Forbes Magazine published the article “Do Ethics really matter to today’s consumers,” written by Anna-Mieke Anderson in the years 2019. It contains essential insights related to corporate ethics responsibility and its significance for global consumers. In contemporary times, consumers are more interested in a key aspect, such as ethical practices adopted in an establishment. As opposed to paying more attention to profits, clients are interested in businesses that are more cautious about ethics. For instance, millennials are one of the social segments that are mainly driving the global business market into greater heights. An ethical and eco-friendly business can attract a majority of these millennials and develop long-term relationships with them to meet advanced business productivity and growth.
The growth and advancement of technology have allowed consumers to evaluate how ethical a business is to make viable purchase decisions. Firms should thus utilize technology to reach out to potential clients by informing them about steps they have undertaken to meet an element such as corporate ethical responsibility. Demonstrating ethical practices in the consumer market is an excellent move towards attracting and retaining clients. A majority of these consumers are willing to purchase from a company that they feel is socially responsible. Statistics show that 59% of individuals bought from firms they considered socially responsible (Anderson, 2019). In the same way, businesses that fail to meet ethical considerations lack the vital support of the consumers. For some industries such as social enterprises, profit maximization is a top priority. However, these businesses are also concerned about benefits to society and the environment. This means that they should not place the interests of the business first compared to that of the consumers. The support provided by the users generates advanced support, the sustainability of the business, and higher profitability. Thus, ethics should remain a top-agenda across all enterprises.
Ethics is an essential element in the organizational setting. Businesses should depict readiness and willingness to develop strategies that provide directives for ethical considerations. Obstacles in the corporate ethical responsibility plan are inevitable. Companies should develop proactive measures that can enable them to handle these challenges as opposed to neglecting to invest in ethical practices. The world needs individuals and leaders willing to take action. Ethics facilitates a unique position for leaders to create change around the globe. Thus, businesses must establish and implement essential approaches that enable them to be ethically responsible to their clients in the market. Consumers are demanding establishments to be more ethical ad eco-friendly. As such, businesses should meet their end of the bargain to develop long-term relationships with their users and well as attract potential clients.
Overview of corporate ethical responsibility
Corporate ethical responsibility relates to actions and behaviors that reduce harm and suffering for the consumers. Clients act as the foundation and backbone for global firms. Thus, these companies must adopt actions and behaviors that reduce or eliminates harm and suffering to the target market. Businesses should understand that their actions affect the world in one way or the other. Developing moral principles and standards that guide appropriate behavior in the corporate setting permits businesses to become ethically responsible. Overall, ethical responsibility entails maintaining and even improving the bottom line. There is a dire need for firms to set the bar high in regards to creating positive change and contribution in the community.
Anderson, A. (2019). Council Post: Do Ethics Really Matter To Today’s Consumers? Forbes. Retrieved 24 April 2020, from https://www.forbes.com/sites/theyec/2019/08/20/do-ethics-really-matter-to-todays-consumers/#59668eff2d0e.