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Six characteristics of an Ethical Business - Coggle Diagram
Six characteristics of an Ethical Business
Strong, Ethical Leadership
defined starting from top of the organization
Leader: demonstrate ethical practices always
test in the decision-making process
Leaders who choose the ethical path before the financially one, crated an ethical culutre in the business
Core Value Statement
describes the mission
ethical business lives by the value statement
communicates the mission to everyone and checks if everyone follows
institute a code of conduct; guideline for each employee
Integrity and Fairness
... is all-encompassing characteristics
adheres to: laws and regulations
treats employees good an dcommunicate with them
demonstrates fair dealings --> customers
competitive pricing, timely payments, high quality standards
Respect for Employees and Customers
demonstrates respect by valuing opinions and equal treating
listening to feedback and needs
respecting vendors: e.g. paying on time
being environmentally responsible, showing concern, ...
Loyal Realtionships with Employees and Customers
cornerstone of ethical business
both parties benefit
employees: maintain the realtionships, work harder
vendors/customers: remain loyal to business
stay loyal in hard times --> stronger realtionship
Concern for People and Environment
concern for everyone and anything impacted by business
egvery decision based on the effect on the whole environment