Welcome to our article on 20 essential business ethics and responsibility terms! At our company, we are committed to upholding ethical standards in every aspect of our operations.
This guide will introduce you to key terms related to business ethics and responsibility.
For a deeper understanding, check out our comprehensive resource on the principles of business ethics.
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This will provide you with a solid foundation for integrating ethical practices into your business.
- Compliance: The act of following laws, regulations, and ethical standards in business.
- Code of Conduct: A set of guidelines that outlines the expected behavior and conduct of employees within an organization.
- Integrity: Upholding moral and ethical principles, honesty, and fairness in all business dealings.
- Whistleblowing: Reporting unethical or illegal activities within an organization.
- Corporate Social Responsibility (CSR): The concept of a company’s responsibility towards the welfare and interests of society and the environment.
- Stakeholders: Individuals or groups that can affect or are affected by the operations and decisions of a business.
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- Transparency: Openness, visibility, and accountability in all business practices.
- Conflict of Interest: A situation where an individual’s personal interests may influence their actions or decisions in a professional setting.
- Diversity and Inclusion: The practice of creating a diverse and inclusive workplace that values and respects individuals from all backgrounds.
- Bribery: The act of offering or accepting something of value to influence a decision or gain an unfair advantage.
- Discrimination: Treating someone unfairly or less favorably due to their race, gender, age, religion, etc.
- Fair Trade: A movement that promotes ethical and sustainable trading practices, ensuring fair prices for producers in developing countries.
- Environmental Sustainability: The practice of conducting business in an environmentally responsible manner to minimize negative impacts on the environment.
- Human Rights: Basic rights and freedoms that every person is entitled to, regardless of race, gender, religion, etc.
- Ethical Leadership: Leading by example and making decisions based on moral principles rather than personal gain.
- Anti-Corruption: Efforts to prevent or combat corruption in all business operations.
- Corporate Governance: The system of rules, practices, and processes by which a company is directed and controlled.
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- Due Diligence: The process of conducting a thorough investigation before entering into a business agreement or transaction.
- Philanthropy: The act of donating money, goods, or services for the betterment of society.
- Corporate Culture: The shared values, beliefs, and behaviors that shape the overall working environment of an organization.
Congratulations! You have now learned about 20 important business ethics and responsibility terms. These concepts are crucial for creating a positive and ethical work environment, maintaining good relationships with stakeholders, and ultimately improving your company’s reputation.
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