- Was versteht man unter Wirtschaftsethik?
- Faktoren der Wirtschaftsethik
- Umsetzung ethischen Verhaltens im Unternehmen
- Korrekter Umgang mit Unregelmäßigkeiten
- Wer kann wie zum ethischen Verhalten beitragen? More info
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Economic action based on business ethics pays off for companies
You're reading this text on a screen - and that brings us directly to the topic of business ethics: Would you be willing to pay 50 euros more for a computer, tablet or smartphone if it meant you could be sure you weren't supporting any child labor?
The fact is: Rare raw materials are needed to manufacture many technical devices, for example cobalt. Media reports showing how small children extract this metal from mines in Africa with their bare hands are widespread. As a result of the reporting, attempts are being made on the trading exchanges to disguise the exact origin of the cobalt. In this way, middlemen seek to circumvent corporate compliance guidelines that are concerned with business ethics. In short, they are hoodwinking corporate buyers who are concerned about transparency and moral standards.
Consumers appreciate a company's focus on business ethics
When it comes to the cost of procuring goods, companies like to point the finger at customers. They are assumed to be unwilling to pay more money for ethically sourced products. But this assumption is obviously a fallacy. According to studies, many consumers are willing to accept higher prices if this improves production conditions in low-wage countries. Companies are already able to push through higher prices for sustainable products. Many customers are happy to pay a little more for a clear conscience. This is also reflected in consumer interest in fair trade: products that were once only on the shelves of small One World stores have long been part of the product range of large supermarket chains. Demand is therefore changing supply.
Business ethics: When in doubt, morals count - not profit
Increase sales, reduce costs - generate higher profits. This principle of economic theory, which has long been considered immutable, begins to waver when the principle of business ethics is taken into account. Here, according to the definition of business ethics, when faced with an ethical dilemma, a company decides against profit and in favor of morality. Economic activity in a modern society should therefore not be driven by the pure pursuit of profits. But by values!
Critics argue that it is not worthwhile to align one's economic actions with the principles of business ethics. Companies that do adopt these principles end up paying higher prices. In addition, they would be crushed by the administrative burden, since they would have to write a lot of reports without increasing the profitability of the company. In the long run, a company that bases its business on economic ethics cannot be competitive. In any case, there are already more than enough legal regulations and statutory provisions that make life difficult for companies.
Business ethics helps companies to achieve better profit margins
The fact is that the critics just mentioned are wrong in most cases. Business ethics-oriented companies often have even better profit margins than companies that look solely at sales and profits. Yes, focusing on business ethics may cost money initially, but it pays off in the long run. Especially when you consider that violations of legal regulations often result in heavy fines. And the fact that the risk of negative media coverage and the associated loss of image is significantly lower when business ethics principles are observed is only mentioned here in passing.
The idea of business ethics is based on the image of the "honorable businessman": honesty, integrity and reliability are the main principles. Many companies have already committed themselves to a "Code of Conduct" which is intended to guarantee honesty and integrity within the workforce and in dealings with suppliers and customers. Such a code of conduct defines, for example, social standards, environmental protection measures or the prohibition of child labor.
Business ethics: Self-commitment to responsible corporate governance
Another example of a voluntary commitment to responsible corporate governance is the German Corporate Governance Code. It contains both essential statutory regulations for the management and supervision of German listed companies and recommendations and suggestions for good corporate governance.
Compliance is responsible for ensuring that the values described above are observed. It is the decisive tool for business ethics, fair and sustainable trade, social responsibility, environmental protection and sustainability. On top of that, compliance is an essential instrument of so-called governance - that is, the way a company manages, regulates and controls itself. Negligence in compliance makes companies vulnerable to violations of the law or corruption, for example. Those who stand up for fair competition and want to protect corporate values must incorporate and control business ethics issues in their compliance structure.
Business ethics as an integral part of corporate compliance
Of course, business ethics is also about compliance with the law. Ensuring that legal requirements are not violated is, as is well known, the main purpose of compliance. But on top of that, the design of compliance management systems has a direct impact on corporate culture. But only if moral standards are not just talked about, but made an integral part of compliance processes. Participants in Security Island's e-learning course "Compliance and Business Ethics" will learn how to make values part of a company's compliance structure and what needs to be considered in the process.
Deepen knowledge of business ethics with an e-learning course
In addition, e-learning participants are presented with many examples on the topic of business ethics. For example, they learn how to improve ethics and compliance management in a company. This includes measures that can be implemented quickly, such as promoting managers who demonstrate morally correct behavior. But more comprehensive steps are also outlined, such as setting up an efficient whistleblowing system that enables irregularities to be reported anonymously.
Our courses are delivered in SCORM 1.2 format. You can thus integrate the e-learning into your existing Learning Management System (LMS) or make it available to all desired employees via our in-house Online Academy.
This depends on various factors:
- Number of employees to be trained
- Licensing period
- Degree of course customization desired (optional)
- Licensing of other e-learning courses from Security Island
We will be happy to support you in finding your suitable licensing model!
Every Security Island e-learning course can be adapted to your corporate design and your company processes. Due to our flexible production method, individualizations can also be realized at short notice.
The costs for the individualization depend on the effort of the adaptations. This can be determined in a free initial consultation.
All our e-learning courses are written by experienced specialist authors who are an integral part of Security Island's courses. For content-related queries and adaptations, they are available to our customers with advice and support.