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Business ethics chapter 2
Business ethics quizlet
Business ethics chapter 2
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People Versus Profit
Introduction
After researching this topic I have come to the conclusion that people vs. profit means more than one thing in the business world. Many people think of it simply as downsizing. In my opinion it means much more. Downsizing is definitely one way that businesses act unethically. People are viewed as dispensable and replaceable. Companies also do not care much about their customers, they only care about how much money they can get from them. Companies like Ford and Microsoft are two companies that have also placed profits above people and ethics. I'm going to discuss the ethical issues as related to downsizing, Ford and Microsoft. I will inform you of what they are doing and how they justify their actions.
Downsizing
Downsizing is a major issue within corporate America today. Almost daily another company is downsizing their staff. The interesting part about this is that downsizing as a word makes it appear that the company is actually getting smaller or losing business when in reality that has nothing to do with it (Lurie, http://www.geocities.com/WallStreet/Exchange/4280/ch3.htm). Downsizing today has become synonymous with layoff. Generally today when a company is downsizing it is simply getting rid of the people who work for the company while expecting the remaining employees to do more work for the same pay. Yet, when stockholders or potential stock purchasers hear of a publicly traded company downsizing, it's stock prices soar. This is what America has come to. We gain on other people's loss and we call it profit. We don't think about the man or woman who can't feed his or her children. We think about what we have personally gained. If this is acceptable to the American people then it's most definitely profitable and acceptable to businesses. In this way, business ethics are failing miserably against what used to be the American standard of taking care of our own. However, today companies are moving their businesses out of our country for profits (Lurie, http://www.geocities.com/WallStreet/Exchange/4280/ch3.htm). It does not matter that they are making a good living while helping hundreds or thousands of others to make a good living. The businesses want to make more and all of the thousands of those in this country losing jobs end up with nothing. This is one of the many ways that businesses act unethically relative to people. Profit almost always comes ahead of people.
...t be in business very long. But, for instance, what if RGIS was offered the chance to perform one “test” inventory for a company that had many stores and the inventory went extremely well because of the customer service levels provided? RGIS would have the opportunity to service this customer’s other stores not because of the data, but because of the service they received. This human factor played huge role in garnering business for the RGIS and yet their employees have no chance in earning any more compensation than they would have for simply putting data into a machine. Let’s look at other ethics principles and see where an example like the one above would fit in.
Many organizations have been destroyed or heavily damaged financially and took a hit in terms of reputation, for example, Enron. The word Ethics is derived from a Greek word called Ethos, meaning “The character or values particular to a specific person, people, culture or movement” (The American Heritage Dictionary, 2007, p. 295). Ethics has always played and will continue to play a huge role within the corporate world. Ethics is one of the important topics that are debated at lengths without reaching a conclusion, since there isn’t a right or wrong answer. It’s basically depends on how each individual perceives a particular situation. Over the past few years we have seen very poor unethical business practices by companies like Enron, which has affected many stakeholders. Poor unethical practices affect the society in many ways; employees lose their job, investors lose their money, and the country’s economy gets affected. This leads to people start losing confidence in the economy and the organizations that are being run by the so-called “educated” top executives that had one goal in their minds, personal gain. When Enron entered the scene in the mid-1980s, it was little more than a stodgy energy distribution system. Ten years later, it was a multi-billion dollar corporation, considered the poster child of the “new economy” for its willingness to use technology and the Internet in managing energy. Fifteen years later, the company is filing for bankruptcy on the heels of a massive financial collapse, likely the largest in corporate America’s history. As this paper is being written, the scope of Enron collapse is still being researched, poked and prodded. It will take years to determine what, exactly; the impact of the demise of this energy giant will be both on the industry and the
Most companies are just out there to make money and not care for the welfare of their employees. It may be difficult to see this as business has always been portrayed as a stimulator of the economy and always on the lookout for its employees. However, this is only because the companies that abide by such practices are given as examples and not the ones that do poorly. We oftentimes complain about the little petty things in life when we should be worried about the people who are suffering in our world. The saying always goes; you never know what you have till it’s gone. Unfortunately, this saying corresponds particularly well this
Greed Economics: The uplifting or debilitating effect of the excessive desire of gain on the production, consumption and distribution of goods and services.
When someone is unethical, they lose their moral way. Ethics is a “set of moral principles” (Merriam-Webster.com.) These principles guide our personal decisions. But when more than one individual loses sight of their moral judgement, a whole company can go down. Moral conduct can be applied to organizations. A good movie that shows the difference between an ethical, privately owned organization and a larger, sleazy franchise is Good Burger. Good Burger shows the difference between a small shop, Good Burger, and a larger franchise, Mondo Burger, and the way they do business.
The movie “Glengarry Glen Ross” presented a series of ethical dilemmas that surround a group of salesmen working for a real estate company. The value of business ethics was clearly undermined and ignored in the movie as the salesmen find alternatives to keep their jobs. The movie is very effective in illustrating how unethical business practices can easily exist in the business world. Most of the time, unethical business practices remain strong in the business world because of the culture that exists within companies. In this film, the sudden demands from management forced employees to become irrational and commit unethical business practices. In fear of losing their jobs, employees were pressured to increase sales despite possible ethical ramifications. From the film, it is right to conclude that a business transaction should only be executed after all legal and ethical ramifications have been considered; and also if it will be determined legal and ethical to society.
Downsizing, restructuring, rightsizing, even a term as obscure as census readjustment has been used to describe the plague that has been affecting corporate America for years and has left many of its hardest working employees without work. In the 1980’s, twenty-five percent of middle management was eliminated in the United States (Greenberg/Baron 582). In the 1990’s, one million managers of American corporations with salaries over $40,000 also lost their jobs (Greenberg/Baron 582). In total, Fortune 500 companies have eliminated 4.4 million positions since 1979 (Greenberg/Baron 627). Although this downsizing of companies can have many reasons behind it and cannot be avoided at times, there are simple measures a company can take to make the process easier on the laid-off employees and those who survive with the company.
Ethical behavior, in a general sense, is a definition of moral behavior in regards to lawfulness, societal standards, and things of that nature. In the business world, ethics commonly refer to acceptable and unacceptable business practices within the workplace, and all other related environments. The acceptance of colleges regardless of ethnicity, gender, and beliefs, as well as truthfulness and honesty in relation to finances within the company are examples of ideal ethical business conducts. Unethical business behavior would include manipulating procedures based on bias or discrimination, engaging in activities that promote political gain, as well as blatant fabrication of monetary factors within the company and “can affect organizational performance and is costly to employers, employees, shareholders, and other organizational stakeholders” (Cox 263). When a corporation practices proper ethics, it is representing not only itself in a positive manner, but its partners, shareholders, and clients as well. On the other hand, when an organization partakes in unethical activities, all parties are negatively affected. The collapse of Enron is a major case of unethical conduct in the corporate world, because the circumstances surrounding the firm’s chaotic plunge where so scandalous that it left “creditors wrangling over Enron's skeletal remains” (Helyar) long after the company had seen its demise. There are numerous instances to be mentioned, including deliberate failure to properly report fiscal losses, insider trading, and overall relentlessness. The inclusive purpose of this paper is to further explore the underlining factors that contributed to the downfall of the once powerful Enron, and how a new way of approaching business ethi...
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.
Imagine a child living in a hot, government owned apartment in Chicago. He has no father. With his single, jobless mother he struggles to the words of the founding fathers: “We hold these truths to be self-evident, that all men are created equal; that they are endowed by their Creator with inherent and inalienable Rights; that among these, are Life, Liberty, and the pursuit of Happiness...” (The Declaration of Independence). This is one of the most famous phrases in the US Declaration of Independence and has become the underpinning of the dreams of millions of people around the world. Although the words are different, these sentiments are reflected in the political and economical policies of many democracies. While the notion of ‘happiness for all’ seems like the obvious solution to many of our persistent problems, we inevitably encounter conflicts between our actions and our morals. “The state is based on……the contradiction between public and private life, between universal and particular interests. For this reason, the state must confine itself to formal, negative activities.”(Marx, 1992). This essay focuses on the issues of a prominent theory, Utilitarianism as it blends and encompasses both areas of Economics and Ethics which have become the basis of our governmental bodies.
The utilitarian argument can also be used to say that hESC research and use is unethical. This philosophy has a viewpoint that considers the right action to be the one that does the greater good ( ). You could say curing people with disease or injuries are a good thing to do. But would it be the best thing to do? Wouldn’t having a whole new life from birth be better than curing an eighty-year-old Alzheimer’s patient? Using that example, the greater good would be not to use embryos for research. Another question utilitarianism uses asks to determine morality is what will happen as a consequence of doing something. One consequence of using embryos would be that a life is ended before birth. A whole life would be ended before
In business the primary focus is on maximizing returns to owners or shareholders. The manner in which a business conducts itself while attempting to make its profit can be considered ethical or not. For instance, a business that has a positive sense of social responsibility will make some effort to have a positive impact on society, contributing to the welfare of the community in which it operates in some way or another. Unethical practice in business could include the converse of this, where a business is solely concerned about its profit and does not attempt to mitigate the impact of its operations in that society. For example, a mining exploration company that does not attempt to ease discomfort and inconvenience of the people that are displaced by its operations could be considered unethical.
[6] Professional Jewler Magazine Archive, Lev Leviev's Angolan Connection, [internet] Accessed on: 13th November 2005, http://www.professionaljeweler.com/archives/articles/2002/feb02/0202dn1.html
Focusing on what is best for the organization as a whole and not self greed, not focusing on short-term profits but the long-term profit goals for the shareholders, investors, and employees would help keep employees ethical (Ferrell, et al, 2009).When an employee is fearful of losing his or her job, unethical conduct can be the result of trying to keep that job (Ferrell, et al, 2009).When pressures are placed on employees to make money quick, fast, and in a hurry, the results could be unethical behavior (Ferrell, et al,
There is a little too much greed going on in society. My definition of greed is when a limitless person selfishly wants something and the obsessive addictions is that enough is never enough. The dictionaries definition is ‘an inordinate or insatiable longing, especially for wealth, status, and power.’ People do not realize that greed concentrated too much on earthly thoughts. People think the need of wanting something is just a thought, however if you continue to think about it, eventually the person will find a way to allow greed to take over the thoughts. Greed can make a man, but it can also destroy him ten times over. It is one thing to want money or materialistic ideals, but the necessity almost unavoidably becomes greed. Greed is something