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Ethical practices in business
Ethical practices in business
Ethical practices in business
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Everyone has their own personal set of ethics or set of moral principles on what one believes is right and what is wrong and social responsibility to society brought into the business world (“Ethics”). Every day, an individual is deciding to do something, whether it is at work, at home or at the grocery store, an individual’s decision may be right or wrong depending on the person and the situation. In businesses, one must interact with several different morals from the employees and the customers, as well as a social responsibility to the business of what is right and what is wrong to help it become profitable. (Kurtz and Boone 32). Business owners and employees can encounter common business ethical challenges such as conflict of interest,
With individuals having their own personal code of ethics, conflict of interest can occur when an individual is “faced with a situation in which an action benefiting one person can potential cause harm to another” (Kurtz and Boone 37). According to Peter Clarke, a Legal Match Content Manager, says that a conflict of interest can arise from simply being hired for being a relative of a person in higher position and gift giving (Clarke).
A second common ethical business challenge is honesty and integrity, or the act of accepting responsibility for mistakes and being honest to one’s employer, employees and or customers (Kurtz and Boone 37). It is also an act of honesty and be consistent with your own moral and ethical values (Fabric). When an individual makes a mistake, instead of blaming it others or denying it, the best thing is to accept one’s mistake and learn from it. When an individual follows the right way, it builds trust with the customer, employee or employer as well as showing characteristics of a possible
In business, one responsibility is to deal with public health issues such as smoking, substance abuse, obesity and many other health issues, protecting the environment by recycling and green marketing or a safe way to promote safe environmental friendly products and developing the quality of the workforce and welcoming individuals with different backgrounds. (Kurtz and Boone 42 – 47).
The second social responsibility is to the customers right to be safe, informed, heard and chosen. Businesspeople have the legal and moral obligation to keep the public safe and free from injuries. The public has the right to be informed to make the decision if one wants to buy the product by being given information about it. Third, the public has the right to be heard by expressing their opinion and feedback or products to hear and understand what the public wants and last the right to choose what an individual would like to purchase for example what phone company one would want as their
In business it is important the a company establish some clear order of business when dealing with business ethics. Ethical business practices can build customer relationships. Unethical business practices can cause a business to lose customers. In this case study the reader will be come familiar with the ethical practice of a Red lobster store in Pleasant Hill, Pennsylvania.
“Most people in the U.S. want to do the right thing, and they want others to do the right thing. Thus, reputation and trust are important to pretty much everyone individuals and organizations. However, individuals do have different values, attributes, and priorities that guide their decisions and behavior. Taken to an extreme, almost any personal value, attribute, or priority can “cause” an ethical breach (e.g. risk taking, love of money or sta...
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
Trevino, L., & Nelson, K. (2011). Managing business ethics - straight talk about how to
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.
So before we go in greater detail on the different perspectives related to social responsibility, one might question the meaning of social responsibility. It is generally agreed that social responsibility is defined as the business obligation to make decisions that benefit societ...
These ethical decisions are real-life situations where they are forced to make on a daily basis. This is why it is ultimately important that all employees know the six steps to ethical decision making that the company uses. The selected issue for the paper is where an employee has not given their current or potential customers accurate information when opening accounts or requesting new services from Washington Mutual. When a person is in the workplace, proper business ethics is used on a daily basis. An employee can make ethical decisions by applying their critical thinking skills to the situation, they can ensure that the decision that they make is the right decision.
Ethical issues in business arise because of conflicts between an individuals personal moral philosophies and values and values or attitudes of organization in which a person works and a society in which one lives. Ethical issues can be identified in terms of the major participants and functions of business. Ethical issues related to ownership include conflicts between manager’s duties to the owners and their own interests, also separation of ownership and control of business. Financial issue includes, for example, the accuracy of reported financial documents. Ethical issues can acquire between manages and employees, then employees are asked to carry out assignments they consider unethical. Consumers and marketing issues are related to providing safe desired products for a fear price and not harming people and an environment. Accountants also face ethical dilemma, they have to deal with competition advertising commission. All of this places the accounting profession in situation of ethical risk.
Ciulla, Joanne B., Clancy W. Martin, and Robert C. Solomon. Honest Work: a Business Ethics Reader. 2nd ed. New York: Oxford UP, 2011. Print.
Corporate social responsibility is in many ways is tied to the values and ethics that a business believes in. While CSR encompasses the economic, legal, ethical, and discretionary responsibilities of organizations, business ethics usually focus on the moral judgments and behavior of individuals and groups within organizations. In their text, BUSINESS AND SOCIETY: ETHICS, SUSTAINABILITY, AND STAKEHOLDER MANAGEMENT, Carroll and Buchholtz's give a four-part definition of CSR that incorporates the multi-faceted nature of social responsibility. The expectation that businesses will produce goods and services that are needed and desired by customers and sell those goods and services at a reasonable price, is the key to the economic responsibilities that are cited in their definition. Organizations are expected to be efficient, profitable, and creative to keep shareholders welfare in mind. In the western corporate structure, fair competition in the marketplace is not only the leg...
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.
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
Social responsibility is the part of the framework of an organization or individual which makes up an obligation to act for the benefit of society. There are many different ways act out social responsibility. The social responsibilities of a business can be classified according to the businesses relationships to the general public, customers, employees and investors. The companies that make their product or service with the rooted mindset of benefiting the community and the world around them do this by providing things like scholarship funds, all natural products, biodegradable storage, and or just by treating the consumer as well as the employees as individuals rather than a corporate dollar sign. Businesses may exercise
The notion of ethics deals with people’s behaviors within a company. Social responsibility involves a company’s moral obligations and the manner in which the organization makes its decisions. Although ethics and social responsibility are similar on a conceptual basis, each has its own unique characteristics that express their differences and its independence of the other. Ethics and social responsibility have to be present and coincide with one another for a business to be ethically sound.
Although there is a concern over theft and abuse, company Q has a greater responsibility to all stake holders at every level of the organization. Donating day-old products is a clear path to gain popularity and prestige among the community. Unless it is a business focus to sell day-old products, the organization must discard these products regardless of cost. Many companies and industries are not trusted by the public. This has been an ongoing issue for decades. Any successful organization should be aware of this reality and must do whatever is required to excel. Company Q also claims that employee fraud and abuse is a threat to profit loss. But Company Q is responsible for screening employees at the hiring stage and the organization has a responsibility to establish a professional culture for employees to adopt. If a company cannot trust its employees then certain employees should not be hired in the first place. Fraud and abuse sounds like a good excuse for the company throwing away day-old products but it is