Reduces Financial Liabilities Organizations that don't develop policies on ethical standards risk financial liabilities. The concepts most directly associated with ethics are truth, honesty, fairness, and equity.
Decision-Making Ethical conduct in the workplace encourages a culture of making decisions based on ethics. In the same way permanent employees need to serve one month notice before resigning from the current services. In addition ethics is important because of the following: Satisfying Basic Human Needs: Being fair, honest and ethical is one the basic human needs.
The decision to behave ethically is a moral one; employees must decide what they think is the right course of action.
It also refers to the code of conduct of the individuals working in a particular organization. It is absolutely unethical to fool the customers.
Because professionals such as physicians, attorneys, engineers, and property and facility managers provide services that affect our welfare, they develop professional codes of ethics that establish professional standards for behavior.
It is your duty as a manager to incorporate and manage a strong ethical culture within your business.