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Ethics and corporate performance
Business ethical practices
Practices of business ethics
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Business ethics are best described as moral principles within the business environment of what is right or wrong, and guides the way a business is run. The ethical decisions made by businesses can affect their company in a positive way while unethical decisions made can affect them in a negative way, although these unethical decisions are not necessarily illegal. The same rules or principles that regulate a person’s actions also applies to the business environment. Running a business in an ethical way involves differentiating between right or wrong, and then making the right choice. Ethics can be extremely important in business decision making. When a business or corporation is making an important decision, it should assess the legal ramifications, …show more content…
These duties could come from religious or logical reasoning, or principle of rights (basic rights of human beings). Duty-based ethics concentrates on the obligations of the business. Employees displaying duty-based ethics follow the company rules, does exactly what they are suppose to do, and honors the company’s guidelines and policies. This ethic is based on the responsibility felt to do the right thing, with no concern about what the cost could be. It is the intention of the action itself that is judged either good or bad. An example of duty-based ethics is following of the Ten Commandments. In the scenario of Cary Mason, representing John Doe, in a case against Acme Corporation, it is a tough decision for Mr. Mason to make on whether or not he will pay one of the three judges $250,000 in order to win his case. An ethical decision will need to be made by Mr. Mason based on what he thinks is right or wrong, and making the right choice. Mr. Mason has a duty to represent his client, but he has to decide if he can do so by acting unethically. If Mr. Mason pays the $250,000 to the judge in order to win the case, he obviously will be helping his client, Mr. John Doe, but the question is whether or not Mr. Mason feels that this bribery is right or
All three ethical paradigms have great principles to apply; however, the situation can be preferably designed to fall into the duty theory because there are certain laws and obligation that can not be disobeyed. Emotions and the concern for others mustn't interfere with one's job.
“Business ethics is a form of applied ethics or professional ethics that examines ethical principles that arise in a business environment” Wikipedia the Free Encyclopedia.
Ethical behavior is behavior that a person considers appropriate. A person’s moral principles are shaped from birth, and developed over time throughout the person’s life. There are many factors that can influence what a person believes is right, or what is wrong. Some factors are a person’s family, religious beliefs, culture, and experiences. In business, it is of great importance for an employee to understand how to act ethically to prevent a company from being sued, and receiving criticism from the public while bringing in profits for the company.
Decision making models are used by counselors to assist them in making decisions that are beneficial for the client ethically. If a counselor faced a difficult situation that requires an ethical decision making, determining the appropriate course to take can be a challenging when facing a difficult ethical dilemma. In the ACA code of ethics, the responsibility of counselors, relating to an ethic or legal situation are defined whereas professional counselors must abide to. In this paper, will look at the comparison and contrast with two ethical decision-making models, along with how it applies to the case of Simone who is seeking counseling. The ethical regulations that make sure the developmental and cultural awareness and lastly, the values,
Business ethics are moral principles that guide the way a business operates (Business Case Studies LLP). Those principles allow you to determine an individual’s actions that applies to business. The ethical way of acting involves distinguishing between right and wrong and also making the right choice. (Business Case Studies LLP) The article I chose to review is written by Rich Meneghello entitled “Just (Don’t)
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.
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.
Ethics is the application of one’s personal beliefs and the impact on how a person makes decisions regarding the relationships involving a company. The most common agents that involve a person’s decisions are owners, employees, customers, clients, suppliers and communities, according to Robert Audi (Audi, 2009). A person’s beliefs are often the determining factor in whether an action is considered right or wrong. Although ethics are often not explicitly displayed, a person with any sort of moral belief tends to have a grasp about what is considered ethically right or wrong. These obligations attempt to create a mirror image of how one would expect to be treated themselves. Audi states that there are ten moral obligations that serve as a model for how to assess ethical dilemmas. The following obligations are moral obligations that help to assess ethical dilemmas: justice, non-injury, fidelity, veracity, reparation, beneficence, self-improvement, gratitude, liberty, and respectfulness (Audi, 2009). Once these moral obligations are engraved into someone’s mind, it is much easier for a person to make a decision based on ethical grounds.
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.
Ethical business practices include assuring that the highest legal and moral standards are observed in your relationships with the people in your business community. This includes the most important person in your business, your customer. Short term profit at the cost of losing a customer is long term death for your business.
Legal factors involve the laws that a firm has to abide by, i.e consumer laws, employee laws…Understanding the varying laws and regulations in a given region of operation is critical to avoiding unnecessary legal costs.