Ethics are moral principles that govern a person’s behaviour. And in business, it is incorporating that into the company policies and practices regarding controversial issues, such as fraud, bribery, discrimination and corruption. In other words, it is the fairness, the right and wrong of an action. Business ethics are often guided by the law while other corporations create their own framework. However, companies have conflicting duties such as making a profit, work efficiently but remain within the law or else suffer the consequences. Although people start a business to make money, companies must understand that building a corporation is more than just creating billion dollar revenues and keeping up with consumer demands. It is also considering the impact that unethical business decisions create to our society and environment. Profit may be important to run a business but where will that go if our environment, our natural resources are all exhausted?
All corporate leaders have a moral compass – a sincere belief and value they hold dear which drives their personal and professional lives. When a leader is clear about what they value and believes in, others who share those values and beliefs will follow suit. The challenge of moral intelligence is not knowing right from wrong, but doing versus knowing. (Lennick and Kiel, 2005) We live in an age where there is moral confusion. Every day we are bombarded with news reports of world dilemmas such as terrorism, global warming, energy shortages, corporate scandal, and corruption. All these problems with no clear solution. (Hester and Killian, 2010). To make a difference, leaders today must face the...
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...g deal of information about corporate governance, sustainability, and environmental protection.
Thus a great number of society has better understanding of laws and what should and should be. Unethical corporate leadership is the major cause of high profile accounting scandals Therefore, pushing ethical issues under the carpet just won’t cut it anymore. Because business is not just a profession. It is also a system in which everyone must live.
Certainly, there is ethical value in doing the right thing because it is right, not just because it serves one’s interest. And in the real world of business, selflessness is one of the many motivations that do shape managers’ behavior. Furthermore, even if this world occasionally rewards bad behaviour, running a company ethically shouldn’t just be an option but a focus of leaders today.
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