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importance of ethics in a business
quizlet business ethics
importance of ethics in a business
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According to the Hutchinson Unabridged Encyclopedia business ethics is the moral principles defining how businesses and business professionals should act toward each other, employees, and the public. Some professions such as law and medicine clearly have defined codes of professional ethics. In other areas appropriate behavior has been established over time by practice. Business ethics involves the role of a company in our society. Complex and contentious areas of business ethics would include the effect a petrochemical company's actions have on the environment or the obligation of a pharmaceutical company to make its drugs available to developing countries. As lobbyists and pressure groups become more powerful, companies are being forced to pay greater attention to corporate responsibility and business ethics (Business, 2009).
Human Resources Issues
A company’s human resources is its most valuable and expensive investment that can make or break a company in relation to its success. One major ethical issue faced by the human resources department is discrimination. Unfortunately, discrimination is alive and well in our business environment today, which have a major affect on local communities and organizations. One aspect of discrimination I have either experienced or witnessed is the lack of respect and accomodation for female workers, especially in corporate America. In most cases, the female employees tend to have lesser salaries than men in the same position. Companies also do not cater to women with respect to childcare issues, and lactating mothers returning to the worforce after maternity leave. Another aspect of discrimination that is prelevant in today’s business environment is the treatment of older employees, co...
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...ears, without any consideration of the damge the software issues with their cars and trucks may cause to their customers safety. The company was accused of hiding this fact because a re-call would cost millions.
Conclusion
There is necessity for companies today to practive excellent business ethics. Ethics is the foundation of on which good relationships are developed, it encompasses who businesses deals with their partners or associates, customers, and employees.
Works Cited
Business Ethics. (2009). In The Hutchinson Unabridged Encyclopedia with Atlas and Weather guide. Retrieved from http://www.credoreference.com/entry/heliconhe/business_ethics
Trevino L.K. & Nelson K.A. (2006) Managing business ethics. Straight talk about how to do it right (4th ed) Hoboken, NJ John Wiley & Sons. Retrieved from https://ecampus.phoenix.edu/classroom/ic/classroom.aspx
Ferrell, O.C., Fraedrich, J., & Ferrell, L. (2009). Business ethics: Ethical decision making and cases (7th ed.). South-Western College Pub;
2.Goodpastor, Kenneth. Nash, Laura. de Bettignies, Henri-Claude. Business Ethics: policies and persons 4th edition. Mcgraw Hill Irwin Publishers. Pages 396-405
Ferrell, O.C. "Business Ethics." Ethical Decision Making and Cases. Michele Rhoades, Joanne Dauksewicz. Mason: South-Western Cengage Learning, 2011. Print.
Trevino, L. K., & Nelson, K. A. (2011). Managing business ethics: Straight talk about how to do it right. New York: John Wiley.
Business ethics are moral principles on how a business should behave. Law regulations play a crucial factor in business and generally a business should establish a trust relationship by taking into consideration the needs of stakeholders, shareholders and the government. (http://businesscasestudies.co.uk/anglo-american/business-ethics-and-corporate-social-responsibility/what-are-business-ethics.html#ixzz2z4gH4Vl9)
Business ethics is one of the most important aspects of business. It consists of the moral/underlying principles of conduct that must be practice...
Trevino, L., & Nelson, K. (2011). Managing business ethics - straight talk about how to
In general, business ethics means getting to know what is considered right or wrong in the workplace and involves performing accurately in regard to effects of products,
Seawell, Buie 2010, ‘The Content and Practice of Business Ethics’, Good Business, pp. 2-18, viewed 22 October 2013, .
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.
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2013). Business ethics: Ethical decision making and cases: 2011 custom edition (9th ed.). Mason, OH: South-Western Cengage Learning.
Ethics is concerned with the study of morality and the application of reason to elucidate specific rules and principles that determine right and wrong for a given situation (Crane & Matten, 2010). Since law does not necessarily cover the morality of many controversial issues, moral reflection ought to be performed on any action, regardless of its lawfulness. The growing power of business in today’s society has enabled businesses to significantly impact the world. Hence, business ethics is highly relevant as it could determine whether businesses contribute or cause harm to the society at large.
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.
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