What are the Consequences of Ignoring Ethical Standards?
Ignoring ethical standards can have severe consequences, including:
- Legal Penalties: Fines, sanctions, and legal battles that can drain resources. - Reputation Damage: Loss of trust and credibility, leading to a decline in customer loyalty and sales. - Employee Morale: Unethical practices can lead to low employee morale, high turnover rates, and difficulty in attracting top talent. - Financial Losses: Ethical breaches can result in financial losses from lawsuits, fines, and loss of business.