As a manager it is wise to study the subject of business ethics and how it applies to your company. One related issue is having integrity when it comes to conducting business transactions and activities. Conducting your business dealings with integrity will enhance your business's reputation while also help ensuring you steer clear of legal problems.
Business ethics is the study of what is morally right and wrong in the business environment. An individual who has a strong business ethic chooses the right thing to do in a business transaction according to his own moral compass and that of his company. The integrity or truthworthiness of an individual commonly reflects in his work and how he treats others, including his clients, co-workers and managers.
Importance of Integrity in Business
Having integrity in business can directly affect the bottom line of a business. Customers, the media, other partnering companies and the public in general consider the integrity of a business and its operators when deciding to associate themselves with the company. Also, maintaining integrity in business operations helps shield the company from potential legal issues.
Say a salesperson sells a product to a customer and then learns that the customer can benefit more from a less-expensive version of the product. A salesperson of integrity will inform the customer even though it means a smaller commission. The customer may recognize this gesture and show his appreciation for the integrity of the salesperson by spreading a positive word about the company to friends and family. The salesperson’s integrity could eventually bring more business to the firm, even though his act meant a smaller sale.
Integrity is something that is taught and ingrained in a person from birth, but it is possible to train a person on this subject for the benefit of the company. Companies commonly hold training sessions for employees on these matters. These sessions, sometimes called integrity training meetings, help ensure that workers understand company policies and commit themselves to high standards of integrity. It also helps to develop a code of integrity for distribution to workers.