Some believe that ethics are subjective, with different situations calling for different ethical views. Justice. The actions you and your business take may have consequences. Embracing honesty as a company value is an integral part of running an ethical company, especially as there are so many examples of companies that have suffered from their lack of honesty. If you find yourself facing an ethical dilemma while running your business, ask yourself questions such as "In this situation, what is an example of ethical behavior?" If the company does have to take adverse actions, do your best to provide some form of severance or other benefits to try and maintain the relationships the company has created. You may need to download version 2.0 now from the Chrome Web Store. This extends to every branch of your company's operations, from shipping fulfillment to protecting visitors to your company's website. To respect autonomy is to give weight to autonomous persons' considered opinions and choices while refraining from obstructing their actions unless they are clearly detrimental to others. A lack of awareness often leads to a lack of caring, especially if that lack of awareness puts workers or consumers at risk. • Such treatment falls under the principle of beneficence. Another way to prevent getting this page in the future is to use Privacy Pass. As you stand by your ethical policies and stand up for what's right, both other companies and consumers will realize that they can trust your company to do the right thing. This is often applied to employees being loyal to the company, but it also applies to the company being loyal to its employees and affiliates as well. -- Respect for persons incorporates at least two ethical convictions: first, that individuals should be treated as autonomous agents, and second, that persons with diminished autonomy are entitled to protection. In business, sometimes it's difficult to be fair. Cloudflare Ray ID: 5e057b411ee106c9 Four fundamental ethical principles (a very simple introduction) The Principle of Respect for autonomy Autonomy is Latin for "self-rule" We have an obligation to respect the autonomy of other persons, which is to respect the decisions made by other people concerning their own lives. To avoid these worst-case scenarios, it's important to understand the role that ethics plays in running a successful business. 2. Patient has the right to make their own decision. As an example, ask yourself questions such as what are the ethical issues to consider when conducting a research study? If practices potentially harm workers, those practices are unethical. Justice Providing what is due to the patient Nonmalefience Veracity Be fair to everyone Do no harm Truth telling feeling like what a patient don't know … If your company interacts with someone or has dealings with another business, you have a responsibility to ensure that those interactions are performed ethically and that any obligations are met as well as can be expected. While in business ethics refers to a code of conduct that businesses are expected to follow while doing business. Jack Gerard is a freelance writer and editor with over 15 years of experience writing about topics related to business and finance. • It's important that you remain aware of this since without this awareness it becomes easier to lapse into unethical behavior. These are based on the Belmont Report. For different ethical views this includes ethical hiring practices, you will create what are the 7 principles of ethics?! And other ethical standards, a company shutting down if the public ends up turning it! 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