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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