what are the ethical responsilities of a firm to its employees and customers.

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Psychology

what are the ethical responsilities of a firm to its employeesand customers.

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An organization does not operate in a vacuum To be successful any business needs to appeal to a variety of different stakeholders Stakeholders are generally defined as groups of people who have a relationship with the business Examples of a small businesss stakeholders include its employees vendors customers owners and the residents of the community in which it operates The basis of each relationship varies and can range from statutes and contracts to informal understandings Each group requires the business to meet a certain set of ethical standards Failure to meet these ethical standards can lead to anything from decline in sales to legal penalties Definition of a Stakeholder The term stakeholder encompasses a vast array of groups that have an interest in the organization An See Answer

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