Business Ethics Basicsby Robert Krznaric

Business organizations require shrewd leaders and practices, but this does not mean that ethical considerations do not come into play. In fact, thriving companies integrate ethical practices into their daily operations in ways ranging from ensuring fairness in business transactions to supporting benevolent causes in the community. Though there is certainly a moral element to business ethics, they fundamentally protect the company and its employees, ensuring good legal standing, positive reputation, and the derivation of non-monetary value.

The concept of ethics as a value-contributing element in a business organization originated at a time when the maximization of profits was viewed as a companys sole purpose. In the last several decades, an alternative approach emerged suggesting that corporations have a responsibility for the community. Today, it is standard practice for business organizations to make contributions to the communities out of which they grew and which allow them to thrive. Environmental and social initiatives are popular ways for companies to make a positive impact.

About the author: Robert Krznaric is the President and CEO of specialty medical device researcher, developer, and manufacturer YOLO Medical, Inc.

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