Ethics is discovered by a Greek philosopher named Socrates, he viewed ethics as knowledge as the right reasons to make during any situation supported by the right reasons. Ethics is how an individual behaves, it is also the standards of behavior which can promote human welfare and also ‘The Good’, this extends to animal welfare, the physical environment and how an individual serve human welfare. Ethics is also how we treat one another and even the people we don’t really know like strangers etc. What ethics is not? Ethics is not feelings and not what other people do. While business carry an almost similar concept from ethics but in the field of business. It’s how we behave in the field of business as business men and women. Business ethics is …show more content…
The Royal Bank of Canada won many awards such as being recognized as the top 100 most powerful companies, titled as the most respected corporation in Canada and the safest and most trust worthy banks. One of the main reasons for their success is their business ethics, The Royal Bank of Canada puts the customers first, which is the right thing to do in terms of business ethics. So the customers put their trust on to the bank itself. Secondly, The Royal Bank of Canada is not the company that practices corruption, money laundering, drug trafficking and other illegal activities. Instead, The Royal Bank of Canada joins forces with the Canadian Police to fight against corruption in all aspects. So that the outcome is to run a healthy and clean business. Based on this, The Royal Bank of Canada does has the ethic of care, the bank does care about it’s customers happiness and satisfaction. Whereas The Royal Bank of Canada doesn’t practice personal egoism, there have never been any reports stating that the bank has ever involved in corruption for company …show more content…
Business ethics is something that we use in our daily working life to make the right decision and have the best outcome. Because helps us make decisions depending on is it right or wrong supported but logical thinking and reasoning. Like BCCI and HSBC Bank, they did not think that money laundering was the wrong course of action. Business ethics is very important, because without business ethics, people would never know how to differentiate between the good and bad in the company, so people would just simply make deals with people either good or bad. Whereas ethics helps to make the society more stable than a society without ethical thinking. As said by Albert Camus, ‘A man without ethics is a wild beast loose upon this world’. Examples like the un-ethical corporate companies which act un-ethically with the wrong reasons. Companies like BCCI and HSBC Bank are the beast loose in this world with no ethics
Explain the connection between the economic model of corporate social responsibility and “free market” or “neoclassical” economic theory.
(Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in a business environment, or by a business. There are many situations that can arise in which a person is experiencing an ethical dilemma. They have to choose between standing by their own personal ethical standards or complying with their companies ethical standards. In some instances, some have to choose whether to serve their own personal interests, or the interests of the company.
Ethics as an invisible rule exists in our society, and it help us to examine what the right or wrong is. Ethics is not a law, but it seem like an invisible law to control everyone whose behavior. Business ethics always applies into trading or some competitors behaviors. According to the case, I have been catch up five points of ethical dilemmas for business ethics：
Business ethics simply can be defined as the application of business values in the business practice of a company (Seawell 2010, p. 2). For a multinational company, business ethics is one of the critical aspects need to be taken into account in business decision-making processes. Failure to give attention on ethics may bring consequences on company’s reputation (Meyer & Jebe 2010, p. 159). The company is expected not only to pursue its own profits but also contributing to the environmental and social welfare of the community where it operates (Svensson & Wood 2008, p. 308).
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.
In BBB Bank, a major issue in regards to ethics are the sales tactics of the sales staff. As their objectives were set with rewards based on sales value and volumes, their main focus was selling as many products with the highest value possible. This means that they lost sight of the customer and what it best for them. As a result, other internal departments have been impacted and it had a negative impact on BBB Bank’s reputation.
“Ethics is about choosing or doing the 'right ' thing, the ethics of business is about making the right business decisions, or doing the right thing in business.” (Haddad, 2007) Each person decides
Ethics is derived from the greek word ‘ethos’, which means character and the latin word ‘moras’, which means customs. Thus ethics is defined as the personal and professional behaviour with regards to the values, customs, behaviour, principles and morals of society (Senarante, 2011). Professional ethics can be defined as the personal and corporate standards of conduct that is carried out by members of a particular profession. For example, medicine, accounting and engineering. Professional ethics or business ethics cover larger areas than the law, and although an issue may not be illegal, it can be considered as an ethical issue (ATT Ethics, 2013). Business ethics can be defined as the policies and principles that act as operational guidelines
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.
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.
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.
Ethics are moral principles or values that govern the conduct of an individual or a group.It is not a burden to bear, but a prudent and effective guide which furthers life and success. Ethics are important not only in business but in academics and society as well because it is an essential part of the foundation on which a civilized society is built.
Business Ethics in Banks: Are Banks Special? Yes .the debate continues/will continue-over the years with distinguished bankers/economists, offering their comments in various forums in the context of rapid changes in Banking and technology adoption to deliver services,
Why is it so important to understand the importance the ethics role in business? Business ethics and social responsibility are creating obligations for corporation to do more in the business than just obey the law. The acceptability behavior found in business is not only determined by the organization but like the stockholder, costumers, competitor, government and etc.
Ethics is simply doing the right thing. In the business situation ethics are the moral concept of a firm getting through it organizational duties ethically.