Significance of Ethics in Communication Process

Significance of Ethics in Communication Process

Introduction

Reliance industries Limited (RIL), an Indian conglomerate holding company located in Mumbai, Maharashtra, functions in five major areas exploration and production, refining and marketing, petrochemicals, retail and telecommunications. In 1960s, the firm was set up as Reliance Commercial Corporation by Rakesh Ranjan and his cousin Champaklal Damani; in the year 1965, with the culmination of the partnership, Mr Dhirubhai Ambani took over its polyester business. Reliance Textiles Industries Ltd received its new name Reliance Industries Ltd in the year 1985. The company extended its installed capacity to make polyester yarn by over 145,000 tonnes per annum. In the year 1993, RIL turned to the overseas capital markets for funds through a global depositary issue of Reliance Petroleum. In 1996, it became the first private sector company in the country to be rated by international credit rating agencies. The year 2001 witnessed RIL and Reliance Petroleum Ltd. as the country’s two largest companies in all major financial aspects. At present, Reliance stands next to Indian Oil Corporation in terms of market capitalisation and revenue.

One of the precursors of comprehensive growth, Reliance believes in the philosophy of growth as a universal concept that touches all aspects of life. The vision aspires to create value for the nation, augment the quality of life across the entire socioeconomic spectrum, and make India as a global leader, as is evident in its core values of Excellence, Customer Value, Respect, Integrity, One Team, and Ownership Mindset.

Reliance’s business conduct relies on honesty, integrity, respect, trust, purposefulness, fairness, citizenship, care and responsibility. The company strongly believes in the pursuance of those goals that are in the interest of the country. For “what is good for India is good for Reliance”. Reliance is completely dedicated to :

• Ethically treat all its stakeholders-customers, employees, lenders, shareholders, and other investors, suppliers, environment, and the Government;
• Deal in accordance with the highest standards of ethics, complying with all applicable laws, rules and regulations.

Ethical conduct at Reliance focuses on honesty, integrity and fairness in all aspects of its business and expects the same in its relationship with every business associate. Employees at Reliance are committed to be truthful and ingenuous in their actions. The company treats everyone with respect and dignity. It values the skills, strength and perspectives of its diverse workforce and business associates. The company has firm faith in the fact that every single employee makes a meaningful contribution to the growth of the company. RIL continually lays stress on teamwork with transparent, open, and prompt communication. The decision making process of reliance entails compassion, sharing, kindness and care. This intensely drives its employees towards maintaining these ideals in their routine life.

All the core values that the company strictly adheres to are followed by all associated with the company in some form or the other. For RIL, means carry equal weightage as the ends. The company regularly evaluates the best practices of corporate governance and ascertains that they reflect global developments. According to the firm, feedback is mandatory, in its periodic assessments of the guidelines to ensure their continuing efficiency, sensitivity and relevance to the demands of national and international investors and stakeholders alike.

RIL tries to uphold the secrecy of unpublished price sensitive information and avert the mishandling of such information. The company is open and just in its dealings and strictly adheres to all the policies and norms. Each employee of the company has a bounden duty to maintain the privacy of all such information. No employee can use his power or knowledge to derive personal benefits.

Relevance of Ethical Communication in business

Companies actively involved in this segment should ascertain that the information conveyed though them is transparent, honest and easily comprehensible so that the customer is able to select the right mobile phone and tariff as per his mood and taste. The accomplishment of any firm relies chiefly on its concern about efficient communication of messages to both clients and stakeholders.

The rate of market change is increasing at a fast pace in technologically advanced industries, resulting in the quick development and introduction of new products and services. In this scenario, relevant information is demanded by clients and stakeholders alike. Therefore, responsible businesses strive to focus on efficient communication of the messages. They design some doctrines which in turn explain their decision- making ability.

The major focus of Reliance on open and tran