Transparency involves accurately representing facts, telling a truth in its entirety and communicating clearly and openly about everything a company does and says. It is the foundation of a strong relationship with customers, which directly impacts the success and stability of a company.
Sticking with a decision, especially when pressured to do otherwise, shows honor and courage. Companies that do what they believe is morally right based on equality and fairness can demonstrate strength and commendable character.
Companies that keep promises and fulfill commitments to their employees, business partners and customers display their commitment to business ethics.
Loyalty encompasses all relationships a business has including those with staff, partners, investors and consumers.
Companies should strive to act fairly and commit to exercising their power justly. Fairness and equality can be involved in hiring practices, marketing initiatives, business partnerships and competing within the market for new consumers or clients.
Ethical companies demonstrate genuine kindness, understanding and care for the livelihood others. In business, this means accomplishing business goals with the intention of producing the most good while causing the least amount of damage.
Having basic respect for the rights, privacy and dignity of people—including individuals within and outside the company—is an important business ethical standard.
Companies that work within the boundaries of the legal system are more credible and honorable, which can establish a strong positive reputation as an employer that encourages high-quality candidates to apply for roles.
Ethical organizations strive to provide excellence by always working to deliver the greatest quality of service or products to their clients and customers. They pursue creativity and innovation, looking for the best ways to deliver their goods and seek to constantly improve their performance, customer satisfaction and employee morale.
Companies with high ethical standards recognize their responsibilities to their employees and customers and understand how the conduct of their leadership affects the business.
An ethical company seeks to maintain and protect a positive reputation to build a motivating work culture, keep investors engaged and provide exceptional service to customers. Upholding a good reputation means engaging in conduct that uplifts the company.
Ethical businesses accept responsibility for all decisions made as a company and admit its mistakes to all of those who may be affected by a misstep including shareholders, employees and the public. In addition to taking accountability, they also accept any consequences that result and do so transparently.