The subject of this paper is the role of business ethics in modern management. A series of consequences of economic growth, point out that special attention should be paid to the system of ethical values. Today, in the era of growing globalization and constant business insecurity and uncertainty, profitability, competitiveness and achievements of goals are imposed as the underlying conditions of survival and often lead to conflict with the moral issue. Since various forms of non- ethical behavior have become commonplace in business, it is necessary to find a balance between ethical decisions and decisions that will improve business. This has become a real challenge for a large number of today's managers who are guided primarily by profit making and, at the same time, „justified“ neglect the issue of ethics and morals. The underlying question is how to introduce the principle of ethics into modern business and make it a tool for long-term growth and profitability. While organizations are struggling to find the optimal solution, one thing is certain, the work of entire organization and every individual within it must be based on equal and common principles and attitudes. The only organizations that will succeed in establishing the necessary balance between ethics and profitability will be those that will achieve long-term success through growth and development.