Business ethics in the business world [Institutional Affiliation] Abstract The concept of business ethics is debated much among the critics and scholars to evaluate its influence on the progress of a business and the role played by it in advancing the causes of a business organization…
However, the aim of business ethics is to encourage the business leaders to strive to achieve ethical perfection and to not be put off by the fact that ethics could not be always 100% applied in every area and decision-making process. This essay aims at scrutinizing the role played by business ethics and illuminating multiple ways by which it works to enhance a business’s functionality. Essay Acknowledging the importance of ethical standards in the business world is highly important because ethics form the foundation of all successful and reputable businesses around the globe. Any business lacking ethical principles is bound to crash sooner or later. It is critically important that business organizations take maximum advantage of this ideology. The role of ethics in every way of life is indisputable which is why discussing it also remains highly important in the context of business. General consensus is that even businesses started with a prodigious sum of investment could drastically fail if decisions are made without paying considerable attention to the role of ethics. Therefore, it is crucially important to acknowledge the role of ethics while designing business strategies, managing workforce, and satisfying customers because it is the ethical principles which primarily direct businesses in the right direction and illuminate which elements need to be curbed in order to avoid failure. Most of the business practices and changes fail to be incorporated seriously because the responsible people do not know much about the ethical rules which should be followed as a way of ensuring foolproof implementation. This essay is primarily based on contemplating the nature of role played by ethics in the business world in addition to evaluating the extent to which it regulates the solidarity and strength of a business. (Texans Credit Union, n.d.) The above figure demonstrates different components of Texan's Credit Union's business ethics strategy which promotes one unified message: "Do the right thing" (Texans Credit Union, n.d.). Texans's Credit Unions is a successful company based in Texas and it is easy to appreciate from the above figure that business ethics promote shared values, organizational commitment, motivation, good conduct, positive leadership and operating practices, communication hotline, and vision in an organization. It also helps in eliminating the excessive use of power by the employers because it makes them realize that employees form one of the most important stakeholders for the business who invest long hours of gruel work to manage the consequences of every decision and policy. In the absence of ethics, businesses are readily exposed to both internal and external chaos. The leaders who reject the notion of ethics prefer to lead employees with force and violence and often act as tyrants depending on the use of intimidation and threats. Such a negative attitude rips the talented workforce off of motivation, dedication, and work commitment and business ethics work to just reverse this condition. Much research has been done to evaluate the nature of influence exerted by authoritativeness on ethics and it is revealed that negative leading styles tend to kill the function of ethics in every business area. Unhealthy use of power in a business settlement not based on ethics leads to corrupting the workforce most ...
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(Business Ethics in the Business World Essay Example | Topics and Well Written Essays - 1750 Words - 1)
“Business Ethics in the Business World Essay Example | Topics and Well Written Essays - 1750 Words - 1”, n.d. https://studentshare.net/english/80295-business-ethics-in-the-business-world.
Public reaction to the scandals has been strong, and it has generated numerous suggestions to improve the ethical standards and behavior of business people. Some of the specific problems identified through these scandals are corporate accounting irregularities evidenced by the need for earning restatements by several large corporations
Business ethics ensures that business economic interests serve the larger good of the society and all business activities result in positive effects on the society. The concept of corporate social responsibility emerges as the key tools applied to ensure that business or individual business actors’ interests are balanced with the societal interests.
According to the task, these ethics can be explained in many different theories of ethics that include virtue ethics, rationality, utilitarianism, communitarianism, social ethics and normative ethics. Hence, international business ethics and corporate governance can be explained in various ways (Casson 95).
Basically, business values have normative and descriptive elements. As a business practice and a career interest, the avenue is mainly normative. Academics endeavoring to understand business conduct employ explanatory methods. The variety and magnitude of business moral issues reflects the interface of profit-exploiting manners with non-economic apprehensions.
Society always has a difficult time trying to identify which groups are out for their immediate needs. Organizations that are in place to identify how businesses conduct their operations are also under close scrutiny. This is to measure if the work they are doing is commendable, or they fall under the same category as the perpetrators of white collar crimes.
To some, the suggestion that an orderly and analytical process of decision making, not only on a personal level – but more so in business, should include the discussion of highly controversial ethical issues, about which
The other group of business people takes it as avoiding activities that portray bad image of the company. If the above are not considered as business ethics the business institutions may suffer loss or may earn the business bad reputation.Business people believe that if good business ethics are adhered to then the business will experience an upward trend with a lot of profit.