Is your business ethical? This is the question that investors and shareholders ask before engaging with a business. It is one thing to know about business ethics and another to observe them. Every business has the responsibility of upholding ethics in their workplace. Incorporating ethical practices into the organizational strategy makes businesses derive benefits such as security of investors as well as attracting talented employees to work for the business.
Most enterprises are experiencing leakages for not implementing ethical practices. In calculating ethical practices in the workplace is of great benefit to business. Hence, training businesses on business ethics programs is key in maintaining a moral progression in turbulent times, cultivate strong teamwork and efficiency, promote a strong public image and manage values.
As a result, a study was undertaken by Myniusline.com between 20th May and 8th June 2021 on behalf of Twi’wane Investment to understand the extent to which gauge the knowledge of Ethics amongst small businesses in Kenya. The study data was collected from 35 businesses across Kenya from various industries. The report findings validate a popular trend amongst small businesses all over the country that these businesses have heard about business Ethics but have not made an effort to implement the practices.
There is no doubt that ethical business is good business. According to Business ethics and market share of tier one deposit taking saccos in Nairobi county survey (2019), “Ethics training should be done frequently to raise awareness around the code and also provide training on specific ethics challenges viewed as a risk to the business such as human rights and bribery and corruption.” There is need for regular ethics awareness sessions from time to time to address issues such as corruption and fraud. The report expounds in depth how businesses can operate ethically and at the same time make profits.
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