Management Intercultural (Jul 2023)
The impact of ethical practices on the competitiveness of companies
Abstract
Business ethics reflect the norms and developments of each historical period. On the other hand, everyone needs ethics to build a social infrastructure that is vital for progress. At the organizational level managers generally act on the basis of their beliefs, values and strategies financially motivated, and workers interact in various contexts, marked by ethical controversies. Today, a multitude of factors underlie the ethical dilemmas that affect business and individual decisions, in any profession, organization, at the level of each individual's daily activities. These decisions are not only business critical, but also very important in terms of creating or sustaining the right balance within the firm and between the firm and the society in which it operates. This is why the role of ethics is very important these days, with a significant impact in the direction of gaining business reputation and gaining the competitive edge needed to make business as profitable as possible. Ethical management must be based on principles and guidelines that help managers make informed and correct choices, so that they can balance the economic interests with the social responsibilities of the companies they lead. The paper can guide managers who want to understand their own ethical behavior and of others in the organization, it provides guidance to act in an ethical direction.
