It is important to work towards success, but the path taken to reach that success should also be an ethical one. In today’s world it is easy to be over powered by temptation to use short cuts to achieve your goals. However, one must remember that unethical business will soon loose its charm when the unacceptable practices come to light. Scandals can bring down huge business empires overnight, and hence must be avoided with utmost precaution.
1.Misleading information
Misrepresenting dangerous or injurious products as safe to increase their profits is one of the most common deceptions followed by businesses. From small to big companies, there are many instances where the customers are tricked by the marketing information about these products to increase their consumption. The legal liabilities for such fraud can be an expensive price to pay if sued by the affected customers. Exaggerating the sellable qualities and downplaying the inferiors features also fall under misleading information.
2.Unfair competition
This includes defamation of a competitor, misappropriation of their trade secrets, and trade mark infringement and anything that shares incorrect information about the competitor. Spreading false information about a brand is easier in today’s digital world. Creating fake accounts to derogate and defame some brands is considered unethical and can result in heavy penalty if discovered.
3. Ill-treating employees
Long working hours with very little pay has become the norm at many companies. This also includes companies where employees are over stressed physically and mentally or even harassed sexually.
Employing cheap labor from third world countries to cut cost is a prime example of employee exploitation. This is where they work under very poor or hazardous conditions and involve child labor to minimize costs.
4. False Accounts
Some companies go as far as manipulating their company accounts to their investors, lenders and end consumers. They do this by inflating their profits and decreasing their costs. As a result they portray that their company is doing well, when in reality it is the exact opposite. Thus inviting more investments in a failing company.
5. Bribery
Bride is one of the most common and overlooked aspect of unethical business. This can include money, valuable or any kind of favor in return. Bribing to get approvals from government authorities results in huge damage towards the public. This can also include smaller activities like buying email addresses to spamming consumers without their consent, to ignoring quality and safety guidelines for generating higher revenue, many businesses are indulging in some kind of unethical behavior.
It is important that the consumers do not believe everything that is shared by the companies to woo them, but instead evaluate and question what they are presented with to understand the difference between false and correct information.
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