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.
A reputation for ethical decisions builds trust in your business among business associates and suppliers. Strong supplier relationships are critical to a successful business. Consider the problems you might have if you could not supply what the customer needs...at the time that they need it.
The entrepreneur is the role model for employees. If your behavior includes lying to customers, taking money out of the cash register, or taking home some of the inventory or supplies, you cannot be surprised if your employees follow your lead. Your family members may see the business as their own and take things that really belong to the business. Employees may see this as being dishonest, or as a conflict with their needs for a raise in pay.
The community expects your business to operate in an ethical manner that enhances the image of the community as a whole. If you are located in a mall, for example, your code of ethics will help or hinder customer traffic for the other businesses too. A reputation for telling customers anything they want to hear, regardless of the truth, eventually hurts your business and other businesses around you. It usually isn't illegal to lie to customers, but it isn't good business.
Ethical behavior is merely making good business decisions based on an established "code of ethics". Entrepreneurs should establish a written code of ethics that can serve as a framework for decisions to be made by the entrepreneur as well as the employees. In developing this code of ethics you should consider the following items:
1. Identify your general principles that would lead to fair business practices.
2. Check with your industry association for basic standards to review
3. Allow for the fact that ethical questions do not always have a unique, faultless answer.
4. Write out specific statements that will assist you and others in making day-to-day ethical decisions.
5. Apply your code of ethics to a written policy and procedure manual identifying the major rules for operating your business.
6. Train your employees (and family members) to make ethical decisions about the business.
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
Since you examined the number of moral issues you will face in this profession, look through the code of ethics that you chose for this assignment and explain
Ethical behavior is behavior that a person considers appropriate. A person’s moral principles are shaped from birth, and developed over time throughout the person’s life. There are many factors that can influence what a person believes 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.
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?
The six steps of the model are as follows: Identify the ethical dilemma, collect information, state the options, apply ethical principles to those options, make the decision, and implement the decision (Beemsterboer, 2010). The first step is to identify the ethical dilemma, which Beemsterboer describes as the most critical step in the model. To identify the ethical dilemma, one must recognize that the problem is an ethical dilemma with no one clear answer, and expound upon what the ethical question is. The next step is to collect information about the situation and values involved “as a basis for an informed decision.” (Beemsterboer, 2010, para. 8). After defining the ethical dilemma and gathering information about it, one must then state as many options as possible which may resolve the problem (Beemsterboer, 2010). Due to that fact that more than one decision may remedy an ethical dilemma, it is important to discuss all available options to better understand all angles of the situation and how to deal with as many of them as possible. Once all alternatives have been stated, each must be weighed against ethical principles. Beemsterboer suggests in the discussion of each option a list of pros and cons be made to demonstrate how the option may protect of violate ethical principles and values (2010).?? After analyzing each alternative it is much easier
b. What is the essential ethical issue here? (In your own words, write out a one-sentence summary of the ethical issue as it arises in the type of situation being described here.)
The term “ethical business” is seen, by many people, as an oxymoron. This is because a business’s main objective is to make as much money as possible. Making the most money possible, however, can often lead to unethical actions. Companies like Enron, WorldCom, and Satyam have been the posterchildren for how corporations’ greed lead to unethical practices. In recent times however, companies have been accused of being unethical based on, not how they manage their finances, but on how they treat the society that they operate in. People have started to realize that the damage companies have been doing to the world around them is more impactful and far worse than any financial fraud that these companies might be engaging in. Events like the BP oil
Explain the connection between the economic model of corporate social responsibility and “free market” or “neoclassical” economic theory.
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.
Making good ethical decisions requires a trained sensitivity to ethical issues and a practiced method for exploring the ethical aspects of a decision and weighing the considerations that should impact our choice of a course of action. Having a method for ethical decision making is absolutely essential. When practiced regularly, the method becomes so familiar that we work through it automatically without consulting the specific steps.
In this assignment we will be identifying an ethical dilemma an individual has experienced. We will begin with a short introduction of what an ethical dilemma is, moving on to providing brief details of the dilemma an individual has experienced. We will then go on to selecting one ethical theory, to show how it can help an individual understand and deal with the situation when placed within, followed by a conclusion.
Ethics is the application of one’s personal beliefs and the impact on how a person makes decisions regarding the relationships involving a company. The most common agents that involve a person’s decisions are owners, employees, customers, clients, suppliers and communities, according to Robert Audi (Audi, 2009). A person’s beliefs are often the determining factor in whether an action is considered right or wrong. Although ethics are often not explicitly displayed, a person with any sort of moral belief tends to have a grasp about what is considered ethically right or wrong. These obligations attempt to create a mirror image of how one would expect to be treated themselves. Audi states that there are ten moral obligations that serve as a model for how to assess ethical dilemmas. The following obligations are moral obligations that help to assess ethical dilemmas: justice, non-injury, fidelity, veracity, reparation, beneficence, self-improvement, gratitude, liberty, and respectfulness (Audi, 2009). Once these moral obligations are engraved into someone’s mind, it is much easier for a person to make a decision based on ethical grounds.
As mentioned earlier, ethical business communication takes different forms, such as management of staff and employees to suppliers and customers. A wide range of writing exists with the significance of ethics in business communication; most disappointments in business credit to the absence of morals in their business operation, and affirm that ethics is the basic achievement of authoritative development and achievement elements. It's basic as building associations with partners and utilizing moral practices. The believability of the association assumes a part in guaranteeing productivity. It can be said that ethics are a vital segment in business achievement. Since business contacts is likewise the center of business procedures, then, ought to be joined morals in business correspondence procedure to make certain long haul gainfulness and great relations with the proprietors of hobbies. Janet and Chaney (2012) mentioned out that there is a direct correlation between ethical business communication and customer loyalty. Ethical business communication plays a role in the development of a loyal customer base because of the ethical manners of the company when it comes to communications command. Ethical business communication helps to create a positive image of the organization in the workplace, which helps in attracting
The Facts: Kermit Vandivier works for B.F. Goodrich. His job assignment was to write the qualifying report on the four disk brakes for LTV Aerospace Corporation. LTV purchased aircraft brakes from B.F. Goodrich for the Air Force. Goodrich desperately wanted the contract because it guaranteed a commitment from the Air Force on future brake purchases for the A7D from them, even if they lost money on the initial contract.