volunteers will desire to work in your business. That’s love than to have investors willing to invest in your company? Investors will be willing to invest in a company that manages good financial ethics.
Maintaining of a company reputation
A brand name sells more at times than the company itself. Take a look at the Apple, Facebooks and other Google of this world. They are companies that maintained their reputation through maintaining of good cooperate governance as well as financial ethics.
To help in strategic decision-making process
Decisions are made on a day to day business in a company. Code of ethics in organizations may aid in the provision of a base through which decisions can be made in a company. Companies are faced with different issues but a good cooperate ethics may assist surge forward an expand your business
Assists in making day to day decisions
Decisions in organizations are made at different levels. At times, not all members of an organization can be subjected to scrutiny based on the decision they make for a company. A company with more t employees often at times shy away from scrutinizing the top level managers and some other employees due to the fact that most of the employees follow the company code of ethics while performing their duties.
The need to get some legal consideration
Most of the times, businesses may be sued for some operations which may be caused by simple professional mistakes. While presiding over most of this cases, the business ethics are usually put into scrutiny. You may at time skip some of the charges or get a lower charge if your company has been maintaining good business and financial ethics in the past.