why you think, taking the time to formulate business ethical standards and code of conduct is important or is NOT important for the organisation
It is important for organisations to take the time to formulate business ethical standards and a code of conduct for several reasons.
Firstly, having clear ethical standards and guidelines helps to establish a positive and respectful work culture within the organization. Employees are more likely to feel valued and respected when they know what is expected of them in terms of ethical behavior and conduct.
Secondly, having a code of conduct helps to protect the reputation of the organization. If employees act unethically or engage in misconduct, it can damage the organization's reputation and credibility. By setting clear ethical standards and consequences for misconduct, the organization can protect itself from negative publicity and potential legal issues.
Additionally, having a code of conduct can help to prevent conflicts of interest and ensure fair treatment of all employees. By outlining expectations for behavior and decision-making, organizations can create a level playing field for all employees and prevent any bias or favoritism from impacting work relationships.
Overall, taking the time to formulate business ethical standards and a code of conduct is important for organizations to promote a positive work culture, protect their reputation, and ensure fair treatment of all employees.