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Ethics and values in business
The importance of ethics and values in the business sustainability
The importance of ethics and values in the business sustainability
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Introduction
According to Adri, Cecile and Theuns(2014:93) business ethics are “written or unwritten code of principles or values that govern decisions and actions within an organisation. In this piece I will be focusing on the importance of ethics and values in business sustainability and how important is business leadership in the success of business organisations.
1. The importance of ethics and values in business sustainability.
The relationship between ethics and values.
Unethical behavior is mostly influenced by the individual’s values. Since values lie behind the all the decisions we make, it follows they rest at the very core of the life we’ve made for ourselves through the decisions we’ve done Paul (n.d:1). The choices people make can also be influenced by their beliefs and their background. Employees are attracted to an organisation and work as loyal employees if they can associate with the ethics, values and norms of the organisation. So Ethics, values and culture therefore play a critical role for all stakeholders of an organisation.
Ethical issues
There are various ethical issues in the business context. One of the issues identified in South Africa is the transformation by shedding the racist apartheid legacy into a democratic country where the basic right of people are all protected. It has been witnessed by a lot of people that a South Africa is a democratic country, whereby we now see a black person wining a case in court against a white person. And on the business side the economic growth in South Africa has strengthened substantially since the end of apartheid (vivek, 13). Some of the key issues are corruption, whistle blowing, plagiarism in business and sexual harassment.
• Corruption.
Corruption include ...
... middle of paper ...
... publicity of the organisation. On the second discussion we found that leadership in business is important since it shapes the organizational context. Therefore leadership is important in the success of the business.
References
1. Arora, V. (n.d), Economic growth in post-apartheid South Africa: A growth-Accounting analysis. Inquiry, 14: 13-22.
2. Women Watch China (2010), Guide on prevention of sexual harassment in the workplace. Inquire, 8: 7-9.
3. Drotskie A, Nieuwenhuizen C and Oosthuizen T (2014) Business management. Roodepoort: Future Vision Business Consultants (FVBC).
4. Chippendale P (n.d), Ethics, values and principles. [Retrived from: http://www.minessence.net/PDFs/AVIAccred/Newwiz3_ch1_values_ethics_principles.pdf] 5. University of Notre Dame Alliance(n.d) What makes an effective leader. [Retrieved from: http://www.notredameonline.com/resources/ ]
6.
Explain the connection between the economic model of corporate social responsibility and “free market” or “neoclassical” economic theory.
In my conclusion, business ethics is the key to a successful business. Personal values plays a main factor to help you in business. “Whatever you do, work hearty, as for the Lord and not for men” (Colossians 3:23). In my business and personal life, I will make sure everything I do is from the heart and for the Lord. I will never put materialistic things over the works and calling of the
Establishing and implementing a strategic approach to improving organizational ethics is based on establishing, communicating, and monitoring ethical values and legal requirements that characterize the firm's history, culture, and operating environment” (p. 129). Ethics programs ensure satisfactory relationships with all stakeholders by aligning with all of their demands and needs, and determine conduct with customers and relationships with regulators, shareholders, suppliers, and employees (Ferrell, 2004). Values are a core set of beliefs and principles, one or many. A number of factors contribute to the development of values. These include membership in a community or culture, attitudes, beliefs, and behaviors.
(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.
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).
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.
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.
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.
There are many different styles of leadership that many leader-managers can develop. The ones that they develop can either be beneficial to the business and make it successful due to the employees being focused on as well as the production or it can harm the business by only focusing on the tasks that need to be completed. This will cause the employees to feel as if they are not needed and behaviour of Theory X will come into play. This can be avoided by developing good leadership characteristics so that a successful business is created and sustained.
Business ethics is a part of applied ethics. Business ethics are morals which should govern business activity. A standard or ‘code of conduct’ is designed for managers and employees to guide them and their behavior.
Ethics is the responsibility of each individual person, but starts with the CEO and the Board of Directors, setting the right tone at the top and moves down through the organization, including setting the tone in the middle. A company’s culture and ethic standards start at the top, not from the bottom. Employees will almost always behave in the manner that they think management expects them, and it is foolish for management to pretend otherwise (Scudder). One of the CEO’s most important jobs is to create, foster, and communicate the culture of the organization. Wrongdoings or improper behavior rarely occurs in a void, leaders typically know when someone is compromising the company
“Ethics can be defined as moral principles that govern or influence a person’s behaviour and values are the context in which an organisation or society’s norms are established and justified” (buzz text book).Ethics are the guidelines helping us tell the difference between the is wrong and right. Most people are encouraged by ethics to normally do the right things. Ethics and values are based on individual beliefs and standards in society that one if from, they vary from person to person. Leadership is the authority and capability for one to lead people in an organization in order to achieve goals. They are the main role players in all the organizations and are crucial to their success. Ethics in a business means taking the precise way’
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