The Moral Philosophies’ Functions in Business
Usually the conversation about philosophy in society is centered on the universal structure of values as part of their lives. Conversely moral philosophy relates to certain ideologies or statutes which are used by societies in determining right or wrong. It is imperative to comprehend there is a difference between “moral philosophies” and “business ethics”. The “moral philosophies” pertain to individual’s values, whereas “business ethics” is centered on groups’ decisions or relate to meeting a business objective.
As espoused by Ferrell, et.al, (2013) the moral philosophy is what a person hold as their ethics and beliefs. However, when viewing ethics in the framework of business, ethics are based on what the group considers to be the best or worse approach for the business operation and its objectives. Therefore, it is the responsibility of a company or its managers to create, and instruct, employees on the conformity of ethical in business practices within their organizations.
Managers also should understand that their personal moral philosophies can be influential as a guide to other employee. Moreover, it should be understood that moral philosophies offer standards for controlling how conflicts are settled in reference to people life’s concerns. Additionally moral philosophies influence how corporation devise business strategies and resolve specific ethical issues (Ferrell, et al., 2013, p. 153). With that said it should be noted that not one specific moral philosophy is accepted universally. This fact is proven by viewing how moral philosophies is used to are used to endorse certain economic system and the conduct of people in those systems.
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Personal, cultural, and professional values and ethics drive the decision-making process for most individuals and businesses in our society. Ethics reflect our conscience, morality and how we apply these concepts in deciding right from wrong (Covey 66). Ethical awareness is critical for how we conduct our lives and make choices in the workplace; by defining personal and ethical values, individuals and businesses alike can become more productive members of society. a Whether consciously considered or not, every human being has a personal philosophy by which they live and use to interpret the world around them. Their “beliefs, concepts and attitudes” (Philosophy) are a derivative of their upbringing and personal circumstances experienced throughout the course of their lives.
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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.
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.
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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.
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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.