Question 1
Explain the importance of ethics and values in business sustainability
In order to answer this question we need to understand what ethics and values, business ethics and business sustainability means.
What are ethics and values?
Ethics can be described as rules and regulations that govern a person’s behaviour. In order for a good business reputation, the employer and employees need to work towards customer satisfaction
Values are our beliefs. They provide guidance when we have to define what is right and what is wrong. With values we need to determine whether we meet a certain standard when it comes to our actions.
What are business ethics?
Business ethics can be defined as professional ethics that examines ethical problems arising in a business environment. Business ethics guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. Examples of business ethics in the workplace may include abusive behaviour, sexual harassment, cheating the company, just to name a few.
What is business sustainability?
Business sustainability is the management and coordination of environmental, social and financial demands and concerns to ensure responsible, ethical and ongoing success. Social, Economic and Environmental sustainability are considered as the three pillars of sustainability, which is sometimes referred to as the triple bottom line.
The importance of ethics and values in business sustainability.
In order to behave ethically, you need to take moral decisions. In order to achieve the biggest short-term profit, the company will need to draw up rules and regulations that will govern the behaviour of the employees.
Behaving ethically can assure that the business can ach...
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...ound and timely decisions that will benefit the whole organisations. They keep everyone informed about the things that are happening around the organisation. They always communicate with employees, seniors and other essential people in the organisation.
Leaders work as mediators in the business, meaning that when there’s conflict in the business, they analyse the situation, take corrective action that will accommodate the parties involved and then move on to the next challenge that the organisation might be facing. Good leader ensure that everyone in the organisation is satisfied with the work that is allocated to them.
Before a good leader can tackle issues at the work environments, they need to do some self-introspection. They need to understand themselves; they should also seek self-improvement which can be attained by reading, self-study, attending classes, etc.
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.
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
When running a business ethics plays an important role in the success of the business. “Ethics is the study of those values that relate to our moral conduct, including questions of good and evil, right and wrong, and moral responsibility” (pg. 2). Every individual will have a different set of moral codes. Moral codes are shaped by your personality, environment and religion. In this scenario and throughout this paper you will come to understand how our moral code of ethics plays a role in our daily decisions.
Ethical behavior is behavior that a person considers to be appropriate. A person’s moral principals are shaped from birth, and developed overtime throughout the person’s life. There are many factors that can influence what a person believes whats is right, or what is wrong. Some factors are a person’s family, religious beliefs, culture, and experiences. In business it is of great importance for an employee to understand how to act ethically to prevent a company from being sued, and receiving criticism from the public while bringing in profits for the company. (Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in an 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 to comply with their companies ethical standards. In some instances some have to choose whether to serve their own personal interests, or the interest of the company. In this essay I will be examining the financial events surrounding Bernie Madoff, and the events surrounding Enron.
Ethics is a social, religious, or civil code of behavior considered appropriate, especially that of a specific group, profession, or individual. Business ethics is the analyzation of moral and social accountability in reference to procedures and the making of decisions in a company (Merriam, 2015). While every individual has their own value system in regards to ethics, there is a type
For a company to be successful ethically, it must go beyond the notion of simple legal compliance and adopt a values-based organizational culture. A corporate code of ethics can be a very valuable and integral part of a company’s culture but I believe that it is not strong enough to stand alone. Thought and care must go into constructing the code of ethics and the implementation of it. Companies need to infuse ethics and integrity throughout their corporate culture as well as into their definition of success. To be successfully ethical, companies must go beyond the notion of simple legal compliance and adopt a values-based organizational culture.
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).
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.
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.
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.
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 is central for any organization in treating employees fairly and helping the organization advance its mission. There is no single best way for dealing with ethical challenges, but it is very important for managers to develop ethical policies and procedures for implementation. To minimize possible unethical decisions by staff members, it is important to incorporate written standards grounded in organizational values in the code of conduct.
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.
I shall answer this question by discussing what ethics and values are and how they can influence business sustainability. I will also discuss why ethics and values are important and necessary in a business, and the possible repercussions that could occur without ethics and values in a business.
Ethical behaviour is what all career people should aim to have. Not just the ethical attribute but exceptional behaviour with this regard.this is because in order to build a career, one must be governed by the rules of ethics to safeguard oneself and others. Ethics are essential in the workplace because a tough ethical code provides a non-threatening environment with high employee morale. The corporate social responsibility is important to everyone,therefore it should not be neglected by the employees and the organization. Ethics purely center on personal conduct. It involves personal choices that can make or break a person in the workplace or business. The major importance of having good conduct is to maintain a high level of respect not just for people but for the proffession. Most people who begin their working career have aspirations of excelling at their jobs and reaching the pinnacle of their profession while maintaining a sense of values; however employees often become blind with ambition and put aside their sense of ethics in order to obtain financial security and recognition for their efforts. There are many things that one can gain from having good behavioural ethics in the workplace. It will develop a discipline which will propel the work practices to a higher level and will help set a high standard. It will promote teamwork among the workersand will also buil...