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The relationship between business and ethics can be compared to marriage and morality. A good marital relationship has several essential moral ingredients: commitment of loyalty to each other by the partners, none of the spouse ever having any extra marital affairs, commitment to healthy upbringing of the children, taking care of parents and elders in the family, earning decent money by unquestionable means for running the family, maintaining a responsible relationship with the society and contributing albeit in a small way for its welfare.
Almost in similar lines, business and ethics have their connection. Any family running within the framework of above moral guidelines gets respect from the society. Likewise, a business run within ethical framework gets respect amidst its stakeholders.
Let us analyze the equivalents of some of the moral aspects of a marital bond that we listed above as applicable to business ethics and grasp their purport more.
Particularly if a business is run or partnership, the loyalty of business partners to each other is extremely important. It covers mutual trust and respect too.
In a public corporation, the commitment of the management to the shareholders, or the commitment of the business promoters to the rest of the share holders is very important. Within the organization, the commitment and trust of higher management towards the employees and the employee’s loyalty and sincerity towards the management are to be well established through good communication and well articulated and understood codes of ethics.
