One’s conscience- the tiny voice in our head- is like the judiciary segment of your mind that determines whether an action is right or wrong; it is however not bound by laws but by your own moral compass or ethics. Best Business Schools in India incorporating ethics into MBA students those are future managers and entrepreneurs thus appeals to our humane side as well as bring great PR to the individuals or firms.
Each year Gallup- an American consulting firm- conducts a survey to rate the honesty and ethics of a variety of professionals based on public opinion. In 2019, Nursing was ranked the most ethical profession for the 4th time in a row, followed by pharmacists, physicians, and high school teachers. Journalists, bankers, and building contractors occupied the middle, and, as have been the case for many years, business executives were close to the bottom.
The best jokes have their cornerstone in truths: and examples are plentiful when one searches for “Business Ethics Jokes” on the internet. They stem from and derive humour from a nasty truth- too often business leaders and the companies they represent take the low road in the name of profits.
In 2015 Volkswagen was wound up in controversy when it openly admitted to creating technology that would allow its cars to evade emission tests and thus avoid legal consequences. This brings a huge amount of health and monetary risks to its consumers and violates basic business ethics, decency and trust in the company. A key assumption of economics is seen in this context- that companies have the primary aim of maximising profits. But business in more ways than one should be beyond the rigid rules of economics and have the ethical responsibility of being transparent, maintaining client confidentiality and fair treatment of its employees. Any revenue gained from violation of these standards is no longer moral earning, but deceit and stealing from the ones who put their trust in the company.
Companies that take ethics seriously aren’t merely doing the right thing, but also the profitable thing in the short as well as the long term, and are highly correlated. One look at Tata Inc.’s website displays where their priorities lie, and it is this hidden factor that propelled it into great heights in the Indian perspective.
When management is able to lead an organisation in an ethical manner, the employees follow in those footsteps. They are able to make better decisions in constrained time limits with business ethics as their guiding principle; increasing their productivity, overall morale and belief in their work. Thus, when employees are able to work in an environment of honesty and ethics, the whole organisation benefits. Regardless of the industry, size or profit levels, business ethics are one of the key aspects of long term success.
Business ethics should be cultivated in the grass-root level to fully nurture them, and hence many NBA accredited colleges are making a commendable effort to create an awareness of business ethics which enables them to distinguish as the best business schools in India.
“When you value the truth above money, sometimes you win, sometimes you lose, but either way, you get the pride that comes only from running your business with integrity.”
-Terry Brock