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Executive Summary Of Business Ethics And Teleology Business Essay
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INTRODUCTION
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ETHICS AND BUSINESS ETHICS DEFINED
The concept of theoretical approaches to business ethics, teleology (consequentialist theories), utilitarianism, deontological theory, the concept relative and absolute ethics, relative ethics/relativism, arguments against and for relativism, absolute ethics/absolutism, arguments for and against absolutism, ethical issues that can affect the operational activities of today’s business, environmental issues, employment issues.
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Essay Service Examples Business Business Ethics
Understanding the Importance of Business Ethics
- Topics: Business Ethics
- Words: 2536
- This essay sample was donated by a student to help the academic community. Papers provided by EduBirdie writers usually outdo students' samples.
1. Introduction
What are we aware of the ethics of business? Have we ever experienced a difficult ethical issue in which we have to determine what is correct or what is totally off base may be? In modern society and corporate world, business ethics is now a central issue. If we search for the word ethics, we will constantly find five related words: ethics, virtues, morals, values and principles. These words seem interchangeable to the casual observer; indeed, to develop good ethics, each term builds on another. Any business ‘ core goal is to maximize its profit and value. The more revenue a company makes the longer the life of the business would be, and when a business makes earnings in an unethical manner, the life of the business can be shortened. In order to achieve strong ethical morals, both business organizations and individuals should adhere to solid morals. Business needs to balance the ambitions of increasing profits with needs of society. Many corporations have ended in failure because of their terrible business ethics ‘ financial and legal ramifications. Maintaining a healthy balance that often requires compromising profits for society’s needs and demand is essential for businesses.
2. Understanding the Importance of Ethics
Good ethical quality and moral rectitude are essential attributes to show for citizens as does for anybody without any yearning for the government and law enforcement. Naturally we realize that being good and acting upright is a nice thing to do, but then again through considering the objectives behind ethical and moral quality, we must support and encourage such activity. One of the motivations to be good and necessary is to pay little attention to work. Among the reasons to be moral and integral, regardless of occupation are to:
- BUSINESS SUCCESS, if we are hired in a profession where we would have to depend on others, our ethical behavior will determine the level of loyalty we accrue from everyone else. Organizations with a verified bad history are usually seen with alert and are not likely to attract new customers by listening to the conversations of others and will probably not flourish in this way. This is particularly the situation in which internet-based life promptly makes audits available to clients
- REDUCING STRESS, once we settle on cynical actions we might feel insecure and worried about our basic leadership. Significantly stepping on the right choice or taking a principled view of an issue lessens the pressure.
- SECURING A SUBSTENTIAL BUSINESS, businesses sometimes take a gander in the past actions of an individual as an indicator of future actions. In a significant activity someone who has a background marked by unethical behavior will experience problems verifying work as that individual may not be trusted.
- ABSOLUTE EQUALITY, equality is the foundation for most governments of the modern democracy where equivalent privileges are managed by all individuals. This would be absolutely nonsensical without all of the moral efficiency of most people.
- MAKING SOCIETY A BETTER PLACE, by helping to improve society we are remunerated by improving our own lives as well as the lives of our families and our businesses. Society would be a hopeless spot without good leadership and ethics.
We strengthen our live as well as the lives of people surrounding by being ethical. it is notably absolutely essential to pursue an ethical life even if we are pretty young as it is useful to practice and exercise these ideas before gradually dealing with serious issues and problems.
3. Literature Review
Even more than before the demand for a worldwide ethic is increasing. We live in a society that is largely connected leading to more possibilities for communication and confrontation. Investment-centered disparities are the main reason of many nation-to-nation disputes and answers to environmental and economic difficulties almost always involve international cooperation.
3.1 Definition and Theories
Ethics is an aspect of justification that manages the requirements of deep reliability and the well characterized gauges of right and wrong that endorse human character and direct as far as commitments rights rules social advantage decency etc. Ethics involves a discipline that examines good or bad practices within the context of a moral duty. Business ethics include practices and behaviors that are good or bad
3.2 Discussion and Analysis Ethical Challenges Faced by Organizations
It is important to make a distinction between greed and self-interest. The two terms are not synonyms and there is a world of difference between them. Greed may work in the short run, but is very destructive in the long run as the following indicates, bold
Business ethics history is an ongoing story of the employee-employer relationship from the labor conditions of the factory to 20th century’s diversity training focused workplace. As shown in the 2013 National Business Ethics Survey, supervisors are to blame for the work environment offending the dominant part of the time , which is almost 60 percent ,ranking senior managers are almost certain of defying the guidelines than those at a lower level.
BAD LEADERSHIP, It is not the staffs that show immoral behavior in some situations, but the organization’s proprietor or leader. Establishing principles for staffs while not tailing them is a case of a moral issue in the workplace. In order to keep employees motivated and happy with their working environment, a true employer should try to do what he says others should do and maintain their own moral behavior.
Technology and Privacy Concern, The current security technologies for advancement can imply that businesses can use innovation, such as texts, emails and site history, without too much of a stretch monitor for their specialists. In any case, an entrepreneur might well continue to run into the moral issue of how much security an organization staff can anticipate on an organization gadget, regardless of the source of whether it is a PC, tablet or telephone. Similarly Internet-based usage, employees should have a distinctive understanding of how much they have, assuming any, and security when using a claimed gadget organization. If the organization initiative intends to peruse email or if its web use will be followed, they should be cautioned.
Perils of Employee Favoritism, while it is not preposterous for an organization’s owner to have representatives that they appreciate working with more than others, moral issues will arise if the individual in an organization place shows a worker with no moral legitimacy behind it to be generally opposed. Giving employees up to playing personal favorites can cause major problems and organizations might end up losing important employees.
Cooking the books (Accounting), conducting unethical accounting practices is a serious problem, especially in publicly traded companies. One of the worst infamous brands was the embarrassment of 2001 that wrapped American vitality organization Enron, which for a long time mistakenly announced its fiscal reports and its inspector, bookkeeping firm Arthur Andersen, approved the announcements despite being inaccurate. When reality devised, the two organizations left business, Enron’s investors lost $25 billion, and despite the fact that the previous ‘Enormous Five’ bookkeeping firm had a bit of its staffs working with Enron, the company’s conclusion resulted in a loss of some 85,000 positions.
Health and Safety, ILO (The International Labor Organization) claims that more than 2 3 million people die worldwide each year from employment-related accidents or sicknesses. That makes 6300 deaths every day. The top 10 most frequently cited violations of 2015 are, according to the Occupational Safety & Health Administration,
- Communication of hazards, for example, categorization of harmful chemicals
- Lockout / Tag out, for example, trying to manage unsafe energy like oil and natural gas.
- Powered industrial vehicles, such as fire truck safety regulations.
- Ladders, e.g. standards for how much weight a ladder can sustain.
- Electrical, cabling techniques, i.e. electromagnetic interference reduction methods.
- Machine guarding; for example, to clarify those chainsaw blades, saws, power presses and other equipment require monitoring point of procedure.
- Fall Protection, for example, unsecured sides and edges and leading corners.
- Respiratory safety, such as safety procedures and standards for respiratory / filter facilities.
- Electrical, particular requirements; i.e. do not place drivers or equipment in humid as well as humid places.
- Scaffolding e.g. required strength and the maximum amount of weights.
Though, physical hardship is not the main security problem to be considered about. An ILO report specialized on the negative impact of ‘psychological health consequences’ on the well-being of workers in 2016. These potential risks, these include components such as occupational weakness, popularity levels, gender imbalance in compensation and poor self-sufficiency, are influenced by social safety risks connected to well-being, including an inactive one.
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3.3 Improving Personal and Organizational Effectiveness (Contribution of ethical measures)
If we want to run a sustainable business, then it is absolutely necessary to have a set of high ethics. Even though each man and his puppy seem to own a few Nike these days, the Nike image was interchangeable with sweatshops and misleading manufacturing in the relatively recent past. But does this brand value the care of individuals, society and animals today? In 1991, a famous activist named Jeff Ballinger distributed a report listing small pay rates and unsafe working conditions at Indonesian manufacturing facilities of Nike. The brand became the subject of a strong and backed up battle between United Students and Factories. Nike was at first moderate to react – yet under expanding weight it in the end rolled out certain improvements by improving its checking endeavors, rising the base period of laborers, and expanding industrial facility reviews. Since then, the brand has earned far and wide acclaim for its efforts. Just last year, Business of Fashion reported that Nike has extensively turned its damaged reputation into a ‘recognized leader in sustainability,’ with Morgan Stanley ranking Nike ‘the most environmentally and socially sustainable apparel and Footwear Company in North America, including its labor record.’
Good ethics might be critical to establish, but if bad ethical decisions are taken, severe consequences will arise. Whether we honestly think that good business ethics leads to profits or not, poor ethics will have a significant effect on in our own ultimate outcome. Misinformation, misguide and bad decisions without standards that can lead to economic loss or accident to other individuals or business. Several criminal cases are brought up since people require reimbursement for their casualties as a result of unethical decisions being made by business people.
3.4 Ethical Business Practice
Business ethics are the standards of behavior for making business determinations identifying what’s good or bad and drawing up frameworks that a business must engage in. Since acquiring faith and confidence from its customers is very essential for an organization, business ethics plays a significant role in establishing values for its clients. Here are some examples of business ethics:
Examples of Business Ethics:
Enforcing Policies: Ethical values may not always be enhanced and laws and regulations will naturally be compromised. It is essential that inappropriate actions is not accepted and there are has to be legal ramifications for it. Pushing liable employees should prevent any unwelcome practices from being reinforced and tuck them before they get out of grasp.
CSR: Corporate Social Responsibility focuses through the very concept as industry uses the society’s capital; it requires restoring some benefit to society. Businesses can do that by investing in education, developing transportation infrastructure, contributing money to civilized charitable organizations, and so on. Thus an organization creates a better relationship outside the business with the society.
Developing ethical standards: An essential task is to simplify standards and clarify what behaviors in the organization are and isn’t appropriate. Build a code of ethics that describes good business behavior and must make all employees conscious of everything.
Appreciating Positive Attitude: the search for great practices is extremely valuable to laud officials. Compensation for the staff portion could be straightforward affirmation. This should be a positive motivating force that can be a long term business advantage.
Set examples: it is significant that pioneers demonstration ethically and fill in as models for the remainder of the representatives. Whenever pioneers and directors try to do they say others should do and maintain an exclusive expectation of morals it will normally acclimatize into the way of life of the association.
3.5 Ethical Business example
It is quite simple to paint the corporate world in a negative light between the relentless challenge and the flawed movements made to expand net income. Nevertheless there are many organizations out there that hold on to a higher standard and show consideration for their general environment. This rundown praises organizations with excellent good practices from having the best representative advantages to advocating instruction and earth.
Cadbury: Cadbury’s ethical standard is not something new. John Cadbury founded the company in 1824. He was a Good Samaritan who decided to sell cocoa and tea to extricate people from alcohol the organization moved to Bonneville in 1879 a country site next to Birmingham to be in a more advantageous cleaner area. The organization paid high wages set up great working conditions spearheaded annuity plans and a well-being administration for it employees. the organization stays at the bleeding edge of corporate and social responsibility even after two centuries later.
TATA: Tata is one of the largest Indian corporations established in Mumbai. In 1868 the company was founded by Jamsetji Tata, in the wake of obtaining a few worldwide organizations, the organization increased global acknowledgment. Tata Steel has been perceived as a standout among the most ethical organizations in the world. It’s often recognized because of its commercial action transparency. It offers its workers with so many welfare benefits. The company’s CSR practices are quite well acknowledged.
H&M: H&M one of the biggest apparel manufacturers in the world is extremely devoted to its clarity in the manufacturing process. Once every three months they distribute and update a rundown of 98.5% of the names and addresses of their providers on their website. This guarantees they can be considered freely responsible for their providers ‘ conduct, and that anybody can confirm that their providers satisfy the organization’s guidelines. Other than sharing data on the inventory network, H&M additionally has a dependable sourcing target of utilizing just 100% recycled or supportable materials by 2030. This will allow H&M to become true a pioneer, an innovator in apparel retail ethics.
4. Conclusion
After quite a brief discussion on the need and difficulties of ethics in businesses, the vast majority are familiar with hearing or seeing the moral benefits of profound corporate quality. Since we comprehend the business morals thought solid moral ethical quality is essential to work out. To show others how it’s done to instruct by guide to be a good example these are on the whole conceivable results in the event that we practice moral conduct and act dependably and take moral choices for our business. Ethics begins at the highest level that implies that anyone in charge should work and live ethically to give more people who work for them a prime example. It is important to develop ethical behavior throughout the corporate world to build confidence and to provide a sincere products or services.
5. Recommendations
People neglect business ethics and corporate social responsibility in order to make money, and ultimately lead to the serious consequences. Thus, connecting utmost importance to ethical social responsibility is of great significance for the business, but since when paying attention to making money in any way. While dissecting moral arrangements it is important to consider the expenses and advantages related with working together morally however it is vital to take a gander at long term impacts versus short term costs.
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This chapter introduced the broad idea of ethics in relation to corporate and learning organizations. Its goal was to provide a general understanding of ethics and how it relates to the everyday procedures found within companies.
A review of this chapter’s major conclusions, include:
- Ethics is a code of moral principles that set the standards of right and wrong. Normative ethics is the basis of morality and how one ought and should act. There are four ethical concepts relevant in learning organizations: justice, utilitarianism, deontology and human rights.
- Business ethics are how we ought to conduct business fairly using real-world situations. Ethical leadership is organizing morals in relation to organizational alignment.
- Corporate Social Responsibility (CSR) is a self-regulatory measure which guides organizations to make initiatives to help people and the environment by using compliance along with conviction. Newer demographics in the workplace will continue to use and benefit from CSR
- Global organizations can find challenges when working in a world-wide marketplace. Alleviating those challenges can be done by developing and enhancing the five factors of sustainability: cost reduction, resource prevention, legislative compliance, reputation, and right initiative.
Regardless of personal ethical views on many topics, the need for ethics within learning organizations is vital to its success. A precedent of good ethical and moral behavior starting from the top of the business that trickles down throughout is the best approach. Furthermore, the growth of an institution can rely on how ethically moral it is, given its importance among new demographics in a global marketplace.
Leadership and Management in Learning Organizations by Clayton Smith; Carson Babich; and Mark Lubrick is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License , except where otherwise noted.
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3 reasons why business ethics is important october 5, 2021.
Like finance and marketing, ethics has become an essential business function. But why? In this blog, we shall explore the main reasons why business ethics is important for companies as well as budding business professionals.
What Is Business Ethics?
By definition, business ethics refers to the standards for morally right and wrong conduct in business. Law partially defines the conduct, but “legal” and “ethical” aren’t necessarily the same. Business ethics enhances the law by outlining acceptable behaviors beyond government control.
Corporations establish business ethics to promote integrity among their employees and gain trust from key stakeholders, such as investors and consumers. While corporate ethics programs have become common, the quality varies. According to the 2018 Global Business Ethics Survey (GBES), less than one in four U.S. workers think their company has a “well-implemented” ethics program.
Business ethics is an essential skill.
Almost every company now has a business ethics program. In part, that’s because technology and digital communication have made it easier to identify and publicize ethical missteps. To avoid the negative implications, companies are devoting more resources to business ethics. In one survey of accountants, for example, 55 percent said they believe the importance of business ethics will continue to grow in the next three years. In addition to establishing formal programs, companies are creating ethical workplaces by hiring the right talent. “High integrity and honesty” is the second-most important skill for business leaders, according to a recent survey. Today’s business professionals must understand the link between business ethics and business success.
Business ethics drives employee behavior.
According to the 2018 Global Business Ethics survey, employees are more likely to apply ethical reasoning when their company clearly demonstrates why business ethics is important. Ninety-nine percent of U.S. employees who experience a strong ethics culture said they’re prepared to handle ethical issues. Companies that advocate for business ethics motivate their employees to perform their roles with integrity.
The first step in building this kind of ethical culture is to create an ethics program. According to the U.S. Department of Commerce, a complete ethics program should touch on all of the business functions. That includes operations, human resources, and marketing, to name a few. The global research company Gartner advises companies to integrate their ethics program with business operations.
Doing so can maximize the program’s impact by making ethical processes part of employees’ workflow. According to Gartner, an ethics program should:
- Define the program mandate
- Mitigate and monitor risk
- Establish policies and procedures
- Oversee allegations of misconduct
- Provide training and communications
- Reinforce behavioral expectations
- Manage the function of behavior ethics
Corporations have a critical role in developing good ethics in business. But educational institutions also play a fundamental part in shaping ethical leaders. U.S. News & World Report reported that ethics education is vital to a well-rounded MBA curriculum. At the University of Redlands, we understand why business ethics is important. Business professionals currently face some of the world’s most significant problems. Complex dilemmas like climate change, safety, and security require critical thinking and ethical reasoning. That’s why we equip students with these skills.
Redlands’ ACBSP-accredited MBA program develops students as competitive and ethical business leaders. Through a cutting-edge, interactive curriculum, we prepare students to meet and advocate for the behavioral expectations of an ethical workplace. Our students investigate the ethical, legal, and social factors of decision-making, and cultivate an ethical framework of business decisions in one of four concentration areas. We underscore ethics throughout our online MBA program, preparing students to promote an exceptional culture of ethics wherever they choose to work.
Business ethics benefits the bottom line.
Another reason why business ethics is important is that it can improve profitability. Honorees on this year’s list of the World’s Most Ethical Companies outperformed the Large Cap Index by 10.5 percent over three years. A well-implemented ethics program can also reduce losses. Twenty-two percent of cases examined in the 2018 Global Study on Occupational Fraud and Abuse cost the victim organization $1 million or more. Companies that practice questionable ethics may also experience a decrease in stock price and severed business partnerships, which can affect profitability. In addition, business ethics is linked to customer loyalty. Over half of U.S. consumers said they no longer buy from companies they perceive as unethical. On the flip side, three in 10 consumers will express support for ethical companies on social media. Business ethics cultivates trust, which strengthens branding and sales.
Understanding why business ethics is important
Amidst growing scrutiny of business practices, it’s more important than ever for companies to carry out work the right way. Ethics programs are an exceptional tool for promoting moral conduct. Organizations also need employees dedicated to ethical decision-making.
Learn more about how our bachelors and masters business programs can help enhance your skills as an ethical business leader today.
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Importance Of Business Ethics
Question 1: Explain the importance of ethics and values in business sustainability. A business without ethics would never be able to exist in the corporate world; there would be no control or any hierarchy of management the business would eventually fall apart. Ethics can be described as the human values that describe how one should live when keeping in mind what is seen as ‘correct’ behaviour in society’s eyes. Business ethics is described as the study of how personal values and principles are applied in a business situation. Values can be defined as attitudes that organisations or society’s establish themselves with. There are different types of ethics, for example; descriptive normative and analytical ethics. Descriptive ethics is when we describe the way people in different societies behave. Normative ethics is when we compare what people actually do to what they should be doing, this eventually becomes the normal way in things are done. Analytical ethics is when people justify the way in which they decide to behave and why. Why businesses should concentrate on ethics? A business must focus on ethics because business must not only concentrate on the profit that they make but also the impact that their business, as well as their decisions impact on the societies that are involved in their communities. A business must also concentrate on their employees because employees are more productive when there is a balance between personal and professional life, as a result the business will act more ethically in the corporate world. Another concern is bad publicity which has a very negative impact on the business, as a result the business must play according to the unwritten and written rules. A business should be responsible an... ... middle of paper ... ...hat their skills were not as good as good as they thought they were, managers should have rather dealt with motivation instead of break confidence. Most people know that if people are motivated to act a certain way most people will do it for the good feeling of actually getting it done. In conclusion as seen in the article if there is no proper leadership in a company it could become a problem, in this case Microsoft lost employees. In other cases organisations could lose customers or suppliers etc. Leadership has a big impact on how external forces react to certain business transactions between them and a company with a good or bad leader. A bad decision by a leader could cost the company a great deal of damage. Whereas, a leader with good intentions and uses motivation to get employees to complete tasks could cause that company to grow and become a huge success.
In this essay, the author
- Explains that a business must focus on ethics because it must be responsible and play by the rules set out without being forced by law or legislation.
- Explains that sexual harassment occurs when one employee makes verbal or physical gestures of a sexual nature.
- Concludes that ethics is important in business sustainability because without ethics and certain values businesses will not be able to operate in the corporate world.
- Opines that leadership is needed to overlook a company and all transactions that happen underneath that specific leadership type. without leadership, an organisation will not be able to operate in the corporate world.
- Explains that the leader is the inspiration and director of the action. he or she possesses personality and skills that make others want to follow his or her decisions.
- Describes the strategies that need to be put in place in order to get tasks done.
- Opines that leading- encouraging the employees to implement the plan and must make sure things go accordingly.
- Opines that all energy, time, and money will be wasted if there is no control over implementation of the plan.
- Opines that without decision-making none of the other tasks would have been completed.
- Explains that a business without ethics would never exist in the corporate world; there would be no control or any hierarchy of management the business would eventually fall apart.
- Explains that normative ethics is when we compare what people actually do to what they should be doing, and analytical ethics when people justify the way in which they decide to behave and why.
- Explains corruption is the abuse of public office for public gain, especially within the government that runs our country. zuma would be a receiver because he benefits from the whole situation.
- Explains that spontaneous corruption is found in communities that believe what they are doing is ethical and right. institutionalised corruption has become second nature to the people inside of it.
- Explains the difference between a code of conduct and an umbrella concept defining the morals, principles and values under which an organisation operates from. in south africa most companies have to operate with ethics and good governance.
- Explains how the enron debacle started with creative accounting practices to hide financial losses. kenneth lay, the ceo, and the board of directors sold their shares and made good money from doing so.
- Explains that a leader is someone who shares his vision and inspires others to carry it out. the manager has power due to the position he holds, while the leader has authority because of his perceived or real expertise.
- Explains that top-level management is responsible for all other levels of management, they spend most of their day planning and leading. they also describe the middle level management as a link between the two levels.
- Analyzes how a management system known as stack ranking crippled microsoft's ability to innovate.
- Concludes that if there isn't proper leadership in a company, it could cause problems, such as microsoft losing employees, and organisations losing customers or suppliers.
- explanatory
- Explains that there are many different opinions of people on the word "ethics". some would say it is to differentiate between rights or wrong based on feeling, while others believe that ethics is an obligation to uphold the law.
- Argues that ethics cannot be categorized only to religion, since even people who are not believers in god have high ethical behavior.
- Opines that a person who follows the law cannot be said to have good ethics and mannerism. smoking in public near non-smokers and children is not ethical.
- Explains that ethics define a broad meaning on the subject itself. baumhart, r, states ethics can be separated into two things.
- Explains that the study of ethics could be recognized by the field of development of a person's capability to be ethical.
- Explains that moral philosophy refers to choosing the best decision based on common sense. the oxford dictionary defines ethics as moral values that reflects someone's behavior.
- Explains that ethics is a broad knowledge that needs to be broken down and focus on each part of ethics. in western civilization, the school of studying ethics can be divided into three major parts.
- Explains that kant's second element focuses on the concept of the duty of morality that should be obligatory.
- Explains that the third branch of western civilization's study of ethics is through utilitarianism where a person should maximize the utility of life, in this case happiness.
- Explains the 'normative ethics', a study done by philosophers that investigates questions regarding what to act on different situations. choosing between right or wrong is the hardest question in someone's life.
- Explains meta-ethics, which relates to understanding and what do we mean when talking about choosing between right and wrong, is implemented and done by our judgment.
- Explains that there are a lot of debates on the true meaning of ethics and moral values.
- Opines that ethics is applied in everyone's daily life regardless of age. however, there are some who lack in applying their ethics in real life.
- Explains that bioethics focuses more on valuing organic life and tends to nurture and sustain the life of organisms according to science.
- Explains that geo-ethics is a discipline that involves the study of earth and its land. it could also be connected with the environment and the living flora around.
- Opines that business ethics is an important way to reduce the negative sides that are increasing in the business world.
- Explains that benson, g. c. s., business ethics in america.
- Explains that business ethics is a diverse field that addresses numerous issues, problems, and dilemmas within the management of businesses.
- Explains that there are many differences of opinion in the role that ethics should play at the third level of evaluating policies and practices.
- Argues that whistle blowing is a necessary measure to ensure corporate honesty and ethical behavior. corporations have proven their unconcern for protecting the environment if it diminishes profits.
- Explains that e-discovery is the discovery of any information stored in electronic files, which deals with trading information in any electronic format, requested for inclusion in a lawsuit.
- Explains the difficulties employers face when e-discovery is requested, such as the cost of hiring a team to find or extract relative information, and the possibility of being disposed of without proof of existence.
- Argues that the arbitration fairness act has many arguments against it that increases the number of cases that are filed or even overburden by the courts.
- Explains that business ethics are the rules and regulations a company sets out so employees don't commit wrongful acts to each other, themselves, or the company.
- Explains that values determine right and wrong, and doing what is right or wrong is what we mean by ethics.
- Explains that ethics are the principals by which people distinguish what is morally right. ethics are about making choices that may not always feel good or seem like they benefit you but are right choices to make.
- Opines that theft, physical violence, falsifying records, bribery, and threats of violence are clearly unacceptable at any workplace. behavior that demands, disrespects, or discriminates against clients is likewise unacceptable.
- Opines that supervisors or leaders need to create an environment that communicates organizational core values. living your values is one of the most powerful tools available to you to lead and influence others.
- Opines that leaders know what they value and recognize the importance of ethical behavior. the best leaders exhibit both their values and their ethics in their leadership style and actions.
- Explains that the most sought after leadership theory is transactional or transformational leadership. moral leadership emerges from and always returns to the fundamental wants and needs, aspirations, and values of the followers.
- Opines that leaders must grasp the characteristics and behaviors that propel them into a transformational leader.
- Opines that if ethics were used on a daily basis in every company there would never be scandal. business is about doing what is best for number one.
- Opines that ethics is a sore subject because they are often poorly used or used. they will focus on the characteristic and actions that they believe are the key of "doing right".
- Explains their vision as a leader, which is to provide inspiration, make other important, provide vision for the future, and be the person others choose to follow.
- Describes their vision as a leader, which includes providing inspiration, making others important, providing vision for the future, and creating an environment where employees feel comfortable raising concerns.
- Defines ethics as a study that deals with what behavior is considered good or bad. ethical principles result from religions, philosophies, and cultural ideas.
- Explains that ethical subdivision is a complex way of saying that an individual's morals, personal views on what is right and wrong, are completely within that individual’s control.
- Explains that ethical subjectivists and cultural relativists are driven to their respective positions by their desire not to be ethical "know it alls" or cultural imperialists.
- Explains that utilitarianism is one of the most widely-embraces ethical theories in the united states and elsewhere.
- Analyzes the strengths and weaknesses of utilitarianism, stating that the rule portion and the problems arise in the act portion.
- Explains that japanese companies have started to take into account the legal and social responsibility during to many events that happened in these years.
- Explains the "big four cases": a group of man-made diseases caused by environmental pollution due to improper handling of industrial wastes by japanese corporations.
- Analyzes how japan's oil crisis was taken more seriously than any other industrialized country. japanese companies quickly moved their concentration to modernize the corporate structure, making it feasible for them to survive.
- Explains that japanese businesses appreciated high levels of execution and success after streamlining corporate structure. japanese and non-japanese experts and researchers praised the magnificence of japanese administration.
- Explains that the japan society for business ethics study (jabes) was done to promote research and practice of business ethics.
- Explains that the society for the study of business administration and the academic association of organizational science held business ethics-related sessions and panels.
- Explains that business ethics govern how a business operates, how people should be treated within an organization, and how business decisions are made.
- Explains that japan's attention after ww2 was its economic development, and this explained why its companies never seemed to address any social or environmental problems.
- Argues that there was no methodical consideration given to ethical theory to embrace the principal thoughts of corporate social obligations.
- Explains that the japanese business community has decided to take business ethics more seriously than ever.
- Compares the business ethics in germany and japan. germany is situated in northern central europe and shares its boarders with nine other european nations.
- Explains that business decision makers need to apply moral and ethical standards in order to find an optimal and professional solution. business ethics is essential to reach a common agreement and to work within the laws of business.
- Explains the importance of ethical reasoning in business. duty-based ethics focuses on doing the right thing and acting according to the duties or obligations that are morally and ethically acceptable.
- Explains the importance of a contract, since it specifies all the conditions and terms established between one party and another.
- Explains kantian ethics, a theory created by immanuel kant, which encourages people to make decisions based on doing what the individual is duty to do, what is right and valuable.
- Explains that utilitarianism is a philosophical belief invented by jeremy bentham and later improved by john stuart mill. it is concerned in obtaining the maximum number of beneficiaries regardless that others can be affected.
- Explains that the kantians would help the steel company by acquiring steel at the price that is in the market at that moment. they would damage the other part by making them go out of business.
- Opines that both philosophical theories, kantian and utilitarian, are respectable. their ethical obligation is to understand the crucial situation that the steel company is facing and help it.
- Explains that the merriam-webster dictionary defines ethics as the discipline dealing with what is good or bad through moral duty. however, decisions are never as clear cut as right or wrong.
- Explains that humans are easily persuaded and quick to judge others who do not follow their beliefs, which leads to people not spending time evaluating whether something has both right and wrong facets.
- Argues that selling cigarettes is unethical due to the danger associated with it, but there are many other destructive products on the market.
- Explains that the tobacco industry provides 662,402 direct and 1,150,110 indirect jobs in the united states.
- Explains that tobacco companies invest hundreds of thousands of dollars into charities, service days, and other needy community organizations. while some people may argue they do this to "clear their conscious", the act itself is considered ethnical.
- Argues that the tobacco industry is responsible for good and bad things in the world. the human race needs to stop viewing the term "ethical" as a black-and-white fact.
- Explains that business ethics is a set of corporate values and codes of principles, which may be written or unwritten, and applies to all aspects of business conduct.
- Explains that all decisions made by individuals and companies may be judged as being right or wrong, good or bad, legal or illegal, ethical or unethical. behaving ethically implies that one must not only talk the walk, but also walk the talk.
- Opines that business ethics is about doing what is morally right, and that bribery is seen as unethical behaviour in some parts of asia.
- Explains that business ethics vary from country to country due to the fact that there are no laws that give a clear definition of what is morally right or wrong.
- Explains that stakeholders play an important role in socially responsible companies. they expect them to adhere to a certain standard of behaviour in order to gain their trust.
- Opines that companies should not focus on making profits only, but also consider the negative impacts of their business-related decisions and activities on the environment.
- Opines that corporate social responsibility has become increasingly important in our society. companies that apply business ethics to all aspects of their business conduct can be considered well-run businesses.
- Explains that corporate governance and corporate social responsibility are closely related. corporate social responsibility is about managing business processes in such a way that they maximize positive impact and minimize negative impact on society.
- Explains that "people" represents taking care of people within the organisation, and "planet" is a proactive approach with regard to the natural environment.
- Opines that it is important to keep the triple bottom line in balance. when the focus is on one element only, the other two elements will suffer.
- Explains that companies have a duty to ensure that the current quality of life can be guaranteed for future generations. sustainability is at the core of corporate social responsibility.
- Opines that business ethics should be at the core of each and every company, especially after the volkswagen scandal.
- Concludes by sharing some inspiring quotes that emphasize the importance of behaving ethically and in a socially responsible way.
- Concludes that business ethics is a very important issue that should not be underestimated, but it is highly intangible due to different notions, beliefs, and insights that form the basis.
- Opines that ethics have been apart of life since we were born. we are taught at a young age to not still, and that it is bad; to always hold that door open for older people and to just be whole heartily kind.
- Explains that moral problems arise because morality is subjective, and what one person finds to be moral, another person may find it repulsive.
- Explains that there is no generally correct answer to questions like telling the truth or preventing harm, depending on context.
- Explains that it is important to establish moral principles, rules, or guidelines. morals are a set of rules that define suitable behavior in humanity.
- Explains that it is important to establish moral rules and guidelines in a company because that is what the world is built upon.
- Explains that in the last several years there has been quit a bit of attention on business ethics form highly visible cases of corporate wrongdoing, particularly in public officials.
Related Topics
Managers are equally concerned about the people they hire, the people that report to them, and upon whom responsibility plays a large part in the successful running of any business regardless of industry or field. In today's sue-happy society, lapses in ethical behavior, as well as poor decisions, may cost a business their customers, consumer confidence, and even sanctions and fines.
The Importance of Business Ethics
In light of the fairly recent savings and loan crises, Wall Street insider trading, price-fixing, racial discrimination, sexual harassment and environmental accidents, disasters, and issues of safety, the importance of business ethics in the 21st century has reached an all-time high.
Ethics in government has long been an issue with American voters and can range from financial scandals that originate in Congress, to personal travails of high government officials and sexual harassment in the military. Child sexual abuse within religious institutions, schools and sports organizations also receive regular and abundant media attention.
Scandals ranging from performance-enhancing drug use by high-profile athletes, academic plagiarism and mismanagement of charity funds concern each and every one of us to a certain degree. Such scandals and examples of inappropriate or unethical behavior may affect us at our place of work, our school, and even our homes.
Ethics reflect morals, standards, and values from all socioeconomic levels and demographics. Race, gender, and age don't play a huge role in whether or not something is considered ethical or unethical. It seems odd that in today's society, we feel compelled to announce and publicly recognize good deeds, when in fact such deeds used to be considered the norm.
A stranger rescues a woman from a mugger, a young man pulls an elderly woman from a car stranded on railroad tracks moments before a train demolishes it, and a woman jumps into an icy pond to save a toddler who has wandered away from his mother. These stories personify the basic and innate goodness that is found in most people, and yet we give such individuals certificates and awards, parades and accolades. In many cases, this is because we, as a society, have become increasingly cynical about the ability of people to perform selfless deeds without expectation of reward.
Unfortunately, these traits are not so commonly found in our bosses, our corporate directors, and even in some of our government officials. Many consumers don't like to deal with local and state forms of government because of their highhanded practices, their attitudes, and endless reams of red tape.
Responsibilities and Obligations
The study of business ethics is a study of values, principles, and standards within a business environment. It is also a barometer of standards that ought to be, or should be, followed in a wide variety of business structures. While there is no concrete answer to every ethical question or dilemma that might arise in a wide range of scenarios, there is no single, correct way to "learn" a concrete definition of business ethics.
Rather, business ethics involves a wide range of disciplines, including law, public policy, management, and to some degree, the study of philosophy and psychology. Instead of concrete rules, business ethics incorporate principles, concepts, and goals in various business settings. Unfortunately, there is a large difference between expected ethical behaviors and judgments. The concept is more than knowing the difference between good and bad, or right from wrong, and has as much to do with character, attitude, and motivation as anything else.
The study of business ethics is not to tell people how to behave, but to engage students, employees, and employers in a process that involves thought and questions based on customary values and morals. Every student of business ethics must be able to think for him- or herself. Because of this, there always will be a large number of differences in what people perceive as ethical or unethical behavior.
One of the largest challenges for those teaching or learning business ethics is to find a balance between the intellectual or spiritual sense that may be applied in a wide range of scenarios in society in general. The leading trend is to enable business managers to empower employees to make their own decisions.
The word ethics comes from the Greek word ethos , which means "conventional" or "customary". In many cultures, values and morals are directly connected to religious views. Philosophical ethics defines the difference between what someone does to what someone should do. As such, some aspects of ethics delve into the field of philosophy and abstract thinking. Many people are cynical about such an approach to the study of business ethics because it requires that one seek an understanding of what is valued rather than what should be valued. As with anything else, this is often a personal choice and decision. After all, none of us want someone to tell us what we should feel about anything.
Perhaps this area of study requires each of us to attempt to determine how various business decisions will affect our lives. Do the decisions or practices engaged in our daily business environment promote well being or undermine it?
Socrates, the ancient Greek philosopher, said, " The unexamined life is not worth living." As such, each of us often struggles with our own feelings of morality, virtues and instances where we must determine whether something is right or wrong. Business ethics address both morality and virtue as determining factors of how we should act and behave both in our personal lives and within a business environment.
A fundamental goal of business ethics is to encourage students to ask such questions as, "What should I do?" or "What kind of person am I supposed to be?" Even better, "What would I do if ...?"
The Ethical Decision-Making Process
When it comes to making sound ethical decisions, several factors come into play. Moral awareness is one of them. Moral awareness is defined as the recognition of the existence of an ethical dilemma. Another key factor in making an ethical decision involves a judgment that decides what's right and what's wrong. Ethical behavior , or taking action to do the right thing, is another part of the ethical decision-making process triangle.
Keep in mind that most decision-making processes are divided into two types: individual decisions and organizational decisions . A business manager must be able to represent the organization, while the individual is more concerned with the morality of such a decision. Individuals often know what the right thing to do is, but find it difficult to do so because of pressure from inside groups or organizations. Because of this, it is extremely important for businesses and organizations to manage their conduct and to maintain codes of ethics and conduct to determine what is expected in such environments.
Ethics in the Workplace
Small business ethics.
Business ethics are not just designed for huge corporations and organizations. Whether a business employs thousands of workers or 10, business ethics are an important aspect of any work environment.
A common ethical problem may have a big impact on small business, as well as large corporations. Discrimination, prejudice, or disputes between employers and employees all have an impact on how well a business is likely to run. Developing a good, strong relationship between workers and employers is essential in order to meet expectations, and to promote consideration and the rights of all parties involved.
An employer pays a salary and benefits to an employee who is expected to perform a particular job or task. At the other end of the spectrum, an organization or business manager expects their employees to behave in a certain manner. Concepts such as virtue, honesty and loyalty are rewarded, while dishonesty and deceit offer a fast track to unemployment.
Both employers and employees expect to be treated fairly. Various issues involving ethics crop up in small businesses as well as large corporations. Such issues may include but are not limited to:
- Human resource issues
- Discrimination
- Conflicts of interest
Some examples of human resource issues are those that occur where people work together in a small environment. It can include and impact such topics as privacy, performance evaluation, the hiring and firing process, discrimination and various types of harassment.
However, when it comes to such issues, everyone expects to be treated fairly. This means being treated as an equal, and with impartiality. For example, many people might feel that responsibilities or work is unbalanced if two people perform the same task and only one is rewarded.
Discrimination isn't just about race. It's about religion, sex, age, and culture. Discrimination is against the law in the United States, and while many companies do have policies prohibiting any type or hint of discrimination, many people are likely to discover that the reality between policy and actuality are quite different.
Age discrimination is one of the most talked-about issues in the workplace in the 21st century. Forced retirement, layoffs, and termination with or without severance pay affects older workers more than any generation before. Because the baby boomer generation is one of the largest in history, this disparity is going to play an important role over the next decade.
It is important for business managers, no matter how big or small a business, to be able to manage different types of people -- this includes those of different age groups, religious, demographic, and cultural backgrounds. As of the year 2000, nearly 85 percent of new workers in the workforce are women, immigrants, and minorities.
Discrimination is a serious issue. In the United States, citizens consider it their right to be able to work in any place that their training, education, and skills make them suitable for. The Equal Employment Opportunity Commission (EEOC) is a great resource for demographic information and legislation that prohibits discrimination based on "race, religion, sex, color, and national origin."
Sexual harassment is an unwelcome behavior that makes someone feel uncomfortable at his or her place of work. It can be subtle or obvious. In most cases, sexual harassment typically involves the inappropriate behavior of a supervisor over a lower ranking employee. The law defines two types of sexual harassment: a hostile work environment , or a quid pro quo scenario.
A hostile work environment is defined as a worker or employee who is uncomfortable due to actions or comments relating to sex or sexuality by another person in their place of work. However, does this mean that a male boss who puts his arms around a female worker is harassing her? Not necessarily. Sexual harassment in the workplace does not involve merely physical gestures, but verbal remarks of a sexual nature.
The quid pro quo scenario is the age-old, "sexual favors for advancement in the workplace" routine. Lines become blurred over issues such as complementing someone's appearance or making jokes that may be considered sexual in nature.
Sexual harassment is a form of discrimination and becomes a business ethics issue because it directly relates to job satisfaction, comfort levels, and perhaps even promotions or advancements.
Conflicts of interest occur at any point in time when a person's objectivity or judgment may be compromised. The mere appearance of a conflict of interest may prove devastating to a company's reputation even though nothing happened. For example, consider a scenario where an accountant has a client who needs to have his books "adjusted" in order to escape a huge income tax fine. The client offers the accountant and his or her employees extravagant holiday gifts or vacations as a "reward." Such an offer may be construed as a subtle bribe and are inappropriate to accept.
Accepting the gifts may be construed as a conflict of interest and may prove damaging to the accountant if other clients were to discover that such a gift had been accepted. In a way, a relationship with the client such as this may constitute a conflict of interest due to influence.
When business decisions involve someone with whom a person has a personal relationship, it is wise for someone else to make any final financial or operations decisions. Avoiding the appearance of a conflict of interest in any situation like this will help to avoid people being charged with partiality.
Codes of Conduct
To help define the boundaries for small and large business owners, codes of conduct and ethics have been developed by major corporations as well as mom-and-pop grocery stores. It doesn't matter whether those codes of conduct or ethics are 300 pages long, or one page long -- they serve as a guideline to how a business should be run - from the industry level all the way down to employees and individuals.
Small-business owners can take the example from major industrial corporations. When it comes to best practices, adopting or enforcing a code of conduct provides employees and managerial staff with training in respect to expectations of behavior and conduct within any workplace environment. After all, CEOs are not the only ones concerned with ethics.
Managers are concerned with business ethics because of the importance of preventing and managing unacceptable or unethical behavior in their place of business. For example, theft in the workplace costs American businessmen and women an average of $30 billion a year. Such behavior is a management problem that needs to be addressed and dealt with at all levels.
Employees care about business ethics because they want to be treated fairly. Many employees who feel that their employers are being unfair in regard to work expectations, pay, or other issues may believe that they, in turn, can behave in any manner they see fit. This is the "sticking it to the man" mentality. Many employees may also feel that it's okay to lie about sales figures, shortchange customers, or otherwise hamper competition because they feel they're doing their boss a favor.
A manager wants to be able to hire and keep good workers. Studies have shown that applicants are more apt to be attracted to companies and businesses that are ethical, not only in word but also in deed. This means maintaining honest and respectful treatment of employees.
Employees want to care about whom they work for. They want to work for a company or business with a good reputation. It doesn't matter whether it's the mom-and-pop grocery store on the corner, or a pet store, or an accounting firm, or a carpet cleaning business.
All of us want to be treated fairly, and given as much of a chance to succeed as anyone else. As employers, we want to be able to trust our employees with our business. Because everyone wants to be treated fairly, it would seem logical that both sides of the business spectrum would be able to respect and cater to these needs. Often, however, this is not the case. Because of this, strict guidelines, codes, and regulations have made their way into the corporate workplace.
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Why Business Ethics Are Important
Business ethics are the set of practices and policies that companies use to guide them through decisions about finances, negotiations and deals, corporate social responsibility, and more. Without a strong set of ethics, a business can run afoul of the law, encounter financial pitfalls and moral dilemmas. But good business ethics ensure customers, employees, and other stakeholders that a company obeys the rules and does the right thing. When a brand loses trust, it can jeopardize sales and harm employee retention. It brings about more scrutiny from government agencies and has vendors question whether it’s worth doing business with you. If other businesses don’t trust you, they can buy products elsewhere or give their good deals to other buyers. Business ethics are critical to good financial planning and positive earnings. If you’re interested in a career in business, you’ll need to understand the principles of business ethics and how you can hone this essential skill.
Ethics play a much larger role in everyday business transactions than you may realize. Ethics aren’t laws that companies have to follow, but they are a set of guiding principles that organizations should follow if they want to build a good reputation. Why is a good reputation for following fair play so important?
Business Ethics Affect Reputation
Brands are no longer owned only by the companies they represent. Employees, consumers, and stockholders increasingly feel that a brand belongs to them too. That’s why 42 percent of consumers will stop doing business with a company if they disagree with its words or actions on a social issue. And more than 60 percent say their purchasing decisions are driven by a company’s ethical values and authenticity. 1
Business Ethics Set the Tone for Employee Behavior
Leadership sets an example for employees. If the CEO of a company cuts corners to secure a contract and it’s a well-known company secret, it can signal to other employees that financial misbehavior is OK. On the other hand, when leaders display a strong moral compass, it encourages others to do the same. If you want your employees to behave well, you need to treat them well and act in a manner that makes them proud to call you the boss.
Good Business Ethics Aid in Negotiations
When a company has a positive reputation, it encourages other businesses to negotiate with it. No one wants to broker a deal with a company that may not make good on its word. If both businesses understand the rules of the ethical game, they can make better, stronger negotiations because they know they will get what they’ve been promised from the deal.
Business Ethics Impact the Bottom Line
When an organization is unethical, its reputation is tarnished and its consumers may find an alternative source for the products it sells. Companies like Enron, Wells Fargo, and Monsanto all suffered the effects of bad behavior. But big, profitable companies, such as Microsoft and Dell, are recognized and rewarded for their ethical behavior , proving that you can be a good corporate citizen and make a profit at the same time.
How to Learn About Business Ethics
How can you strengthen your ethics to make the right business decisions? Start with your faith. Incorporate the tenets of Christian business ethics into your professional life so you can remain motivated to serve others and not be moved by wealth or greed. Develop your own professional moral compass that can help guide you through tough and tricky situations so you can preserve your own reputation as well as the reputation of your company. Decide which behaviors are and are not acceptable to you and don’t be afraid to ask questions or hold others accountable when you observe wrongdoing.
And if you’re ready to take your ethical principles into business, choose a business program that believes as you do. A business program can include classes on ethical principles and management. It delves into the issues that you might encounter in the workplace, differing perspectives and philosophies on how to solve those issues ethically, and the relationship that businesses have with society at large.
If you want to build your business acumen, while honing your business ethics, contact Limestone University today. We offer a variety of business degrees in areas such as finance, marketing, and economics, that can set you on a path to a rewarding career. Each program offers you the chance to study ethics as well as law, management, and much more. Click the button to request more information.
1 https://www.accenture.com/gb-en/insights/strategy/brand-purpose
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Executive Brief summary Of Business Ethics And Teleology Business Essay
In this article, a conclusion of business ethics was done. Business ethics is described as the standards of conduct by which moral and appropriate decisions and actions are centered. There exist various theoretical approaches to these specifications of business moral behaviours. Relevant explanations were made on these theories which range from consequentialism, utilitarianism, egoism, principilism and deontological methodology.
Also, certain honest issues greatly impact the operational activities of today's business. Such issues include environmental issues, issues in product's ad and marketing, consumerism and those attached to occupation i. e. discrimination at work, labour utilisation and identical opportunities were discussed. In the light of the issues pointed out, it is thought that when giving them consideration have an impact on the realisation of business targets. Areas of the business enterprise objectives that can be affected were also analyzed in this statement.
There are various implications for a company and its stakeholders to operate ethically. This aspect was also investigated and lastly, appropriate conclusion and recommendations designed for today's business.
INTRODUCTION
Government and other stakeholders of the business are emphasizing the relevance of ethical techniques by business organizations. Lately, we have seen many unethical behaviours taking place in the procedures of certain businesses worldwide. This makes the population unsafe for approaching businesses, healthy competition, and consumers.
Business honest practice can be an concern which is increasingly being given proper attention in the business world today. Companies are recognising that more and more customers have become ethically conscious day-in-day-out. It is now being turned out in recent studies that many traders use the ethical behaviour of a company in the society as a yardstick for choosing company to invest in. To be able to remain ecological and competitive in the global market, many businesses have recognized the necessity to adopt good moral practice.
ETHICS AND BUSINESS ETHICS DEFINED
The idea of ethics and business ethics has been identified by various authors and accredited scholars. Ethics has been viewed as the conception of what is right and fair conduct or action (Carroll, 1991; Freeman and Gilbert, 1988). "Ethics is the concept of morals i. e. one's capability to choose between right and wrong, good and bad, acceptable and unacceptable" (Desjardins, 2009; Valasquez, 2009).
The concept of 'Business Ethics' has come to imply various what to various people. Regarding to Velasquez (2009), "business ethics is discovered as a professional review of moral right and wrong". Garrett (1970) defines business ethics "as the studies of the impacts of individual works, the firm, the business community, and modern culture all together". Relating to Weihrich and Koontz (1994), "business ethics can be involved with real truth and justice and has a number of aspects like the expectations of world, fair competition, advertising, public relations, social responsibilities, consumer protection under the law, and corporate patterns both within and outside the business wall space". "Business ethics is the typical of do and moral worth which governs certain actions and decisions of a business in its business environment. Such business actions and decisions derive from broad key points of integrity and fairness and stakeholders' issues in the areas of product quality, customer satisfaction, employee salary and benefits, local community and environmental duties" (Boone and Kurtz, 2005).
For the purpose of this article, business ethics can be explained as the expectations of conduct according to which business decisions and activities are created. Ethics can be described as a code of do or behaviour considered to be morally right. Business ethics requires the analysis of the level of morality that prevails in the actions and decisions of a particular business. To put it simply, ethics in business is dependant on the facts or assertions of what is considered right or wrong, bad or good and moral or immoral. For instance, an ethical decision of an business means doing what is seen as morally right. Hence, business ethics provide a construction for the conduct of business affairs.
THE CONCEPT OF THEORETICAL METHODS TO BUSINESS ETHICS
Different philosophers and theorists have propounded various ideas on what can be viewed as morally acceptable and unacceptable. Among these theories are:
Teleology (Consequentialist theories)
The consequentialists method of ethical reasoning will involve justifying an action by the final results or results attained by such action. From this truth, it is evident that consequentialism is based on two ideas:
What is morally right or wrong depends only on the final results or results of an act.
The more good outcomes can be made by an function, the better that function.
According the consequentialists, the results attained by an action or a decision establishes whether to categorize it as an honest or unethical one. In examining what the best effects are, consequentialism is not so informative unless combined with other theory. Utilitarianism and egoism will be the most influential varieties of consequentialism.
Utilitarianism
In the utilitarian method of ethical account, emphasis is laid on the amount of good and injury which might be derived from an action or a decision i. e. assess a specific action or decision by the quantity of delight or unhappiness it creates. For example, whenever a company opt to move its manufacturing facility in one location to another, what would be the quantity of good i. e. joy induced and amount of damage i. e. unhappiness that the movement would create. The utilitarian approach to business ethics is also obvious when analysing a particular action or decision on cost gain basis. For instance, when all the costs incurred from an action are added and weighed against the producing benefits. If the benefit is more than the cost, the action may be considered ethical.
According to a utilitarian, if the amount of good appears to outweigh the quantity of harm in the course of movement, your choice is recognized as being ethical. But if the reverse is the situation, it can be an unethical decision. An excellent reference for this is in the quotation of John Stuart Mill in his Greatest Joy Principles. He estimates that "Actions are right compared as they have a tendency to promote happiness, wrong as they tend produce the change of happiness". The bottom line is, utilitarianism says an action that is ethically right in confirmed situation is the one that produces the most happiness and least unhappiness for the largest amount of people. Relating the idea of utilitarianism to today's business, a business that weighs the quantity of affects its decisions and activities has on the numbers of stakeholders and use it as a basis of moral criteria is said to adopt a utilitarianism approach.
Egoist theories define right and wrong in conditions of the results to one's home. In any honest decision making situation, an egoist would think about and choose among alternatives those that would contribute in the greatest amount to his/her personal home interest. Before carrying this out, critical consideration would have been done in evaluating the effects of such action or decision on his/her physical, mental or psychological welfare. An egoist theories is evident in today's business where a particular organization bottom part its ethical ideals on activities and decisions which it can to a very large extent, derive its most important purpose or objectives.
Deontological Theory
This theory is generally known as "duty-based theory" of business ethics. This is because the term deontological was produced from the Greek term deon meaning work. Rather than centering and attaching what is morally right or wrong to the consequence an action or a choice brings, deontologists structured their decisions about moral right and incorrect on extensive and universally suitable ethical beliefs such as credibility, fairness, duty, admiration for humans etc. Based on the deontological approach, some actions or decisions would be considered wrong even they created implications which were good while some would be looked at as good even though bad results were achieved. For example, an auditor embracing deontological strategy would likely insist upon telling the reality about a company's financial complications even if doing this might put the business out of business and his/her job on the line.
Summarily, deontologist denies that what in the end issues is not the results of the action but the action itself. Deontology is mostly related to Immanuel Kant, a German philosopher. The deontological theory is noticeable in many businesses today where company critically put into account their business activities to be able to be fair, accountable and transparent in their dealings with stakeholders. 5
THE CONCEPT RELATIVE AND Overall ETHICS
Relative ethics/relativism.
This theory suggests that we now have no total truths, validity or generally acceptable concepts of ethics and this what's morally right and incorrect largely depend on individual and the prevailing societal views and ethnicities. The fact is that the relativist assumed that the conditions for measuring right and incorrect change over time and range across cultures. Simply put, relative ethics is the denial of ethical absolutism.
Relativism holds the view that morality is in accordance with the beliefs and norms of your respective culture i. e. categorizing an action as right or incorrect depends on the moral beliefs maintain by the society where such action is practice. An action may be labeled as morally right in a single modern culture but morally incorrect in another. Within the light of the, the relativist argues that there are no extensive and universally appropriate moral requirements as they are dictated by what has been practice in the contemporary society. Summarily, what is right for just one might not exactly be right for another or as a expressing should go "When in Rome, do as the Romans do" This is the idea behind the idea of relativism.
Arguments against as well as for relativism
One of the quarrels against comparative ethics is the fact that some is the idea of some individuals that universal moral standards can be done to be followed even if some moral norms and values differ among ethnicities. Although, great attention can get to cultural distinctions in moral practices and beliefs, a few of these practices and values that are morally wrong should be pointed out. For instance, the practice of slavery prior to the civil war in various countries. Comparative ethics does not recognise the fact that the explanation behind certain societal methods may be governed by home interest.
Since the moral rightness and wrongness of action will depend on what is prevailing in the world according to comparative ethics, it uses that certain must obey the norms of the society whether such norms are generally incorrect or right because to diverge from them is to act immorally. Would it mean that if you are part of an contemporary society that embraces racial discrimination, you need to acknowledge and promote it?
Also, it is possible that members of the same contemporary society keep different views and beliefs on a similar practice. How do one judge what's morally right or wrong in such situation? The concept of relativism will not address this example.
Despite the criticism above, the idea of relativism still has some acknowledgement for responding to societal issues which are essential. Relative ethics highlights the fact that different societies hold different beliefs and these beliefs are affected by culture. In addition, it stimulates individuals to explore the rationale for variations in opinion while also challenging those to examine known reasons for beliefs and prices they keep.
Absolute ethics/absolutism
The idea of absolutism explains that one activities or decisions are absolutely right or wrong irrespective of their results or effects as well as the rationale behind them. For example, eavesdropping to private subject might be considered to be always morally wrong even if the explanation for doing such thing is good, and even if it brings about good end result.
Simply put, honest absolutism states that there is universal or a unitary moral code or standard that is utter and which is similarly applicable to everyone in the contemporary society all the time. From this reality, it is obvious that absolute ethic is not dependent on specific views, existing ethnicities of the society etc.
Arguments for and against absolutism
While moral relativism is seen as only leading to problems and turmoil in one's life and in modern culture, it was argued that moral absolutism will lead to no or little misunderstandings i. e. when moral standard is based on general key points. The other debate for absolutism is that it's true and to some extent, observed in our daily lives. For example, we condemn or criticize wrong actions and reward good ones. This is an data that moral standard which is based on general views exist.
Judging what's right and incorrect on a universal moral standard is seen as criticizing other's culture. According to the relativist, this is intolerant as moral criticism of others is incorrect. Another important criticism of absolutism was its lack of human concern. Critics argued that attempting to keep up order by forcing or terrifying people into conformity by agreeing to a common moral standard can kill an individual potential for moral wisdom. Many philosophers also argued to oppose the idea of absolutism in times of life and fatality. For example, imagine it is decided that it is absolutely wrong to lie under any situations, imagine if one is confronted with the choice in which he/she must lay as a result of no other option.
ETHICAL CONDITIONS THAT CAN AFFECT THE OPERATIONAL ACTIVITIES OF TODAY'S BUSINESS
An ethical issue serves as a a challenge, situation or opportunity which requires individuals, group or an company to choose among several activities those that must be examined as right or incorrect, honest or unethical. Hence, an ethical issue from business of perspective is a topic matter which boosts questions about the requirements of do or behaviours that are being adhered to by the business independent from the financial motives. In some situations, certain honest issues may require the company to undertake behavior which is unprofitable if it adheres to 1 set of standards or profitable if adheres to another set of criteria. For example in the UK, while using women at lower rates of pay than men may have been considered acceptable according to the business ethics of the 1960s, it was not by the 1970s and even the Equal Pay Act which was approved in 1970. Types of ethical issues confronted by today's companies are:
Environmental Issues
Environmental issue is now a location of increasing concern for every business nowadays. Considering the growing concerns of global warming, many businesses now strive hard to reduce their emissions of carbon dioxide and encourage the production of more energy-efficient equipments and appliances. The objective is to stabilize greenhouse gas amount in the atmosphere at a level considered less in a position to trigger dangerous local climate change. Other environmental issues that make a difference the functional activities of today's business are in the aspects of water usage and pollution, in charge sourcing and waste materials management i. e. recycling. For example, the Coca-Cola Company has environmental issue in India when it was reported by some communities that its operation has resulted in shortage of drinking water, water pollution and against the law toxic dumping. This really influences the procedure of the business. Other recent issue that raised ethical questions is that of BP Gulf engine oil spills.
Employment Issues
These are issues associated with working for, or taking up a role in an organization. Types of issues due to discharging one's responsibilities in the workplace are:
Discrimination: This occurs when individuals are not being cared for accordingly at work. Types of areas where discrimination may occur are in pay, campaign and performance analysis. Also, racial and intimate discriminations in an organization create ethical issues which can in turn affect the procedures of such group. In the united kingdom, employers should never discriminate foundation on the aforementioned factors of course, if found guilty in virtually any aspect by any employer, such workplace will be liable.
Equal Opportunities and Variety: On the ground of being working ethically, many business give proper focus on equal opportunity through the procedure for recruitment, selection, staff training etc. They also promote diversity in every aspects of their business procedure by using and working with differing people of different nationalities, backgrounds, civilizations, people with disabilities etc. Each one of these go a long way in influencing business operations. For example, failing to give identical opportunities may leads to high rate of staff turnover, reduce employee morale and the pace of absenteeism within an organization.
Advertisement and Marketing
The procedure for creating recognition for products and services, the method of distribution, the ways that product/service are listed and the promotional strategies used are business area that creates potential ethical issues. For instance, false or misleading marketing communications i. e. the utilization of deceptive sales methods can jeopardize customer's rely upon a firm. Also, charging needless and unjustifiable high price or participating in price fixing for something or service may be considered unethical by buyers or users. These can affect business businesses. Many businesses try to adopt ethical requirements to promote and marketing and this goes a long in influencing that they operate. Labour Utilization
The manners in which labour is being used and paid for in the development of goods and provision of services constitute a major concern to business ethics. For instance, utilising labor at below minimum amount wage, not complying with health insurance and safety expectations, poor working conditions etc are current ethical issues in today's business. Also, it was disclosed lately that the levels of money paid as wages to employees by companies in a few part of Asian and African countries are by much too low compared to the amount of labor used for development.
Consumerism
In the united kingdom and other parts of the world e. g. US, consumers have rights to quality products and services. That is the reason why businesses, throughout their process of production give proper focus on methods adopted along the way of development and specifications laid down by legislation. On the floor of being honest functioning, businesses now take part in proper product labelling, packaging, honest advertisements, safe and quality products etc all for safeguarding consumer's interest.
HOW BUSINESS Targets ARE INFLUENCED BY ETHICAL CONSIDERATION
Business objectives will be the desirable end results which an organisation seeks to attain. Generally, every business wishes to maximize income, assures adequate return on investment funds increase market share, achieve business enlargement, reduce environmental effects and meet or if possible, exceed stakeholders' prospects. Ethical consideration impacts business organizations of most sizes. Aspects of the business that generate concerns when contemplating ethical procedure are mentioned below:
With the increasing demand for products and services as the planet economy expands, businesses have an increased trend of increasing sales and maximising profits so long as they meet the needs of customers. Modern companies are increasing seeking ways of undertaking their functional activities in a fashion that assures less effect on the environment. In the UK for example, it is well known that the aims of the building companies are affected by considering issues such as minimising waste, energy use, drinking water utilisation, and controlling emissions to minimise damage.
Also, maintaining an ethical workplace requires short-term costs against business objectives. Participating employees and other stakeholder i. e. suppliers in moral operation devote some time and money. Also consistent with, people with disabilities cannot perform organisational duties and take up more difficult assignments as those with no disability. An company who on the floor of performing ethically utilizes more disabled employees can experience less job performance although might be looked at as doing the right thing. However the fact remains that realisation of targets may be hindered by such organisation.
Every business desires to make sure its shareholders sufficient return on investment. Where a particular business consists of many unethically aware investors, considering ethical operation by such business might be observed as not relevant by the shareholders who've the voting right of seling their stocks or even quit the business.
Another important manner in which business aims are damaged by ethical awareness is the fact that it affects business direction. At times, considering undertaking business operation in an ethical way creates distress for new and young businesses how to assimilate this with the aims which have already been set. As described earlier in this record, consumers are increasingly becoming ethically conscious. Within the light of the, many businesses conclude establishing priorities in the order in which they shouldn't during establishing their targets.
IMPLICATIONS FOR THE BUSINESS AND ITS OWN STAKEHOLDERS TO USE ETHICALLY
Build sales: For an organization executing its business operation in an moral way, there exists higher tendency for it being the most preferred choice for customers especially as most people now base their purchasing decisions not only financial factor but on other relevant issues where being moral is part of.
Increase income: Clearly when ethically concerned customers are aware a particular business conducts its business affairs in an acceptable manner, they tend to patronize such business as sales increase, business revenue increases plus more profits generated. According to the KPMG report entitled "Ethical Business and Sustainable Communities" (May 2002), it was discovered that 91% of consumers are more likely to purchase goods or services from businesses that the consumer sees as performing ethically.
Attract investment: It has been proved in the united kingdom that long-term traders such as pension funds who run large opportunities for an incredible number of ordinary people thought in company would you not carry out its business procedure only on financial purpose, but also on interpersonal and moral issues. Apart from this, the numbers of ethically aware shareholders have grown in recent years. According to The Independent on Sunday 17 January 2009, it was revealed that 85 % of equity ISA buyers were considering investing in ethical funds and 67 the previous year. This amount shows how relevant it is for business to consider operating ethically.
Competitive edge: An organization operating ethically has a higher probability of attaining competitive advantages over its rivals who doesn't. In the current global market, it is necessary for businesses to put into practice good moral practice to stay lasting and competitive. Many businesses use reasonable moral practice as a strategy to combat opponents.
Promote employee devotion and determination: By dealing with staff consequently and providing similar opportunities in various business areas such as pay, campaign and job appraisal. The rate of personnel turnover will be reduced to zero or a minimum, staff will be faithful to the organization and determined to release their contractual duties to the realisation of collection objectives.
Improve the image/reputation of a business: In the wonderful world of today's business, honest procedure is one of the criteria of choosing liable business. For instance, accountable sourcing of recycleables which Tarmac Structure Company has always embraced enabled it to own unique image in the sight of its stakeholders.
Operating ethically also helps to protect brand value, improve corporate citizenship and consumer assurance in a business.
Promote rely upon a business: Clear ethical practices create trust in the company, both internally and externally. A business that demonstrates good ethical prices has a high probability of attaining customer commitment and trust.
According to Holme (2008), "it has been also been discovered that suppliers are comfortable in, and always seeking to source organizations with good moral practice that they can trust".
A "STAKEHOLDER" is anyone who influences or can be affected by the activities of a business. Stakeholders are categorized as inner i. e. the folks within and who perform daily work of the business enterprise e. g employees. And exterior stakeholders i. e. the ones that purchase, use and influence the sale of products or services of any company e. g. customers.
EMPLOYEES: It is not only on the business that functioning ethically has effects. Employees are fundamental internal stakeholder of any organization. Organizational ethics such as promoting equal opportunities, giving proper attention to employee health and safety, not engaging in any take action of discrimination, provision of quality working conditions etc make the workplace an interesting place to be and also enhance job performance. As pointed out before, employees will be encouraged and remain loyal to the business.
SHAREHOLDERS: For the shareholders, their dividends may be low in the short-run credited to both financial and non-financial costs incurred from ethical operation, however in the long-run as people become aware of the business operations, revenue increase and much more dividends will be distributed to shareholders. Also, from a shareholder's point of view, a small business that is functioning ethically provides higher assurance on prosperity. That's the kind of group which customers, employees, suppliers etc want to cope with. Demonstration of good business value is achieved by shareholders.
CUSTOMERS: Customers will trust the business. Without any benefit of doubt, they'll patronize the business's product or service thereby contributing to the business enterprise success. As pointed out before, customer retention will be achieved and more potential prospects will be attracted to the business.
CONCLUSION AND RECOMMENDATIONS
This survey has revealed that good ethical procedures by businesses are extremely significant to the realisation of organizational success. A small business firm that embraces moral ways of executing its business affairs is more likely to accomplish employees' commitment, commitment and satisfaction which lead to quality of works and increased performance than unethical one. Such business will also portray good organizational value in the eyes of the stakeholders. Additionally it is concluded that adopting good ethical behaviour increase being competitive, business sales, profit, customers retention and devotion and investments to mention a few.
Since the relevance of business ethics can't be downgraded in today's business community, it is strongly suggested that business organization embrace ethical methods. Businesses should deal with moral issues such as discrimination and equivalent opportunities in the workplace in the best possible manners. Clearly business do functions in vacuum, environmental issues such as energy utilisation, minimising misuse and recycling should be properly tackled so that business operations will never be negatively affected by stakeholders.
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Since the relevance of business ethics cannot be downgraded in today's business world, it is highly recommended that business organization
In order to achieve strong ethical morals, both business organizations and individuals should adhere to solid morals. Business needs to balance the ambitions of
An important part of any manager job is to pay close attention to business ethics.Ethics business can create a positive environment in which way to buy and sell
(2009). Legal loopholes and underenforced laws: examiningthe ethical dimensions of corporate legal strategy. American BusinessLaw Journal, 46(4), Retrieved
Conclusion · Ethics is a code of moral principles that set the standards of right and wrong. · Business ethics are how we ought to conduct business fairly using
Amidst growing scrutiny of business practices, it's more important than ever for companies to carry out work the right way. Ethics programs are
Concludes that ethics is important in business sustainability because without ethics and certain values businesses will not be able to operate in the corporate
The study of business ethics is not to tell people how to behave, but to engage students, employees, and employers in a process that involves thought and
Without a strong set of ethics, a business can run afoul of the law, encounter financial pitfalls and moral dilemmas. But good business ethics
Government and other stakeholders of the business are emphasizing the relevance of ethical techniques by business organizations.