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Value of ethics in a business
Value of ethics in a business
Value of ethics in a business
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BUS 311 The concept that “business ethics is an oxymoron” is a topic that at first may seem like a contradiction. This refers to the “apparently inherent” conflict between morality and the pursuit of profit (Transcript: Ethics: Business an Oxymoron?, n.d.). The implication is that if a company has to choose between profits and doing the right thing, the business will choose profit because that is what businesses are all about. However, this notion comes from a point of view not familiar with how businesses actually operate. There are more benefits and incentives for a business to act ethically than to act unethically, and that is what this essay tries to prove. Having strong ethical components in a business is the only way businesses …show more content…
Business act ethically because it is the best long term-strategy for a company. Of course, being ethical does come at a price. Doing the right thing can be costly, but that is only a short term cost endured in the hopes for long term profit. The logic behind this notion is that ethical businesses have comparative advantages to unethical businesses when we measure them against each other in the long run (Transcript: Ethics: Business an Oxymoron?, n.d.). If a firm conducts business in an unethical manner, in the long run, it will lose its customers because they will not appreciate being treated poorly. Those customers will then become loyal to firms that are ethical, and thus the ethical firms are the ones that will benefit the most in the long run. This series of events happens because when a business takes advantage of its customers or employees, which are unethical actions, those groups retaliate by not purchasing the firm 's product and by not working for the firm, which cripples the business. So, in order for businesses to be successful, they must work hard to create strong relationships with its customers, which therein also creates good reputation. Those two things can only be received by firms that use ethics to conduct their business, and thus only ethical businesses can reap long term benefits of playing by the rules. In other words, most people prefer to conduct business with an ethical company, rather than an unethical company. Technically, this proves that in the long run unethical behavior is costly, and ethical behavior creates its own competitive
Do you agree with Schmeltekopf that business schools are not preparing students well for the for the ethical challenges they will face in the workplace? Why or why not?
More and more people are holding businesses to a higher ethical accountability. A companies decisions effect its employees, costumers the environment, and even the community, so decisions should not be taken lightly. It also becoming more obvious that managers feel that trustworthy employees with good worth ethics are an intangible asset to their company. Managers will not receive such employees if they do not have high ethical and moral standards themselves. I think that people ultimately want ethics that will produce a productive and honest workforce that also increases profits.
It's difficult not to be cynical about how “big business” treats the subject of ethics in today's world. In many corporations, where the only important value is the bottom line, most executives merely give lip service to living and operating their corporations ethically.
Throughout the course of day-to-day business life, the business professionals come in contact with quite a sum of ethical dilemmas. There are various ways to handle these ethical dilemmas, but failure to follow the appropriate manner could result in an unethical outcome. The ethical guides related to the book definitely help students develop an ethical character that is sure to stand out for highly ethical companies. In addition, there are companies that test how ethical applicants are before hiring them, this in turn makes getting the job more difficult and costly. However, despite the high cost and difficulty said companies stay firm to ethics, guaranteeing they get top-of-the-line employees who will act in an ethical manner. Ethics is defined
Trevino, L. K., & Nelson, K. A. (2011). Managing business ethics: Straight talk about how to do it right. New York: John Wiley.
Nelson, K., & Trevino, L. (2004). Managing business ethics: Straight talk about how to do it right (3rd ed.). New York: Wiley
Explain the connection between the economic model of corporate social responsibility and “free market” or “neoclassical” economic theory.
Ethics in business is a highly important concept, as it can affect a company’s profits, salaries paid to employees and CEOs, and public opinion, among many other aspects of a business. Ethics can be enforced by company policies and guidelines, set a precedent when a company is faced with an important decision, and are also evolving thanks to new technology and situations that arise due to technology usage. Businesses have a duty to maintain their ethical responsibilities and also to help their employees enforce these responsibilities in and out of the workplace. However, ethics and the foundation for them are not always black and white. There are many different ethical theories, however Utilitarianism, Kant’s Deontological ethics, and Virtue ethics are three of the most well known theories in existence. Each theory is distinct in that it has a different quality used to determine ethicality and allows for a person to choose which system of ethics works best with both the situation and his or her personal ethical preferences.
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).
The term “ethical business” is seen, by many people, as an oxymoron. This is because a business’s main objective is to make as much money as possible. Making the most money possible, however, can often lead to unethical actions. Companies like Enron, WorldCom, and Satyam have been the posterchildren for how corporations’ greed lead to unethical practices. In recent times however, companies have been accused of being unethical based on, not how they manage their finances, but on how they treat the society that they operate in. People have started to realize that the damage companies have been doing to the world around them is more impactful and far worse than any financial fraud that these companies might be engaging in. Events like the BP oil
The Facts: Kermit Vandivier works for B.F. Goodrich. His job assignment was to write the qualifying report on the four disk brakes for LTV Aerospace Corporation. LTV purchased aircraft brakes from B.F. Goodrich for the Air Force. Goodrich desperately wanted the contract because it guaranteed a commitment from the Air Force on future brake purchases for the A7D from them, even if they lost money on the initial contract.
The field of ethics (or moral philosophy) involves systematizing, defending, and recommending concepts of right and wrong behavior (Fieser, 2009). Many of the decisions one faces in a typical day could result in a multitude of outcomes. At times it can be hard to determine whether or not the decision you are making is an ethical one. Many philosophies have been devised to illustrate the different ways of evaluating moral decisions. Normative ethics focuses on assessing right and wrong behavior. This may involve reinforcing positive habits, duties we should follow, or the consequences of our behavior (Fieser, 2009). Of the many normative philosophies two stand out to be most accepted; teleology and deontology. Although they oppose each other in how actions are evaluated, they uphold many similar characteristics under the surface.
Treviño, L. K., & Nelson, K. A. (2007). Managing business ethics: Straight talk about how to do it right Fourth ed., Retrieved on July 30, 2010 from www.ecampus.phoenix.edu
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 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