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Definition of ethics and its importance
What is the value of ethics in our society
Definition of ethics and its importance
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The importance of ethics and values in business sustainability is undeniable. Ethics has been defined as, “Moral principles that govern or influence a person’s behaviour”- Hornby. Ethics is different from business ethics however, business ethics is defined as “Written or unwritten codes of principles or values that govern decisions and actions within an organisation”. Therefore we can see that the ethics, moral standards and behaviour of the consumers, employees, entrepreneurs or management teams does not concern business ethics. Business ethics has to do with the ethical behaviour and decisions of the entire organisation as a whole. This means that the decision to behave or act ethically is a moral one. Decision making that happens within a business is made by individuals or groups that need to make the decision on whether or not to act ethically, this may mean avoiding a decision that could produce the most profit for the organization because it is unethical and does not uphold the values of the organization or business. When looking at business ethics it is important to differentiate between the types of ethics. The main types of ethics are descriptive ethics, normative ethics and analytical ethics. Descriptive ethics is described as how people behave the moral standards they claim to follow. Normative ethics is described as creating or evaluating moral standards, it is an attempt to discover what people should do or whether their moral behaviour is reasonable. Analytical ethics is described as the study of assumptions people make under normative ethics. Sustainability is an “enduring and balanced approach to economic activity, environmental responsibility and societal benefit”- Tata Steel. Sustainability is about meeting the ... ... middle of paper ... ...nd allows for everyone in the company to be involved. It also means that leaders work alongside employees, creating greater guidance and support for the employee. A lot has been said about how important leadership is and a few leadership categories have been explained, but it is also important to understand which factors influence a leader. By having knowledge about what influences a leader and what traits leaders possess it can be seen how they affect a company’s success and how important their leadership is for any business organisation to be successful. There are eight main traits that an effective leader must possess. Intelligence, Knowledge & expertise, maturity, high energy, self-confidence, integrity & honesty, stress tolerance and dominance. These traits allow for a well-rounded leader that is capable of managing people and dealing with almost any situation.
The task of business ethics is to make sure business decisions encompass an ethical element, and to make sure that managers take ethical implications of strategic decisions into account before choosing a line of action.
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.
By definition, ethics refers to "a set of principles of right conduct." It is also defined as "the rules or standards governing the conduct of a person or the members of a profession," (www.thefreedictionary.com) and in business may be considered the standards governing the conduct of people in the business environment. Business ethics is the behavior that a business adheres to in its daily dealings with the world. It relies on values as a way of guiding behaviour in business.
Business ethics is described by means of studying how terms are connected with ethics used in relation to business. So business ethics invites us to take into consideration what right and wrong consist of in relation to business activity; about your goodness and badness associated with specific business situations; concerning the rights, responsibilities, obligations and duties that have to govern business relationships; in what a fair distribution from the benefits and burdens associated with business activity might contain; and about what takes its virtuous business or a virtuous business person (Fryer, 2015).
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.
Business ethics are moral principles that distinguishes right from wrong and help determines an individual’s action as well as guide the way a business behaves. Oxford Dictionary of Economics definition of business ethics states it as ‘the study of what standards business should observe in their dealings over and above the compliance with the letter of law’. From this, it can be assumed that following the law, although a key starting point, might not be enough in order to behave ethically but it might be require to give up some business interests. Business try to meet this demand by setting out their core values and standards in their own statement of Business Principles. As well as this, many companies have created voluntary codes of practice that regulate practices in their industrial sector. These codes are drawn up in consultation with governments, employees, local communities and other stakeholders.
Business ethics defines how a company integrates core values - such as honesty, trust, respect, and fairness - into its policies, practices, and decision-making. Business ethics is, in part, the attempt to think clearly and deeply about ethical issues in business and to arrive at conclusions that are supported by the strongest possible arguments. Ethical principles are the rules of conduct that derive from ethical values. For example, honesty is a value that governs behavior in the form of principles such as: tell the truth, don’t deceive, and don’t cheat.
Ethics are the morals principles that we obtain through various means, such as religion, culture, etc., that people live by. Values are the way we feel about honesty, wrong-doing, etc. Ethics and values help determine the way employees and members of the business should act and how they should act to show how what the business stands for. The business has a number of ways in which it helps employees can use ethics and values to show the importance in business sustainability.
An ethical business should have a code of ethics which should be followed by all the employees and all the business practices should be ethical. The same way that principles determine the actions of an individual also this applies to a business.
Ethics is the term we give to our concern for good behavior. Its human nature to not only is concerned with our own personal well being, but also that of others and of human society as a whole. Basically, treat others how you would like to be treated. Business ethics is very similar to normal every day ethics. It is related in a way that it involves being fully aware of what we're doing including the complications and consequences of our actions. Being aware of ethics in business requires us to be aware of two things. First, we have to have a need with complying with rules, such as laws, customs and expectations of the community, the principles of morality and the policies of the organization and such general concerns as the needs of others and fairness. Second, we should know how the products and services of the business, the actions of its members, could affect its employees, the community and the society as a whole, either positively or negatively (Ethics 5).
Another aspect of leadership includes leadership traits such as being influential and inspirational. There also different contexts of leadership, e.g, leading oneself, leading other individuals, leading groups, leading organizations. Some traits that are often associated with being an effective leader include a measure of intelligence, high energy, self confidence, dominance, and a need for achievement. An effective, charismatic leader must lead by example. That leader must be able to know what is going on, the job or task that is being accomplished, and be able to lead the group into performing the task at hand successfully.
Business ethics can be defined as professional ethics that examines ethical problems arising in a business environment. Business ethics guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. Examples of business ethics in the workplace may include abusive behaviour, sexual harassment, cheating the company, just to name a few.
Business Management Research Assignment (chapter 5 & 11). Q1: The importance of ethics and values in business sustainability: Ethics has to do with an individual’s judgment and morals. Their ethics help us determine right from wrong. “Values are attitudes towards things like truths, justice, honesty etc.”
Some business ethics are imposed by law.e.g. The Securities and Exchange Commission governs the way investment bankers and stock brokers do business, and court rules dealing with attorney client privilege dictate some ethical decisions for attorneys. However there are also business decisions that do not fall near the guide lines of the law, in which ethical or moral judgments must b made(3). According to Brainy Quote, Business is any particular occupation or employment engaged in for livelihood or gain, as agriculture, trade, art, or a profession. In general, business ethics is the branch of ethics that examines ethical rules & principals within a commercial contest. The various moral or ethical problems that can arise in a business setting; and any special duties or obligation that applies to persons who are engaged in commerce. Those who are interested in business ethics examine various kinds of business activities and ask, Is, the conduct ethically right or wrong? (4) Significance and importance of business ethics can be enhanced by comparing it with the foundation of a
Business ethics is viewed as a specialized study of morals right or wrong (Paliwal, 2006). The standard set of business ethics must meet the 3 C’s compliance, contribution, and consequence. Ethics requires a business to contribute to society. A business core values is achieved by ensuring a high quality of services and products. A business development strategy is to create an employment opportunity. Corporations are mandated to be socially responsible towards all major shareholders.