Business & Ethics don’t go hand in hand, A myth or a fact?

Ethics is knowing the basic difference between what is right to do and what we have a right to do. In today’s time of competition, immense pressure it becomes difficult to maintain the balance between Business and Ethics. Ethics are driven by social, cultural and religious values whereas Businesses are more inclined towards logic and practicality of the world, none of them are wrong but they are different from each other. Ethics teaches an individual to be selfless, virtuous but it also true that ethics differs for every individual and these differences leads to clash of opinions, individuality. On the other hand Business being logic and practical driven gives a sense of satisfaction to after completion of any task or achieving goals but it is known to be unethical as they sugar coat their brands and earn money.

Why it is said “Business and ethics do go hand in hand?”

Mostly because businesses have strategies which are termed not right in terms of ethics but they have a right to do so for example Sugar coating the features of the products, unrealistic advertisements to influence consumer’s buying decision. It is not only the marketing aspects but also the costing aspect such as the difference between cost price and selling price usually has a huge difference for profit margins but it affects the income of the supplier who supplies raw materials and the end use which are us. Both are exploited, Suppliers usually get low price for their material and end users have to pay more than they could have while these businesses enjoy vast profits.

Is it true that business and ethics can’t go hand in hand?

They Can! I believe that business and ethic can work together not totally but to a great extent and it is the need of the hour for businesses to be more ethical than profit oriented to make the world a better place for their consumers, their suppliers and others to sustain their business for longer periods. This has to be done not only for sustaining the business but contributing to business’ brand value, goodwill as well.

“Success is of no use if you don’t have anyone to enjoy with.”

Being Unethical could take you closer to success in initial stages but Ethics would help you to stay successful with your people around you to enjoy that success.

Deepesh .S. Jain

PGDM 2020-2022
Vivekanand Business School