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Relevance of business ethics in modern societies
Business ethics and social responsibility topic
Business ethics and social responsibility topic
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Recommended: Relevance of business ethics in modern societies
Every person has their own personal philosophy on life. This is shaped by many different aspects such as upbringing and life experience. A personal philosophy is unique to each individual. Undoubtedly my personal philosophy has changed over the years which is only natural. When I was teenager my focus was on having fun and not thinking about the consequences of my decisions. Like most people age brought wisdom and I slowly began to realize that life had more to it than partying with my friends. My life experience has result in developing a personal philosophy that includes the concepts of appreciating beauty, personal identify, and business ethics. Each concept plays a unique role in who I am today. While I do not hold any aspect …show more content…
To begin with, business ethics is a topic that has made headlines all over the country. Scandals such what occurred with Enron or the bailout of major corporations have brought the concept of business ethics to the attention of the entire country. The problem is clearly defining business ethics. In reality the purpose of a business is to create profits for the business owner. The problem becomes finding the balance between earning the maximum profit possible while attempting not to violate the moral code of society. Sometimes this can be difficult as some see the drive to earn profit as greed. (Ethical Responsibilities of Business, …show more content…
Classes in business ethics are being required at 70% of the business schools in the United States. These courses provide students with the background they need to make ethical decisions when they get out of school. These courses also challenge students to examine the way they view acceptable behavior in business. While the courses are not perfect the classes gives them the background knowledge and as students age they are more capable of understanding that knowledge. (Wang & Calvano,
The task of business ethics is to make sure business decisions encompass an ethical element, and to make sure that managers take ethical implications of strategic decisions into account before choosing a line of action.
Business ethics are a the codes of conduct and company lays out so it's employees follow a righteous moral compass that's in the same direction as the company's.
According to Business Ethics Definition, business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities.
Nelson, K., & Trevino, L. (2004). Managing business ethics: Straight talk about how to do it right (3rd ed.). New York: Wiley
Explain the connection between the economic model of corporate social responsibility and “free market” or “neoclassical” economic theory.
(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).
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2011). Business Ethics: Ethical Decision Making and Cases. Mason, Ohio: South-Western Cengage Learning.
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.
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.
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.
Why is it so important to understand the importance the ethics role in business? Business ethics and social responsibility are creating obligations for corporation to do more in the business than just obey the law. The acceptability behavior found in business is not only determined by the organization but like the stockholder, costumers, competitor, government and etc.
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