After the pandemic, 37% of employees report improvement in ethical standards in their respective companies, while only 8% claim that the situation got worse. This means the  pandemic has certainly pushed ethical issues in businesses to the forefront.  Be it workplace cultures or manufacturing processes, people have started to acknowledge and improve ethical issues in every single aspect of the business world. And adopting ethical practices has proven to boost profits for several businesses.   In this post, we’ll share the most prominent and promising ethical trends in different business industries. But before we get to it, let’s familiarise ourselves with the concept of ethical trends in business.

What Are Ethical Trends In Business?

Business ethics refer to the right and wrong practices of a business. For example, if a business uses plastic bags despite knowing how bad they are for the environment, it is unethical in its business activity. Similarly, lying to customers about the ingredients used in a product is an unethical practice.   Ethics are important because they define the social and moral standing of your business. Thus, they impact your relationship with your customers and investors. If you’re considerate of others when executing business activity, more people will be inclined towards working with you.   With that said, an ethical trend refers to an ethical practice being adopted by many businesses at once. For example, a lot of digital and physical businesses today are actively working to reduce their carbon footprint.   Let’s take a look at some of the most popular current ethical trends in business. 

Current Ethical Trends In Business

Currently, the highest percentage of purchasing power in the market lies in the hands of Gen Z. Fortunately, this self-reliant generation cares a lot about the environment and promotes ethical products and services. Their efforts have pushed businesses to take the following measures:

Reduce Carbon Footprint

Carbon footprint refers to the number of greenhouse gases (particularly carbon dioxide) released into the environment as a result of business activity. For example, electricity generated from non-renewable sources is responsible for 32 percent of the total CO2 emissions in the USA.    This is why many businesses today are not only looking for ways to reduce their electricity usage, but are also advocating for green electricity made from renewable sources. 

Manufacture Sustainable Products

Sustainable products are environment-friendly. They are manufactured and consumed in ways that do not harm the environment. Bamboo picnicware, removable wallpapers, and biodegradable cutlery are excellent examples of sustainable products.   As of 2022, sustainability is no longer a choice for businesses. Any business that is ignorant of sustainable products does not only damage the environment but also loses customers.    In fact, according to recent findings, three out of four millennials are willing to pay an additional 10% to 25% for a sustainable product.

Call Out Greenwashing

Greenwashing is a deceptive marketing technique. Using this, companies convince their audience that their practices, products, or services are environment-friendly when they are not.   In recent times, governments have taken strict measures against such businesses. For example, Amsterdam has banned all ads promoting products that use fossil fuels (such as cheap flights, SUVs, etc.)   Lots of businesses are now correcting themselves by incorporating genuinely green policies or being transparent with their audience. Otherwise, it may damage their reputation and business.

Examples Of Ethical Trends In Business 

Here are 2 great examples of the above-mentioned ethical trends in action.

Jewellery Business

Jewelry businesses have had a bad reputation for child labor and environmental damage. In Tanzania, kids as young as five have been mining gold and handling mercury with bare hands. Similarly, mining gems has transformed green rainforests into wastelands.   Such activities and their impact shook a lot of jewellery enthusiasts and buyers on a moral level. And we have witnessed massive positive developments in this regard.    The global trend for sustainable jewellery has surged each year, rising from 166 searches per month in 2018 to 2,548 in 2022, a 1,434% increase.    More and more customers today are willing to buy jewelry that is not a product of child labor and environmental damage. And they’re willing to pay a bit extra for that.

Food Business

The most prominent ethical trend in the food business is veganism. About 82 percent of vegan products were registered in 2021 alone.    Another prominent trend in the food business is sustainable products. For example, Starbucks dropped the use of plastic straws and began using lids made from recycled plastic. 

End Note

In this post, we’ve discussed only the most prominent ethical trends in business. There are several more. If you wish to make your business more ethical or keep up with ethical practices in business, we encourage you to actively follow the UN’s Sustainable Development Goals reports. Here’s the most recent report.