Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Impact of ethics on business performance
Making ethical business decisions in business
Impact of ethics on business performance
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Impact of ethics on business performance
The Curious Loan Approval Case Study
University of Dallas
Course: BUAD 8310 Section 4QA/B: BUSINESS & SOCIETY
Professor: Dr. Dale Fodness
Submitted by
Baiju Koshy
Date: 23 May 2016
Executive Summary
The ethical values of a business are very important factor for any organization’s success. Business decisions taken within an organization may be made by person or groups. Webster’s Collegiate Dictionary defines "ethics" as the "discipline dealing with what is good, and bad and with moral duty and obligation, a set of moral principles or value or a theory or system of moral values." Ethics assists individuals in deciding when an act is moral or immoral, right or wrong. Ethics can be grounded in natural law, religious tenets, parental and family influence, educational experiences, and life experiences, cultural and societal expectations. No matter the size of an organization, industry or level of their profitability, business ethics is the backbone of any organization success. (Retrieved from Webster’s Collegiate Dictionary). This assignment focusing on conflicting work ethics between in the
He is very happy to have this job and looking forward to building his carrier with this bank. He has proven to have good track record of hard work and work ethics. Jack recently accomplished a series of credit analysis exams, earning the highest score in his training group and seizing the attention of the bank’s senior commercial loan officers. In his second stage of training program, Jack got promoted to a a financial analyst position under Sally Ryan, one of the bank’s most productive commercial loan officer. Jack was very comfortable with his new position, he quickly adapted working with his new boss. Sally Ryan was very happy about Jack’s work and his evaluation of creditworthiness of a new customer. Sally willingly agreed with his analysis and appreciated him for his continued
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2011). Business ethics: Ethical decision making and cases: 2011 custom edition (8th ed.). Mason, OH: South-Western Cengage Learning.
Ethical values may come in all shapes and sizes; we may grow up with a certain set of ethics and/or values that change and conform to our environment. This widely depends on where we end up later in life as in our professional career or our personal lives because different situations can affect how we interrupt ethics and social responsibility. Work may influence or provide a new set of lenses in how ethics are viewed. We are given a set of ethics to adhere to while employed. By definition, “that branch of philosophy dealing with values relating to human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and
Ethics or rather morals entail mechanisms that defend, systematize as well as recommend conceptions of right or wrong. Many organizations develop ethical codes to ensure employees and employers understand the difference in doing good or bad. In that respect, ethics are an essential aspect of successfully running of any organization or government. Ethics ensure employee’s productivity levels are up to the required standards. It also assists them to know their rights and responsibilities. Additionally, employers, as well as any persons in management, are guided by them to ensure they provide transparent leadership. Ethics also defines how customers should be handled. Ethical codes govern the relationship between customers and an
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.
(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.
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.
Everyone in this world has experienced an ethical dilemma in different situations and this may arise between one or more individuals. Ethical dilemma is a situation where people have to make complex decisions and are influenced based on personal interests, social environment or norms, and religious beliefs (“Strategic Leadership”, n.d.). Leaders and managers in the company should set guidelines to ensure employees are aware and have a better chance to solve and make ethical decisions. Employees are also responsible for understanding their ethical obligations in order to maintain a positive work environment. The purpose of this case study is to identify the dilemma and analyze different decisions to find ways on how a person should act ethically when left with an ethical dilemma.
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
The textbook defines business ethics as “the accepted principles of right or wrong governing the conduct of business people.” Business ethics also govern the members of a profession and the actions of an organization. Many organizations put into place an ethical strategy which is “a course of action that does not violate accepted principles.” These principles are used to guide organizations and employees to make the right decisions.
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.
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.
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
Ethics is simply doing the right thing. In the business situation ethics are the moral concept of a firm getting through it organizational duties ethically.