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Business Ethics Assignment: The Corporation and Social Responsibility - Essay Example
Pages 5 (1255 words)
BUSINESS ETHICS The financial crisis of 2008-09 created problems for millions of people around the world. It also placed significant stress on the financial system. But perhaps most importantly it changed the way people viewed business, in many ways for the negative…
The public saw these bonuses as outrageous and unethical for several reasons. One reason was that it began to appear as though people on Wall Street were congratulating themselves for a job badly done, and, another was because some of the firms giving out large bonuses had received bailouts from taxpayers. The question we must ask ourselves as businesspeople is whether or not big corporate bonuses are ethical or not. But that is only part of the issue. A lot will hinge on questions of perception. This memo will discuss this issue. In business, perception can very easily become reality. That in part is what public relations companies do for businesses—they try to manage perceptions. But businesses can also do a lot to help themselves. If they appear unethical or overly greedy, it is very likely they will turn off many potential customer and lose long-time customers too. It is important to consider how your company is being portrayed in the press. This is especially vital to consider in times of economic downturn. The recent crisis created a new context in which many actions taken by management in large companies came under new scrutiny. Many people in the media, as well as ordinary people, blamed large firms on Wall Street such as banks and insurance companies for taking unreasonable and foolish risks (Wayland, 90). It is indeed true that many of these companies gambled big. ...
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