Question

Explain the importance of Business Ethics in the modern Bahamian workplace and its relative impact on the profitability, performance, and reputation of a business.

Answer 1

Ethics and Corporate Social responsibility are becoming the key concepts and policies that needs to be followed by any Business these Days. Profitability and Ethics are independent of each other yet very critical and key for the success of any business or industry.

A company that is ethical and serves the community is likely to gain the trust from its consumers that would eventually lead to t being more profitable as compared to its peers that do not contribute to the community at all. Many corporate firms these days ensure to make it mandatory for its employees as well to contribute towards community.

A company being ethical also gives in confidence to the regulators and this would mean that the company is not corrupt since ethics are a core part of their existence.