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The Impact of Ethics on Business;
This paragraph explains to impact of ethics on business and industry and products and share tax millennials work ethics in USA
What is morally right;
Business ethics is about going beyond what is legally required by law and is about doing
what is morally right. Being an ethical business means operating in a way that is fair to its employees,
suppliers, customers, and the environment. This approach can sometimes be counterintuitive for a
business as implementing ethical policies can sometimes come at the expense of profits millennials work ethics in USA
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what changes can a business make to be more ethical?
Well, the first thing a business can do to be more ethical is treat their employees
well. This can be done by providing an employee with a safe place to work and by paying them a fair
wage. This does not mean just paying the minimum wage but is about paying them a fair wage that
properly reimburses them for the work they do and that allows them to live a comfortable life.
Companies can also provide other financial incentives that benefit employees when the business
performs well. Such as bonuses or a share scheme where employees receive shares in the company they
work for. By owning shares in the company, the employee directly benefits from share price increases
and dividend payments when the business operates successfully millennials work ethics in USA
One business that always tops the charts for employee satisfaction is Google. Not only does Google pay
their employees well but they have a whole host of employee benefits that help create an excellent
working environment for employees.
Industry and products;
Some of the benefits include free food, free medical and dental care, gyms,
money towards student loan payments, flexible working hours, and excellent communal spaces where
employees can relax and socialize.
Google does not have to provide these things by law but they do so in an attempt to be more ethical and
treat employees well in the hopes of them being happier and more productive at work. The second step
to being more ethical is treating suppliers well millennials work ethics in USA
Paying fair prices and making payments on time are ways a business can act ethically towards their
suppliers. Fairtrade prices have been established to ensure suppliers are paid a fair price for the
materials they produce and sell.
A popular industry that has fair trade products is the coffee industry. If a product has the fair-trade logo
on the packaging this indicates that among other things the business has paid the grower fairly for the
coffee they have produced.
The fair-trade logo has become a symbol that a business is acting ethically towards suppliers. Another
way that businesses can move toward being ethical is by only using materials that are ethically sourced.
Meaning that the materials have not been sourced through the exploitation of workers and that
environmental and social impacts have also been considered.
Share of tax;
One excellent example of a business that has a track record of treating its suppliers well
and sourcing goods that are ethically produced and grown is Lush. Lush has an ethical buying policy that
outlines exactly how they treat their suppliers, covering things such as making sure their suppliers have
good workers’ rights, safe working conditions (including no child labor), that the products they buy are
never tested on animals and that the materials have been produced in an environmentally sustainable
By having these policies Lush is taking a stance against suppliers that act unethically in turn, increasing
their ethical credentials. Lush has built a business around treating their suppliers well but mainly around
the ethical sourcing of the materials that go into their products.
Paying their fair share of taxes is another ethical approach to business. Tax payments can be substantial
for major corporations and ensuring these are paid fully is vital if the business is to be seen as ethical.
This is because many global brands use legal loopholes in the tax law to avoid paying tax legally.
But remember what is ethical and what is legal are two different things and although tax avoidance is
not illegal it is not looked upon favorably by consumers and governments and can instantly was give a
business an unethical reputation through negative press coverage.
it can be financially costly not to take an ethical approach to business as companies are increasingly
exposed in the press and most noticeably on social media when they act unethically and take advantage
of employees, suppliers, and the environment.
Starbucks is an excellent example of this, as they paid 0 corporation tax in the UK in
2011, which resulted in a public boycott of the brand and an eventual payment of 20 million pounds to
HMRC. Companies paying their fair share of tax is a hot topic and if the correct tax is not paid it can
instantly impact a business’s reputation.
Many argue that being ethical comes at the expense of profits. This is because for a business to pay
workers well, source ethically produced materials, pay suppliers fairly and pay their share of tax all
means increased costs to the business, which in turn can have an impact on their profit margins in
comparison to businesses not taking an ethical approach.
Howe Plus, there is a strong argument that there does not have to be a trade-off between ethics and
profits as many businesses can recoup these increased costs because ethical credentials allow a business
to charge a premium price for their products in comparison to their unethical rivals.
an ethical business also benefits financially from things such as improved public opinion, a better brand
image, and increased customer loyalty due to the business having values that align with its customers. In
fact, in today’s climate where customers are much more aware of how businesses operate,
So this is a impact of business ethic and explanation that’s it.