While the decisions in business are made by individuals or groups of people, they have been shown to be greatly influenced by the culture in the company.
Benefits of business ethics
It’s important for any business to have ethics. The benefits include:
Attract customers: When customers know that your business is reputable, they buy more products and services from you. This will see you have an increase in sales and consequently profits.
Employee retention: We can all agree that employees fuel business. If your company is known for its excellent reputation, the employees will want to stay in the firm. This not only increases the labor turnover, but it also increases the productivity of the company.
Employee attraction: No one wants to be associated with a bad company. When you have an excellent reputation, you attract high-quality employees in your business. In most cases, you receive applications even when there are no open slots. The good reputation not only helps you to acquire talented and determined employees, but you also have reduced recruitment costs.