Values – are the behaviors and values that individuals need to follow which have been govern within business environment. They are a set of principles that guide individuals in decision making based on what the company beliefs and how it thinks its business practices should be run. Ethics – The concern of an individual in terms of one’s moral judgment and what they think is morally correct or incorrect this often helps keep the business people operating on a moral and legal pedestal. When looking at these two definitions it is clear that business ethics and values work hand in hand with one another
When these valuable ethical decision are decided apon within an organisation they are usually made by individuals, stakeholder and/or groups in the company. Whomever makes these decisions will have a direct influence on the type of business and overall culture of the company and the way the business functions in its Entirety. Having strong Business ethics and values is important as it is always recognised by your employees, stakeholders and your customers because everyone always enjoys dealing with an honest businessman. Because if the company is acting with bad ethics in a dishonest manner with greed and rudeness the business will collapse and go nowhere because all its customers and employees will presume business elsewhere. Having good business ethics and values within your business allows you employees and fellow businessmen to operate in the same manner morally and legally and also draws in more satisfied employees and customers which will help increase your overall sales. Cadbury Schweppes was voted as one of the 'most admired companies within a community’ because it incorporated ethical behaviour as an integral part of everyt...
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...usiness sectors placing themselves within sectors that seem to be prosperous. While doing this business should also consider building there companies around solutions that need to be faced such as social and environmental and most importantly ethical this will help boost their company and place them in new transforming economies.
After reading all of the information provided above it is clear that ethic and values in a business’s sustainability are an integrate part of the business running smoothly. It proves that business need to follow a clear and precise plan of business ethics and values in order for their business to strive and generate a profit in the long term future so that the business can continue growing .
It was said by unknown “ that one can do well by being ethical “ and “ a company with a code of business ethics will always have the best reputation “
Huws, U. (2010). "Towards a greater understanding of the changing role of business in society", paper presented at Towards a greater understanding of the changing role of business in society. Brussels, April 22. Luxembourg: Publications Office of the European Union, p. 9, 20, 27, 29.
Ethics is discovered by a Greek philosopher named Socrates, he viewed ethics as knowledge as the right reasons to make during any situation supported by the right reasons. Ethics is how an individual behaves, it is also the standards of behavior which can promote human welfare and also ‘The Good’, this extends to animal welfare, the physical environment and how an individual serve human welfare. Ethics is also how we treat one another and even the people we don’t really know like strangers etc. What ethics is not? Ethics is not feelings and not what other people do. While business carry an almost similar concept from ethics but in the field of business. It’s how we behave in the field of business as business men and women. Business ethics is
Values are a core set of beliefs and principles by one or many. A number of factors contribute to the development of values. These include membership in a community or culture, attitudes, beliefs, and behaviors. Values determine what is important in decision-making. Ethics involve conduct, the ability to determine right and wrong. All organizations face ethical dilemmas. Organizations develop corporate social responsibility in reaction to the values and expectations of society. Corporate social responsibility initiatives aim to protect public health, safety...
Do you agree with Schmeltekopf that business schools are not preparing students well for the for the ethical challenges they will face in the workplace? Why or why not?
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.
In today’s global society, a Code of Ethics policy is used to label established, acceptable behaviors among that industry’s business associates, potential investors, and the corporation’s executive officers and employees, and most important, the consumer (Ethics Resource Center, 2003). In an attempt to promote an increased efficiency and productivity potential level, among employees and prospective clients, a corporation’s standard Code of Ethics should guide its members toward a more in-depth examination of their personal moral activity, and how these actions affect the people or acquaintances they encounter. A company should utilize this strategy as a model for the professional behaviors and responsibilities of its constituents, and proves the occupational advancement of that business. Ethics are important in every level of a corporation, but specifically in the day-to-day actions of its members, and the image the company broadcasts to its associates is fundamental in building a stable business foundation. These pledges are a vital communication tool used to covey the firm’s standards for business operations, and predominantly, its relationships with the surrounding communities (Ethics Resource Center, 2003).
Seawell, Buie 2010, ‘The Content and Practice of Business Ethics’, Good Business, pp. 2-18, viewed 22 October 2013, .
Explain the connection between the economic model of corporate social responsibility and “free market” or “neoclassical” economic theory.
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.
Ethics are the driving force behind good business. Every ethical choice made by a professional can and will have a much different outcome than any unethical choice. Bad ethics can ruin many aspects of a business and as (Gaye-Anderson, 2007) states how quite easily the lives and professional reputation of the employees can even be severally damaged (para. 3). Everything from morale to motivation can be severely affected by poor ethical choices. Customers will take their business elsewhere. Employees will abandon ship. Other, competing businesses reap the benefits of the bad moral choices. Ultimately, the entire business can be brought down by one poor ethical choice.
Business ethics defines how a company integrates core values - such as honesty, trust, respect, and fairness - into its policies, practices, and decision-making. Business ethics is, in part, the attempt to think clearly and deeply about ethical issues in business and to arrive at conclusions that are supported by the strongest possible arguments. Ethical principles are the rules of conduct that derive from ethical values. For example, honesty is a value that governs behavior in the form of principles such as: tell the truth, don’t deceive, and don’t cheat.
Ethical business practices include assuring that the highest legal and moral standards are observed in your relationships with the people in your business community. This includes the most important person in your business, your customer. Short term profit at the cost of losing a customer is long term death for your business.
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 are the morals principles that we obtain through various means, such as religion, culture, etc., that people live by. Values are the way we feel about honesty, wrong-doing, etc. Ethics and values help determine the way employees and members of the business should act and how they should act to show how what the business stands for. The business has a number of ways in which it helps employees can use ethics and values to show the importance in business sustainability.
Ethics are moral principles or values that govern the conduct of an individual or a group.It is not a burden to bear, but a prudent and effective guide which furthers life and success. Ethics are important not only in business but in academics and society as well because it is an essential part of the foundation on which a civilized society is built.