Business Ethics And Ethics In The Business Environment

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Ethics are principles and moral, it is a way of governing the person behaviors and decision. Ethics help the person to decide whether actions and behaviors are good or bad right or wrong. Ethics is related to everything even business. Business ethics is set of principles related to the business environment. Recently, these principles considered to be one of the significant things that help in deciding how the business should deal with different situation. However, leaders are the controllable for having ethically business environment since they have greater influence on the employee behaviors, achievements and actions. Setting a clear set of business ethics which are moral, principles and rules should give the leaders a clear path on how they…show more content…
Leaders considering ethical values in their decisions should keep in their minds the safety for their employee and not harming the environment. For the employees that their duties are associated with risk leaders should provide them with the tool and equipment necessary to reduce that risk. However, leaders should focus on minimizing each type of risk related to their business.
Nowadays, since business ethics give the organization extra benefit among competitor, it become from the priority that CEOs of many organization keeps it in their minds when creating the strategies. A Corporate Social Responsibility (CSR) can be used as a tool to support ethics thus organizations use it in order to increase trust, value and care among the stakeholders.
Petroleum industry in general is having several types of risk. This industry affects the environment negatively because of the harm it causes to the environment due to the different type pollutants it produces to the whole environment. Also, another risk that these industries can harm the humans since there is dangers on the peoples' life. A bad reputation is linked to these businesses since they have risks associated with them; a way to reduce this bad reputation is using CSR which is considered to be a helping
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This wrong decision lead the firm to lose huge amount of money that can be avoided if he did not remove some risks from safety management. The Deep Horizon Explosion in the Gulf of Mexico that lead to the death of 11 workers in addition to the demolition of the environment. The loss that the firm paid as compensation to claimants for the explosion was near fifteen billion dollar. Later it was shown that the explosion was a consequence of the weak culture they have and the lack of ethical leadership since the CEO was ignoring the experts' advice, hiding facts, and neglecting warnings. As a result, they lose some properties and their image was destroyed because safety is one of the most ethical values for BP and they could not maintain
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