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Importance of Ethics in Business

Upholding ethical principles is an important practise in business as it is one of the greatest determinants of the type of decisions made in an organization. If the decisions made are based on the ethical principles prescribed, then they are socially acceptable due to subscription to the moral values dictated by society. As a result, all the stakeholders and shareholders get involved in decisions making because they will be in agreement with the morality on which the decision making process is conducted.

If a culture of upholding ethical values is adopted by all employees in the company, the company stands to gain financially. This will be achieved through having employees who are honest and hence will not steal from the company. In upholding their ethical values, they will do their best in their individual assignments and that will bring in more money for the business

Importance of hiring in Business

The hiring of employees is a process that takes place after a given period of time or when need for new employees arise. This is an important activity in any organization in that;

· Hiring new workers brings in the aspect of variety in the workforce. New people with new skills will come in therefore add to the knowledge hub already existing in the company.

· The hiring process helps fill up any unoccupied places in the workforce hierarchy. It replaces the workers that have left

· In the long run, the hiring process boosts the production since the new employees will take part in the production process.

Importance of Firing in Business

Firing is something that is not anticipated by employees since it is the mark of one losing their source of livelihood. However, to an organization, firing is necessary in that;

It helps get rid of lazy workers that derail production. There is no point of having employees that are not performing yet they get paid.

Firing also helps to cut down on the costs of business. This is mostly done when a company is in crisis and there is need to get money that will help in the recovery process. Firing some of the employees will give the company an extra source of money for recuperation. (Cressy, 2003).

In doing away with lazy workers, the company is able to pass on a warning message to the rest of the workers that if they fail in their work they can lose their jobs. To some this may seem brutal but it is necessary so as to keep employees on their toes.

Importance of Financial and Legal requirements

Financial and legal requirements in the implementation and management of a business are important things to keep in mind. This is because these are the underlining factors that will prove that an organization is subscribing to the expected standards and ethics in performance. For instance, all the balance sheets and legal requirement like receipts of administration should always be available for purposes of accountability. This will help an organization defend itself when legal issues arise (Farago, 2002).

References

Cressy, S. (2003). Business management for hairdressers and therapists. London:

Heinemann.

Farago, A. (2002). The patron saint of business management: a new management style from

a wise monk. Toronto Ont: Insomniac Press.