Business Ethics: Ethical issues faced by the 21st Century Managers [Author] [Institution] Business Ethics: Ethical issues faced by the 21st Century Managers The basic definition of ethics is set out as the moral principles that have been set to govern the behavior of a person…
All the business rational decisions are made under these principles. Business ethics are professional ethics that examine the ethical problems that may arise in a business. The ethical principles of a business are applied to all the individuals and organizations associated (Arnold, Beauchamp, Bowie, 2012). It is important to teach students about business ethics in order to help them understand the complex ethical issues that managers of the 21st century confront. They must understand the best practices with respect to ethical management and sound public policy regarding the relationship of business to society. The purpose of setting ethical principles in a business is simply to embody fairness and objectivity. Fairness and objectivity are two principles that help businesses to flourish and grow. Ethical principles enhance the business objectivity through which rational thinking is done and it is congruent with the truth to avoid delusive decision making. On the other hand, fairness is important as it eliminates discrimination, bias, envy and all the other negative behaviors. It also ensures equality, justice and judgments made on employee’s merits allowing the best decisions to be taken in the long run (Shaw, 2010). Many see the concepts of fairness and objectivity as weak or challenging to the commercial opportunities. However, they are very strong concepts which ensure the success of the business and allow the leaders to perform assertively. Gaining competitive advantage through unfair means or gaining advantage through discrimination or bias may negatively affect the business in the long run. Objectivity allows the business to plan beyond the short term advantages with an honest focus. Thus fairness and objectivity are the foundation of the business ethical principles and allows benefits in the long run. Ethical issues have been a part of businesses ever since the business world emerged. Businesses of the 21st century face ethical issues that vary from culture to culture. Ethical perspectives are given in order to help the managers to resolve the ethical issues. One of the major ethical issues faced by the 21st century managers is discrimination in the organization. This is because, unlike the previous centuries, the businesses of the 21st century comprises of a range of diverse cultures. The society has become more diverse and thus the employees working in the businesses usually come from a variety of cultures and backgrounds. This becomes a major problem for the managers to handle them and avoid issues such as discrimination which causes trouble for the businesses. The cultural differences would impact the dynamics and performance of the organization. But the major threat that the diversity causes is discrimination. Discrimination is one of the most complex issues which are very difficult for the managers to confront. In the 21st century this issue has been observed more than ever before, simply because of the diverse workforce. The diversity of the workforce causes discrimination on the basis of race, gender, age or religion. Discrimination issues do not only cause problems within the organization but charges may be filed against the company as well. Discrimination also causes harassment where the employees harass other employees on the basis of their gender, ...
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