Difference Between Business Ethics and Personal Ethics

Main Difference – Business Ethics vs Personal Ethics

Before discussing the difference between business ethics and personal ethics, let’s briefly look at what ethics are. Ethics are the moral principles that govern a person’s behavior or the conducting of activity. This article looks at ethics under two different categorizations: business ethics and personal ethics. The main difference between business ethics and personal ethics is that business ethics are the code of conduct imposed on an employee or a member of a certain profession whereas personal ethics are the code of ethics that govern an individual’s whole life.

What are Personal Ethics

Ethics are set of moral principles that influence our decisions. All of us have a moral and ethical code, and we follow this code – knowingly or unknowingly – when we make decisions. Personal ethics are instilled in us from childhood itself. They are influenced by the beliefs and views of our family, religion, friends and other who have a major impact in our life. Honesty, integrity, sense of responsibility, trustworthiness are some common examples of ethics. These personal ethics we learn from the childhood are reflected in our behavior. It is not incorrect to say that our behavior, the decisions we make, etc. are governed by personal ethics.

Ethics are not written laws although they determine the difference between the right and wrong. Therefore, it is personal values that help a person respect and uphold ethics.

What are Business Ethics

Business ethics, also known as professional ethics, involve applying a moral framework to the way organizations do business. Business ethics are often codified into a set of rules or formal system; then they are openly adopted by people in that profession. Some examples of work ethics include time management, punctuality, transparency, and confidentiality. Disclosing confidential information, misleading the client/patient, violating intellectual property rights, bribery, insider trading and biased hiring practices are some examples of breach of ethics. The employees of an organized have no choice to follow the ethics of that particular organization. Sometimes, an individual personal ethics may conflict with business ethics. For example, you might have to lie to your client a white lie, but lying might be a breach of your personal ethics.