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Values and Ethics in Professional Business - Term Paper Example

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Values and Ethics in Professional Business

This makes the smooth functioning and sustained endurance of the business organizations quite certain. Fresh inclinations and concerns which occur on a regular basis are capable enough of giving rise to a significant trouble for the organizations and even for the end-customers. The environment of business has been undergoing a constant alteration which is giving birth to various complexities with regard to the business organizations (International Trade Administration, 2004). In the recent times, owing to the intricacies involved with businesses it has become necessary and vital for the organizations to indulge in appropriate ethical behavior and to maintain certain values for the reason of staying away from probable lawsuits. The public disgraces of the corporate unethical and malpractices have created an adverse influence on the viewpoint of the general people towards numerous organizations like Arthur Andersen, Enron, Union Carbide and WorldCom (Mahdavi, 2005). The Need for Values & Ethics in Professional Business Compromising with the values and indulging in unethical behavior have led to the collapse of quite a few organizations. In the present day’s context, the business organizations are anticipated to comply with the standards regarding carrying out of the business in a responsible way. The expected standards surpass the ones that were followed traditionally. Although, the concept of business is frequently referred to on the basis of profits, productions and jobs but at the same time, it is comprehended and acknowledged worldwide that a particular business enterprise continues to be an associate of the community it is operating in. The hunt for profit followed by economic development is not being considered to be a permit for disregarding the standards of the community norms, respect, quality, integrity along with the values with regard to the business organizations (Weiss, 2008). Profit is measured to be the most important factor for the business enterprises. Enhanced business performance, economic development and profits have been found to be attained by those who efficiently and competently promote and meet up to the rational beliefs of their respective primary stakeholders. The stakeholders entail employees, investors, customers, environment and suppliers along with managers as well as owners. The factor of success with regard to any kind of a business is in due course gauged and ascertained in terms of profits as well as losses. The socially dependable businesses have been learnt to create the proceeds and the capitals that is supposed to be necessary to continue the business functions and to ensure existence in the long-term with the help of taking into concern the beliefs of the stakeholders. The businesses that are conducted in a socially responsible manner have been identified to be successful in creating and making sufficient income for meeting up to the actual ‘cost of capital’, the doubts as well as risks related to the economic procedures that are predicted to arise in the coming days along with the necessity of the employees and the pensioners. However, the businesses that are considered to be socially irresponsible remain unsuccessful in meeting up to the mentioned expenses as the reasonable requirements of the stakeholders are not met by such businesses. For instance, a proficient, effectual and dependable business organization would earn income or profit by fulfilling the necessities of its customers. It would lure capital with the help of meeting up to the prospects of the different investors. It further augments its effectiveness with the help of luring employees with superior competencies. It trims down the expenses by bringing ...Show more

Summary

The magnitude of values as well as ethics in the professional business world is believed to be superlative along with being global. The constant increase in the degree of competition along with growing complexities has made it necessary for the businesses to pursue values as well ethics…
Author : allison13
Values and Ethics in Professional Business essay example
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