Business ethics

• Trade-offs between profit and ethics

  • Businesses will embed their ethical code of practice into every aspect of their operations and ethical priorities will feature heavily in:
  • Recruitment documentation and HR procedures
  • Induction and training programmes
  • Performance management cycles and rewards systems
  • Promotional literature and other communications
• Ethics in pay and rewards:

  • Salaries, wages and other forms of financial reward (e.g. performance-related bonuses) play an important role in
  • rewarding and motivating existing staff
  • attracting new employees
  • maximising productivity levels
• Current ethical concerns regarding pay:

  • Gender pay gap
  • Minimum wage
  • executive bonuses
• Corporate social responsibility involved conducting business activity in an ethical wayand balancing the interests of shareholders with those of the wider community
• Benefits of CSR:

  • CSR can enhance the business image and reputation
  • CSR is attractive to many stakeholders
  • CSR can be very profitable as it adds value for many stakeholders
  • CSR may improve employee motivation and productivity
  • CSR can help to recruit strong candidates for jobs advertised