What A Corporate Should Do

Profit is not the only motto of doing business though it may be necessary to run a company and provide employment.

- D.B.N. Murthy

A series of disclosures of irregularities, including fudging of accounts, has shattered the public’s confidence in companies. One wonders how many more skeletons in the cupboard will tumble out thus making people cynical about the organisations, which until recently they had held in high esteem. It is clear, once the image is sullied due to any wrongdoing, it would be a Herculean task to regain public confidence.

Ethics in business thus is assuming greater and greater importance, than the bottomline. The shareholders might excuse a company for making a loss once in a way but can never countenance any unethical practice, which will harm the image of that company.

Ethical products and services

Some companies take pride in the fact they bring out only ethical products or services which enhance the quality of life. On the other hand, the fly-by-night operators, interested in quick profits, would do anything to sell their wares unmindful of any consequences on the users.

They may make a tidy profit by selling to the gullible, pack up, and disappear from the scene. A product, which states that it would provide relief when taken by, say, an arthritis patient, should do so, without ifs and buts.

Ethical practices

Employees are assets if treated the right way. However, their loyalty to the company they are working for cannot be taken for granted just because the management is paying a fair wage and compensation. This is more so when the job market has opened up due to competition.