Ethical practices by indian corporate sector

Ethical Practices by Indian Corporate Sector

IntroductionEthics means “The study of the general

nature of morals and of the specific moral choices to be made by a person; moral philosophy”.

Types of Ethical Practices

• Justice Practices• Integrity Practices• Confidentiality and Privacy Practices• Self-Control Practices

Importance of Ethics in Business

• Attract customers to the firm's products, thereby boosting sales and profits.

• Make employees want to stay with the business, reduce labor turnover and therefore increase productivity.

• Attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees.

• Attract investors and keep the company's share price high, thereby protecting the business from takeover.

Social and Economic Aspects of Corporate Ethics

• The need for defining the sphere of corporate accountability.• The need for moving beyond ethics

and social responsibility code adoption.• The need for accountability.

Code of Ethics for Indian Industry

• Inclusive Business• Accountable Business• Transparent Business Standards• Fair Competition• Equal opportunities employer• Health, Safety and Environment

India Lacks Business Ethics

• BREAKDOWN OF TRUST• CULTURAL FACTORS• THE WAY FORWARD

Ethics in Indian IT CompaniesWipro: - Wipro Limited is an Indian global

IT services and consulting company headquartered in Bangalore, India.

Tata Steel: - It is a great honor for Tata Steel to be recognized under such an important and prestigious parameter .

HDFC: - India’s largest mortgage lender, Housing Development Finance Corporation (HDFC), has been included by New York’s Ethisphere Institute in its list of the world’s most ethical companies.

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