Introduction
Ethics in business is important of everyday moral and ethical norms to business. Perhaps, the Ten Commandments from Bible come to mind as an example of morality that still used by many today. These commandments carry concept of being truthful and honest, and try to stay away from theft and greed. An idea of stewardship can be found in the Bible as well as many other religious literatures that can be and have been applied to business.
Beside religion, philosophy also carries similar ethical traditions. For example, Plato’s main theme of Republic is justice, and Aristotle in his Politics cares model of economic relations, business and trade.
Today, Business Ethics is the conduct that businesses carry in its daily dealings with the business partners, consumers and employees. However, the concept of ethics in businesses can be different for companies.
Many businesses got bad reputation just by being in business. For some people the idea of business is to make money and that is the only purpose. In other words, it could be called capitalism. Do not take me wrong, my attention is not to say that making money is wrong in itself. However, the manner in which some businesses behave themselves brings up the uncertainty of ethical behavior.
Every business should carry good business ethics and there are many factors to consider. When a company does business with another that has considered unethical, does this mean that first company act wrongly by correlation? Some people probably would think yes, the first business has a liability and it is now a relationship of unethical businesses.
However, many businesses, as well as famous brands that people use, do not have good business ethics. Many busi...
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Business ethics are a the codes of conduct and company lays out so it's employees follow a righteous moral compass that's in the same direction as the company's.
Ethics is a principle or a moral value every business should have. The way a business runs keeping in mind how the workers are being treated, how its products affect people and whether or not it’s is sustainable in the environment falls under
Business ethics are moral principles on how a business should behave. Law regulations play a crucial factor in business and generally a business should establish a trust relationship by taking into consideration the needs of stakeholders, shareholders and the government. (http://businesscasestudies.co.uk/anglo-american/business-ethics-and-corporate-social-responsibility/what-are-business-ethics.html#ixzz2z4gH4Vl9)
In today’s global society, a Code of Ethics policy is used to label established, acceptable behaviors among that industry’s business associates, potential investors, and the corporation’s executive officers and employees, and most important, the consumer (Ethics Resource Center, 2003). In an attempt to promote an increased efficiency and productivity potential level, among employees and prospective clients, a corporation’s standard Code of Ethics should guide its members toward a more in-depth examination of their personal moral activity, and how these actions affect the people or acquaintances they encounter. A company should utilize this strategy as a model for the professional behaviors and responsibilities of its constituents, and proves the occupational advancement of that business. Ethics are important in every level of a corporation, but specifically in the day-to-day actions of its members, and the image the company broadcasts to its associates is fundamental in building a stable business foundation. These pledges are a vital communication tool used to covey the firm’s standards for business operations, and predominantly, its relationships with the surrounding communities (Ethics Resource Center, 2003).
The over-reaching question however is what is ethics? Ethics is defined as, an area of study that deals with ideas about what is good and bad behavior: a branch of philosophy dealing with what is morally right or wrong (Merriam-Webster, n.d.). Granted this a rather broad definition. However, ethics are the cornerstone upon which businesses must be built on.
A democratic and free market depends on the successful incorporation of ethical features and values. These values include country’s features like collaboration, trust, loyalty, justice and mutual respect. Trust in business has the potential to be undermined by demonstrably unethical acts by the host government or other players in the business. Unethical practices in the business contribute to both deprivation of confidence in the operations of the company. It also affects the country’s financial sector. For each country, the development of a Business Ethics Index (BEI), used to measure consumer confidence n business ethical behavior, is recommended. (Tsalikis, Seaton and Shepherd 209).
It is contended that a business should only focus on making profit and most of the businesses think business ethics costs too much to put up with, but being ethical and socially responsible is necessary for companies. Business ethics is a group of moral principles in the business environment. Many factors of business environment can cause corporates to act unethical such as competition, the urge to make profit and selfishness. Generating revenue is vital for corporates, that’s unquestionable, but competi...
Business ethics problems can be identified mainly as wrongful harms, misallocations, and misappropriations. These categories are commonly employed in economics, finance, and corporate law in the analysis of various kinds of problems, which are usually attributed to market failures, imperfect contracting, and other causes. However, many of these other kinds of problems arise from larger economic and political forces that would affect any theory of the firm.
There are many different industries in today’s corporate world. Perhaps, the most vital component in the corporate structure is its Codes of Ethics. Business Ethic or can be known as the Code of Ethics is a form of codes within the corporate world which it uses the Ethics and applies it to the entire philosophies of this corporate structure. In today’s day and age, most corporate structures use the Code of Ethics applies to the social atmosphere rather than the financial side.
Throughout the world, business organizations and various professions conduct daily activities that require standards of ethical behavior. To convey a company’s ideals, principles, and goals most companies develop a document called a code of ethics that defines the behavior that others can expect from them. A business code of ethics is a valuable tool used within a profession or business to evaluate its performance in the business world.
Ethics are the driving force behind good business. Every ethical choice made by a professional can and will have a much different outcome than any unethical choice. Bad ethics can ruin many aspects of a business and as (Gaye-Anderson, 2007) states how quite easily the lives and professional reputation of the employees can even be severally damaged (para. 3). Everything from morale to motivation can be severely affected by poor ethical choices. Customers will take their business elsewhere. Employees will abandon ship. Other, competing businesses reap the benefits of the bad moral choices. Ultimately, the entire business can be brought down by one poor ethical choice.
In the business world there are many fundamental aspects and situations that can lead to several issues. In order to find an optimal and professional solution, business decision makers need to apply moral and ethical standards. And it is at that moment in which business ethics perform its role. Business ethics, which is in charge of examine how companies and individuals should act in business situations, is very essential in order to reach a common agreement and to work within the laws of business and solve an arisen dilemma. Working of the hand of ethical business companies, employees, investors, directors, and even individual officers can be beneficiated and obtain most favorable outcomes.
The textbook defines business ethics as “the accepted principles of right or wrong governing the conduct of business people.” Business ethics also govern the members of a profession and the actions of an organization. Many organizations put into place an ethical strategy which is “a course of action that does not violate accepted principles.” These principles are used to guide organizations and employees to make the right decisions.
Ethics is the study of right or wrong and the morality of the choices that individuals make. That basicly means the set of morals or responsibility that a person, group, or field have. Ethics can also be classified as code of morals. In business there are ethics that portray to business. These are called business ethics, business ethics just happen to be the application of ethics, morals, into the business field. Some examples of business ethics are obeying all rules and regulations even when nobody 's looking, which is pretty self explanatory, you shouldn’t be breaking rules. Even if it is as simple as washing your hands after you use the restroom or straight up lying to your customers, they are the ones making you money so if they find out
Business ethics are a set of moral rules that govern how a business operates, how people should be treated within an organization, and how business decisions are made. They are a crucial part of employment and in managing a sustainable business, mainly because of the serious consequences that can result from decisions made with a lack of regard to ethics. Even if you don’t believe that good ethics don’t contribute to profit levels, you should realize those poor ethics have a negative effect on your bottom line in the long-run. Every business in every industry has certain guidelines to which its employees must stick to, and regularly outline such aspects in employee handbooks.