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Business ethics p 3
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“For what is a man profited, if he shall gain the whole world, and lose his own soul? or what shall a man give in exchange for his soul?” (Matthew 16:26) This verse asks the question how can someone profit or take advantage of the world if they damage or lose their character along the way, what is worth more than one’s soul? This question can help one in determining their ethics by balancing what is right, meaningful, and most important to them. Knowing and understanding one’s ethical values is important on the path towards achieving one’s goals.
“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
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His personality and way of thinking played a role in his many un-ethical decisions. Steve was a man of great intellect, but he lacked heart, hurting countless people in his personal life and in the work place. He would attack anyone that got in the way of his goals. He was a rude and controlling man, and who lacked concern for the welfare of others. “One thing Jobs himself avoided doing was "helping neighbors in need." There is no public record of him giving a dime to charity, and on several occasions he was ostentatious in his refusal to do so” (Ferguson 2015). Is this proper ethics? “Workplace bullying also is very bad for business. Researcher Emily Bassman found that "employee abuse can have major bottom-line consequences" for employers. An employer may suffer direct costs, indirect costs, and opportunity costs as a result of abusive work environments”. (Yamada 2000) Poor ethical choices effect the profitability of a company. Steve was a genius for what he contributed to the technology industry, but he was not very ethical. He gained the world, but where was his …show more content…
Recall the tale of an impoverished man who steals a loaf of bread to feed his starving family. In the instance when two moral obligations collide, the only way to comply with one is to violate the other. No matter which course is chosen, the other must be ignored.”(Freeman, Engels & Altekruse 2004) Stealing and breaking the law challenges the philosophy of breaking the responsibility of caring for one’s family. Accountants need to think clearly, challenge the possibilities, understand the options, and acknowledge the consequences. The choice to steal bread will vary from one person to another, but as Christians, dying of hunger is more of a reward than a consequence. Accountants can learn from examples of people and companies who have been faced with pressing ethical dilemmas. Accountants can learn from Bernard Madoff and his $61 billion ponzi scheme that ruined thousands of people’s life savings (Freshman 2012), or Enron “circumventing the rules, temporarily changing or suspending the rules, and outright thievery to achieve his objectives” (Gini 2004). Knowledge about the past will lead people to make wise ethical decisions. The world can clearly see the consequences that these people and firms have undergone and do not want to follow in that path. There are responsible businesses, like Frito-Lays who have a major go green campaign. They have a better business by reducing their natural
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.
He did not care about employees’ feelings; he only listened to their ideas and organization performance (Inside Apple, n.d). According to Inside Apple (n.d), “Steve was a demanding perfectionist with an aggressive and demanding personality. He demanded excellence from his staff delivered blunt criticisms.” Many people accused Steve as cruel to those work under him (Inside Apple, n.d). According to Inside Apple (n.d), “his personality was an important factor to the success of Apple. He acted as if normal rules didn’t apply to him, the passion, intensity, and emotionalism that he brought to work all poured out into the products he made. All of his imperfections and perfections collaborated to make Apple what it is.” Despite of his cruel personality, Steve jobs motivated his employees to innovate and create new ideas (Inside Apple, n.d). According to Inside Apple (n.d), “Steve Jobs fit in the transactional leadership description. He directed efforts of others through tasks and structures. Steve influenced his employees for strong desire of work, shared his passion with the staff, and provided vision. Steve Jobs was driven by his desire to create great products that he would enjoy using himself rather than products that would just bring profit to Apple.” Steve Jobs was successful in gaining customer loyalty. He created great services to his customers (Shephyken, n.d). According to Shephyken(n.d), “they have created a system,
Ethics is all about making the right decisions. Management is concerned with how decisions affect the company, while ethics is concerned about how decisions affect everything. Management operates in the specialized context of the firm, while ethics operates in the general context of the world. Management is therefore part of ethics. A business manager cannot make the right decisions without understanding management in particular as well as ethics in general. Business ethics is management carried out in the real world.”
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.
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 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
Apple is a company facing a lot of ethical dilemmas. Since it is such a large and rapidly growing company, they face a lot of scrutiny from the media. Apple also faces a lot of pressure to be competitive in the technology market. As a result of this, companies tend to cut costs in as many ways as possible, some of which aren’t always ethical. One of the most typical ways businesses cut costs is by lowering production costs, which entails outsourcing for cheap labor. However, in order for labor to be made cheaper many sacrifices have to be made, which tend to be forced upon the workers by lowering wages, making working conditions unfavorable, and often by employing child labor.
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.
In the aftermath of Enron, Washington Mutual Bank, TYCO, and World Comm these companies went against the grain of what good ethical behavior is and what their respective company’s code of ethics were. The criminal justice system has made it clear that it will not allow companies and their executives to get away with the misuse of public trust by allowing them to make themselves rich at the expense of the employee. Where these crimes are both ethically and morally wrong, the CEO’s of major corporations are being punished by a ...
Shaw, W. H., & Barry, V. (2011). Moral Issues in Business (Eleventh ed., pp. 230-244).
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.
“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
Business nowadays encounter with a lot of moral challenges in today’s global economy. Everyone is thriving to be more successful than their competitors, to make their next profits, to keep their job, to earn a big bonus, or to compete effectively. There exists temptation to bend lines, omit information, and do whatever it takes to get ahead of their competition. Many business employees and executives succumb. Sadly, the theme becomes...