Is it business ethics or just the golden rule? Historically, transparency has been seen more as an ethics practice for third party analysis of an institution’s finances and practices; however, the more widespread study of business ethics and organizational behavior is pointing to operational transparency as a management practice that can both address those daily management issues, and also become an internal source of sustainable competitive advantage that is difficult for competitors to imitate.
Without being perceived as a sign of economic strength, social responsibility has today the form of corporate civic – a way to create stable and profitable business relationship for all parties, a non-aggressive way, less harmful to work around the community, a friendly way of communication with society.
Research from America Online and , suggested America’s businesses lose $759 billion annually for paid work not performed directly connected to wasted time. One of the biggest aspects of business ethics is human resource management. The general public, as well as company stakeholders, have come to expect that corporations will conduct business ethically and with the highest regard for social accountability.
These agencies rely on social networking of their insurance agents, to get them good customers. A recent analysis of overall financial performance of the 2001 list of 100 Best Corporate Citizens shows that this group of firms did significantly better than the remaining companies of the S&P 500.
In many cases it takes raw courage to be honest, but out of the troubles that businesses go through, it’s reputation grows, and businesses with good reputations are successful businesses. Companies with strong track records of ethical, responsible behavior have the most to gain from a well thought out system to assure the cultivating of ethical corporate culture.