Define and Discuss Philosophies’ Application to Business
Business philosophy refers to application of theoretic framework to determine the manner in which a business entity deals with various forms of operation. It refers to formation and operation of a corporate entity in areas that include management, accounting, public relations, business operations, marketing, and training (Dahlsrud, 2008). Moral philosophy, on the other hand, refers to values that determine the rightness or wrongness of an action (Bartels, 2008). It is not easy to apply ethics and moral philosophies in business practices, particularly in a global competitive environment where the concept of right and wrong varies according to different cultures (Dahlsrud, 2008).
Application of moral philosophy in business occurs in four critical areas. These areas include: foremost, corporate culture- business ethics simply refer to the extent through which an organization has integrated moral philosophies into its global business practices. Corporate culture concerns itself with ways through which a business organization creates a culture of ethical and honest business practices through the creation of a code of conduct that the organization utilizes to shape the behavior of its workforce and leadership. Secondly, discipline- moral philosophy is applicable on a more practical degree in order to determine ways of disciplining employees who exhibit behaviors outside an organizations accepted norms and culture. Third, employee relations- moral philosophy enables a business enterprise to evaluate the continuous relations between employees and the management within the company, both in terms of ethical considerations and in terms of discipline, for instance, employee- manag...
... middle of paper ...
...ch as flexible working programs. Due to this, Nestle strives to address increasing significant social challenges that include healthcare, environment and education (Piercy, & Lane, 2007).
Works Cited
Bartels, D. M. (2008). Principled moral sentiment and the flexibility of moral judgment and decision making. Cognition, 108(2), 381-417
Dahlsrud, A. (2008). How corporate social responsibility is defined: an analysis of 37 definitions. Corporate social responsibility and environmental management, 15(1), 1-13.
Piercy, N. F., & Lane, N. (2007). Ethical and moral dilemmas associated with strategic relationships between business-to-business buyers and sellers. Journal of Business Ethics, 72(1), 87-102.
Polonsky, M., & Jevons, C. (2009). Global branding and strategic CSR: an overview of three types of complexity. International Marketing Review, 26(3), 327-347.
In business, creating a culture of ethical behavior and productivity are two of the most important elements in daily operations. There are deferring opinions on how to establish those standards. One standard is universal in which human rights are general and should apply to every human being or having a one-size fits all standard of practice (Hugh, M.C., 2002). For example, an organization could great a set of ethical standards that universal and standard to apply to its members. However, the opposing view is cultural relativism, where the view that all values are meaningful only within specific cultures (Hugh, M.C., 2002). In other words, each culture defines what is right and what is wrong. Applying this to business, an organization can create ethical standards that are specific to their service line and provide specificity to members about their services, behavior, and social
Business ethics are the moral principles that describe the way a business behaves. Because businesses are treated as “persons”, it can be said that the same principles that determine an individual’s actions can also apply to business. Making ethical choices involves distinguishing between right and wrong, and then making the right choice; and while it can be easy to identify unethical business practices, such as using child labor or not paying employees properly, good ethical practice can be harder to define simply because what is deemed right is not always universally accepted. In other words, everyone has a unique moral compass, and can see black and white as different shades of gray. In the face of this, every business holds corporate social responsibility to act fairly for their employees’, stakeholders’, and sometimes even the earth’s sake. However, whether or not the business adheres to this ethical paradigm varies.
Business ethics are part of ethics and are essentially the applied ethics. Business ethics are the practical in nature and are derived from various approaches of ethics. These four approaches have strong influence of business ethics. Like the rights approach in business ethics means behaving so as to protect the moral rights of the people involved such as employees and customers. Virtues approach in business ethics aims at operating in a virtues manner i.e. the businesses should obey laws, respect its customer, and be responsible towards its all stakeholders (Wolf & Theodora, 2015). Feminist approach motivates businesses to be equal opportunity employer and to recognize the rights of females (Sterba, 2000). The common morality theory is reflected in the corporate social initiatives being followed by companies these days. As the businesses operate in society and derive its resources from society itself, hence the businesses should behave ethically for the common good of the
“Masters, grant to your slaves justice and fairness, knowing that you too have a Master in heaven” Colossians 4:1 (Dake’s Annontated Reference Bible). Leaders should always treat their employees and fellow business leaders with respect and dignity and should never violate ethical codes of conduct. Christians have a Lord and Master in heaven and should never treat people unethically because our lord and master will judge us for this on Judgment Day. It is important that all people even non-Christians follow universal values, morals and ethical behavior in all business activities. This paper will talk about three different secular views of business ethics, why it is important to practice common standards in the business world.
The term “ethics” is often used within business environments to promote and encourage organizational employees to make fair and honest business decisions daily. However, some scholars argue that, a majority of organizations in today’s business environment use the term “ethics” loosely to meet the current social status quo of business practices, but do not actually enforce the importance of ethical practices with their organization. In order to explore this argument further, a sample business ethics issue will be examined and a Christian worldview will be applied to the ethical issue as a method to correct the business ethical topic.
Svensson, Goran & Wood, Greg 2007, ‘A Model of Business Ethics’, Journal of Business Ethics, vol. 77, pp. 303-322.
There are many different industries in today’s corporate world. Perhaps, the most vital component in the corporate structure is its Codes of Ethics. Business Ethic or can be known as the Code of Ethics is a form of codes within the corporate world which it uses the Ethics and applies it to the entire philosophies of this corporate structure. In today’s day and age, most corporate structures use the Code of Ethics applies to the social atmosphere rather than the financial side.
As per the Webster’s dictionary Ethics is defined as a set of principles of right conduct, or a system of moral principles. Business ethics can be defined as a set of standards, norms and principles that essentially guide an organization’s conduct of its activities, internal relations and interactions with its external stakeholders. Business ethics fundamentally mirror the values of business, one of whose aim is to determine the primary purposes of an organization.
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.
Usually the conversation about philosophy in society is centered on the universal structure of values as part of their lives. Conversely moral philosophy relates to certain ideologies or statutes which are used by societies in determining right or wrong. It is imperative to comprehend there is a difference between “moral philosophies” and “business ethics”. The “moral philosophies” pertain to individual’s values, whereas “business ethics” is centered on groups’ decisions or relate to meeting a business objective.
Carroll, A. B. (1996). Business & Society: Ethics and stakeholders management. Cincinnati: South-Western College Publishing.
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.
Business morals is the investigation of business circumstances, exercises, and choices where issues of good and bad are tended to. Business morals emerges from considering the conditions under which cutting edge business is led can be comprehensively portrayed as sympathy toward the social obligation of business. The corporate administration system ought to advance straightforward and productive markets, be predictable with the principle of law and plainly well-spoken the division of obligations among diverse supervisory, administrative and implementation powers. Great corporate administration is the magic that binds dependable business hones, which guarantees positive work environment administration, commercial center obligation,
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 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