by C.V.Rajan

Created on: December 18, 2008   Last Updated: November 09, 2009

The relationship between business and ethics can be compared to marriage and morality. A good marital relationship has several essential moral ingredients: commitment of loyalty to each other by the partners, none of the spouse ever having any extra marital affairs, commitment to healthy upbringing of the children, taking care of parents and elders in the family, earning decent money by unquestionable means for running the family, maintaining a responsible relationship with the society and contributing albeit in a small way for its welfare.

Almost in similar lines, business and ethics have their connection. Any family running within the framework of above moral guidelines gets respect from the society. Likewise, a business run within ethical framework gets respect amidst its stakeholders.

Let us analyze the equivalents of some of the moral aspects of a marital bond that we listed above as applicable to business ethics and grasp their purport more.

== Commitment to Loyalty ==

Particularly if a business is run or partnership, the loyalty of business partners to each other is extremely important. It covers mutual trust and respect too.

In a public corporation, the commitment of the management to the shareholders, or the commitment of the business promoters to the rest of the share holders is very important. Within the organization, the commitment and trust of higher management towards the employees and the employee's loyalty and sincerity towards the management are to be well established through good communication and well articulated and understood codes of ethics.

== Absence of Unethical Extraneous Relationships ==

If top level executives at the helm of affairs in a business organization have underhand dealings and indulge in corrupt practices to siphon off the company's money and resources to fulfill their selfish needs, or to unduly favor their near and dear ones, the very ethical framework of the organization will get a jolt. Such practices can greatly mar the image and trustworthiness of the organization in the eyes of its stakeholders.

== Healthy Concern for Employee Welfare ==

Does the organization consider and treat its employees as human assets and not like commodities? Do the employees at different levels in the organization feel that they are treated like respectable individuals and not as herds of slaves? Just in case the business faces some acute hardship (like a recession) and employees are to be retrenched in large numbers, how decently and courteously

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