The discussions about international business ethics are as old as international business itself. Throughout the decades of the 1980s and 1990s business ethics was mainly a branch of learning being trained in business schools and argued by scholars. (Charles, 2003) However, by the end of the 20th century business practitioners deal with numerous intimidating issues. A few more imperative concerns are sheathing yield of production, oppressive societal and narrow costs, dissatisfied and unfaithful staffs, a growing surge of worldwide antagonism, geopolitical turbulence, erratic currency structures, and periodic pressures of inflation, depression, and universal market volatility. A profound acquaintance of values and ethics drive business practitioners, their employees, and their organizations to do what they do might well assist them not only to endure current complexities but also to provoke the influential social and technical streams renovating the global business structure. (Frederick, 1995)
D'Silva (2007) defines business ethics and values as an ability to distinguish between right and wrong, good and bad etc. Anything one may consider appropriate conscientiously may be regarded as ethical and vice versa. However this simply not enough as stated by D'Silva (2007) values and ethics comprise one's intellects to discriminate between moral and immoral in addition to willingness to facilitate someone in a positive manner. Business Ethics may be an approach of honorable doctrines practiced in the business world globally. It imparts strategies for suitable conduct by corporations not only in the policy formulation but in routine activities as well. A moral attempt has so far become essential in the determination of the reputation of the business and ultimately the success of course. In order to achieve this reliable status, business concerns are now making efforts to prepare and follow ethical codes of conduct decoding into the perceptions of commercial and individual accountability.
A Model of Ethical decision making
McDevitt, et. al., (2006) have created a model of ethical decision-making that amalgamates the decision making procedure plus the content variables taken into consideration by those coping with ethical problems. The model explains the decision-making procedure in surroundings of disagreements, alternatives and assurance with content variables. An improved interpretation of the procedure will help managers in coming up with strategies that improves the probability of ethical conduct in their firms.
Figure 1: Adopted from McDevitt, et. al., (2006)
A number of Subject matter variables have been presented by the researchers to elucidate the ethical decision making but here only few are chosen in context with the application. These are individual and situational variables. As Figure 1 demonstrates how individual traits of a person are associated with different situational aspects to reach a final decision.
Need of Educating Values and Ethics in Business Schools for Career Development
As stated by Cornelius, N. et. al., (2007) in order to meet the call of the day it has become a