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Importance of ethics in business
Importance of ethics in business
Importance of ethics in business
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“Ethics 101”by John C. Maxwell, is a book to help determine your standard of ethics once you enter the professional arena. The book uses a variety of situations and primarily discusses what Maxwell calls, “The Golden Rule”. This is essentially a motto to live by when making ethical decisions. The main concept of this rule is to do unto others as you would want them to do to you. This is essential to be a respectable person in the business world, but something that is often forgotten once money & power comes as the benefits of breaking your ethics. The book uses a variety of examples throughout the book talking about ethics, for instance, they discuss how medical students refer to classes on ethics, philosophy and other classes of similar context …show more content…
I already had a high moral standard and therefore the book was unable to make a real impact on my vision of ethics. However, the book did make a good impression on me about something that’s not directly what your ethics are but how highly you value them in your life. In location 239 in the Kindle version, there is a quote from The Josephson Institute of Ethics that states, “ETHICS IS ABOUT HOW WE MEET THE CHALLENGE OF DOING THE RIGHT THING WHEN THAT WILL COST MORE THAN WE WANT TO PAY.” (Maxwell, Kindle Locations 242-243) This really caught my attention because all throughout a student’s academic life we are taught the theoretical aspects of ethics, however, once you enter the business arena the cost of following your moral code, the golden rule can be much higher. You can lose your job or lose a client because you won’t bend the rules for them. There are things in this world that no schooling can prepare you for and you really figure out what your level of ethics is once you are in those situations where something meaningful to you is at stake. So, the book did not make me think differently about my ethics and what I value, but instead, it changed my perspective on when my ethics will be really challenged. I have never been in a situation where my ethics have been challenged so it will be a true test of ethics once I enter the business
Ethics, the moral principles that govern a person’s or group 's behavior, are one of the most important lessons to be learned in post high school education. Ethics are what people and companies all over the world are taught to practice in order to create a fair and just society for both the consumer and the business or organization. However, as companies expand and gain more power, the question of what is ethical slowly begins to fade as it is overcome by the question of what is more convenient, cheaper, and will result in the most profit. Thus, creating an advantage to large corporations over the consumer, while allowing for everyone else to suffer at the expense of the earnings of the corporations. Upton Sinclair, the author of The Jungle,
The Ins and Outs of Ethics is a Business Week Online magazine article from May 13, 2001, it was written by Eric Wahlgren. In the article he interviews Michael Rion, the author of The Responsible Manager. Rion is also a leading business ethics advisor who consults many Standard and Poor’s 500 companies. In the article Wahlgren asks Rion why it is important for businesses to have a high ethical standard. In his responses, Rion explains that effective organizations utilize ethics programs to clearly define ethical expectations, resolve ethical issues quickly, and to remove moral constraints. Additionally, employees who understand how to deal with ethical dilemmas will also be more productive and have strong core values to guide them. According to scripture, Rions concepts are biblically sound, relevant, and desirable, proving that ethical organizational behavior is shaped and influenced by sound ethical principles.
Trevino, L. K., & Nelson, K. A. (2011). Managing business ethics: Straight talk about how to do it right. New York: John Wiley.
Trevino, L., & Nelson, K. (2011). Managing business ethics - straight talk about how to
Ethical behavior is behavior that a person considers to be appropriate. A person’s moral principals are shaped from birth, and developed overtime throughout the person’s life. There are many factors that can influence what a person believes whats 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. (Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in an 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 to comply with their companies ethical standards. In some instances some have to choose whether to serve their own personal interests, or the interest of the company. In this essay I will be examining the financial events surrounding Bernie Madoff, and the events surrounding Enron.
Robert Hoyk and Paul Hersey, The Ethical Executive (Stanford: Stanford Business Books, 2008)
Every individual has certain values and ethics that he/she stands by. Values give us a sense of what is important while ethics gives us a sense of what is right and wrong. Together, these qualities help guide us through our everyday life: what actions to take and what decision to make. Sticking to ethical standards allows you to stay clear of trouble; therefore, strengthening people’s trust in you. In return, this leads to gaining people’s respect and cooperation, which may result in leadership responsibilities. Therefore, we believe that personal values and ethics will affect a person’s career success. However, there are times where individuals will make unethical choices--some situations might question your resolve. This can be caused by
Seawell, Buie 2010, ‘The Content and Practice of Business Ethics’, Good Business, pp. 2-18, viewed 22 October 2013, .
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2013). Business ethics: Ethical decision making and cases: 2011 custom edition (9th ed.). Mason, OH: South-Western Cengage Learning.
I discovered how sticking to one’s morals should be the topmost priority for everyone involved in business, whether personal or professional. Regardless of what the consequences may be, the intensity of the problem, and the complexities it may bring, sacrificing one’s integrity should never be an option, as integrity goes hand-in-hand with the morals of an individual (Duggan & Woodhouse, 2011). They further go on to say that having individuals take part in building a code of ethics that supports employee integrity, they will act ethically. Also, I believe that companies should place more emphasis on the moral behavior of their employees, and clear-cut policies should be set regarding such ethical situations. Furthermore, I realized how serving justice while making decisions really helps in the long run, and that opting to go for the ideal rather than they deserved is not always the best option, and could hurt a company in more than one
Ethical standards that evolved over the history of Western civilization deal with interpersonal relationships. What is right or wrong? What one should do and not do when dealing with other people. Ethical behavior in a business environment has not been as clearly defined. When businesses were small and the property of a few individuals, traditional ethical standards were applied to meet different situations. However, as businesses became larger, the interpersonal ethical relations did not provide any clear behavioral guidelines. Likewise, the principles of ethical relationships were even less pertinent to the corporate environments.
“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
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 personal and, at the same time, a very public display of your attitudes and beliefs. It is because of ethical beliefs that we humans may act differently in different in situations" (University of Phoenix, 2007). Poor ethical choices in the workplace can truly hurt people. Poor ethics can damage their career, happiness, and quality of living. Not only can these actions hurt the individual who has made the bad choices, but also most often it hurts the innocent. This essay will provide two actual case studies; one of positive ethical principles and the other of poor ethical principles.
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.