The corporate world has numerous unethical business practices in the journey and continues to witness the same. However, people are trying to eradicate them from the root but to no avail.
Let us understand a few unethical practices that have been prevailing in the industry for the longest.
Many companies give wrong information to their customers. They advertise about the product with fictional information and misled the consumers. These unethical business practices has led to consumers losing trust in the company and similar products.
Defamation of competitors by giving away false information to their customers and the public is a sign of unfair and unhealthy competition. Inappropriate use of secret information and trademark infringement of the competitor’s brand has become an attention-seeking problem.
Using a competitor’s name in a marketing strategy is not wrong but one should observe dignity in the process. In the digital era, it is very easy to defame a brand on social media using an anonymous social media handle/account.
The laws are working against such libel and slander, if caught red-handed they should be fined and also jailed for such unethical business practices.
Ill treating Employees
Giving employees due respect and pay has seen a decline in big as well as small working companies. Companies make their employees work for hours more than normal and also underpay them.
Many working spaces have a pressurized and stressful work environment. This makes it more difficult for the employees to work and deliver their best.
Employees are also subjected to mental stress and sexual abuse. Few companies make their employees work in hazardous conditions for continuous long hours. Ill treating the employees is a common problem worldwide.
Influencing business decisions is a common practice in the corporate world. The deal between vendors and marketers is marked with money or something of value for biased decision for a certain party. Bribery is taking place since ages and continues to do so.
The eradication of this process has been unsuccessful because many cases do not come out in the daylight. Companies or parties carry out certain processes without the consent, ignoring the guidelines, etc for generating higher revenue.
Manipulation of information and documents to favor one’s interest is an unethical practice. This happens in the business hierarchy. Each work gets checked at every stage and there is the possibility of manipulation form each one.
Without a doubt, a deception is an act which hides the truth and is done to meet the selfish interests of someone. There are many acts of deception in a working space. Many times senior officials or managers take the undue credit of a project that was built by a junior or someone else.
Damaging someone’s work because that might help him scale promotion is a wrong practice.
These are some of the many deliberate deception unethical business practices taking place in the corporate world.
Failure to Honor commitments
However, instances like employees are not paid for their overtime or an intern worked on an emergency project on a Sunday but later wasn’t given a day off. Whereas, such examples do not honor the commitments that were made.
The employee or intern would not want to continue with the firm post such happenings. Furthermore, other employees will also lose trust with their boss and slowly with the company.
Undoubtedly, employees do not show up for a presentation because they went partying the last night. This starts a process of distrust and will affect future opportunities or projects.
Using the company’s supplies and resources for personal use is unethically and the law does not approve of this. Moreover, petty acts like taking pens and notebooks from the office that do not belong to your work.
If the company overlooks such practices than all the employees will indulge in unlawful conduct and unethical business practices. This can incur decent losses to the company.
Lying about Skills / Experience
Candidates tend to lie about their skills and experience in their resume or the CV to get the job. Unquestionably, this happens when the candidates are desperate to pounce on the opportunity.
Without any doubt,this process leads to deceiving of the company.
However, the deserving candidates are swindled and do not get the chance to prove their worth.
The senior officials tend to use their power to suppress and mistreat the employees. Long working hours with stressful work cultures and no adequate payment for the work are a few examples. Abuse related to caste, creed, race, gender also prevail in working spaces.
There are legal actions to such abusive unethical business practices. Moreover, many cases are left unsolved due to fear and pressure of losing the job.
All the employees and officials should protect the confidential information of the company. Subsequently, people use this information to bribe their seniors or even let out to the competitors with something of value in return.
However, this backfires the company sales and business at large. Maintaining confidentiality in the company is very important to secure the business and your job position.
Great! You have reached the end of this article. Now you are aware of the unethical practices in the corporate world. In future, let’s hope these practices do not continue and come to an end. Let the corporate be fair environment to work in. I hope you make the best of the information