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A business code of ethics outlines a company’s ethical principles that govern all employee decisions and behavior. They provide employees with guidelines for their actions and how to manage conflicts of interest, safety, and harassment.
The Professional Code of Ethics policy provides guidelines on business ethics and addresses controversial matters. It offers a framework for behavior in business contexts, emphasizing judgment, integrity, respect, lawfulness, competence, and teamwork, while also outlining consequences for violations.
This article explores why a code of ethics is important, where to start, examples of what a code of ethics should contain, what the difference is between a code of ethics and a code of conduct, and what things you should consider.
A code of ethics encourages ethical conduct, business honesty, integrity, and best practices. Read about the different types of codes of ethics with examples of each.
The purpose of a code of ethics is to have “a comprehensive and formal way of telling employees and stakeholders what their expectations are around how people will behave in the workplace,” Pat Harned, CEO at Ethics & Compliance Initiative (ECI), told Built In.
A code of ethics is important because it helps employees or organization members make decisions that are in line with company values in the absence of a clear rule or direct supervision. A code of ethics can improve decision-making at a business, and make it easier for employees to be autonomous.
Yet many organizations limit ethics training to the onboarding process. If they do address it thereafter, it may be only by establishing codes of conduct or whistleblower hotlines.
A code of ethics can help a business determine its priorities and values. It can also help you down the line if one of your employees or vendors drags you into legal trouble.
A professional code of ethics can help employees work honestly and with integrity, which can help create a healthier work environment. In this article, learn about a professional code of ethics and explore examples with actionable steps to help you create your own. Related: The Ultimate Guide to Professionalism
A business code of ethics, usually based on the core values of the business, outlines the company mission statement, how professionals should approach dilemmas and the standards to which they hold their employees. An individual’s code of ethics can include their beliefs, values and background.