It is a common fallacy that personal ethics and business values are entirely separate things, that a person can maintain healthy, positive relationships with family and friends while pursuing selfish, cutthroat policies in business. On the contrary–personal ethics and business values must be in harmony with each other to preserve a free and open market, a strong economy and even personal mental health.
Integrity
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The common denominator in both personal ethics and business values is integrity. Whether it’s dealing with a major client at work, or spouse or child at home, the foundation of any relationship is the stability afforded by a commitment to the truth. Transactions–be they of goods, services or personal promises–depend on honesty to succeed.
Public Duty
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At its root, business is ultimately a means of providing goods or services to society. A person is entitled to generate profit for this activity, but it must be understood as a form of public duty. Personal ethics require that businesspeople live up to that public trust through behaviors like maintaining truth in advertising and fair pricing for goods and services.
Conflict of Interest
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Perhaps the most difficult challenge for personal ethics and business values occurs in the conflict of interest scenario–when a business decision might not be best for shareholders, employees or consumers, but would stand to benefit the individual making the decision. A strong ethical framework is one of the best ways to guarantee that the decision made will be the right one.
Whistleblowing
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In business it sometimes happens that one learns of unethical behavior on the part of others–sometimes harmful to the company, and sometimes harmful to the public at large. Calling attention to this breach of ethics is known as “whistleblowing.” Informing supervisors–or the public–of unethical behavior sometimes puts a person’s career at risk, but it may be morally or legally required nonetheless.
Work-Life Balance
- It is difficult to separate your personal life from your career to maintain a healthy work-life balance. Dealing with ethical challenges at work can contribute to stress at home. A strong foundation of personal ethics can help a person navigate these difficulties.