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Importance of values in human life
The relationship between business and ethics
Importance of values in human life
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We live in a world where personal and business ethics can be shady. Some people or leaders put aside their ethics when it can work to their advantage. Often people or corporations turn to deceit or immoral actions to turn a profit. The more money that is at stake, the more people seem willing to do bad things, even to the point of doing harm to others.
When someone is unethical, they lose their moral way. Ethics is a “set of moral principles” (Merriam-Webster.com.) These principles guide our personal decisions. But when more than one individual loses sight of their moral judgement, a whole company can go down. Moral conduct can be applied to organizations. A good movie that shows the difference between an ethical, privately owned organization and a larger, sleazy franchise is Good Burger. Good Burger shows the difference between a small shop, Good Burger, and a larger franchise, Mondo Burger, and the way they do business.
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While others, such as Mondo Burger, have very low ethical principles. The ethical principles and standards set by a company create the culture for all their employees. Good ethics creates a positive community while bad ethics in the workplace creates a negative environment. As an example, at Good Burger, when a worker, Ed, created a special sauce, the manager, Mr. Bailey, literally gave him a share of the profit of each burger they sold to honor his discovery. This created a positive work culture where people were people wanted to work harder and felt incentive to make Good Burger
More and more people are holding businesses to a higher ethical accountability. A companies decisions effect its employees, costumers the environment, and even the community, so decisions should not be taken lightly. It also becoming more obvious that managers feel that trustworthy employees with good worth ethics are an intangible asset to their company. Managers will not receive such employees if they do not have high ethical and moral standards themselves. I think that people ultimately want ethics that will produce a productive and honest workforce that also increases profits.
Throughout your life, you’ll face tough decisions where you'll have to decide possibly against your ethical beliefs. Ethics don’t necessarily always have to involve law abiding. It’s rather about trusting your moral path and doing the right thing. Dori Meinert is the author of “Creating an Ethical Workplace” she explains the thought behind the never black or white decision making when it comes to businesses. Can businesses truly trust those individuals hired to steer their companies? It was mentioned that last year 41 percent of U.S. workers said they observed unethical or illegal misconduct on the job, according to the Ethics Resource Center's 2013 National Business Ethics Survey. Meinert’s article was not only eye-opening but very truthful since we’ve all been faced or witnessed unethical decision making. Once employees see individuals breaking the rules and regulations others will then think it's okay, which could result in employees leaving or major hoops for companies to jump through. When we tolerate misconduct we lower productivity and diminish the reputation of a company. Meinert mentioned that if
It's difficult not to be cynical about how “big business” treats the subject of ethics in today's world. In many corporations, where the only important value is the bottom line, most executives merely give lip service to living and operating their corporations ethically.
Many organizations have been destroyed or heavily damaged financially and took a hit in terms of reputation, for example, Enron. The word Ethics is derived from a Greek word called Ethos, meaning “The character or values particular to a specific person, people, culture or movement” (The American Heritage Dictionary, 2007, p. 295). Ethics has always played and will continue to play a huge role within the corporate world. Ethics is one of the important topics that are debated at lengths without reaching a conclusion, since there isn’t a right or wrong answer. It’s basically depends on how each individual perceives a particular situation. Over the past few years we have seen very poor unethical business practices by companies like Enron, which has affected many stakeholders. Poor unethical practices affect the society in many ways; employees lose their job, investors lose their money, and the country’s economy gets affected. This leads to people start losing confidence in the economy and the organizations that are being run by the so-called “educated” top executives that had one goal in their minds, personal gain. When Enron entered the scene in the mid-1980s, it was little more than a stodgy energy distribution system. Ten years later, it was a multi-billion dollar corporation, considered the poster child of the “new economy” for its willingness to use technology and the Internet in managing energy. Fifteen years later, the company is filing for bankruptcy on the heels of a massive financial collapse, likely the largest in corporate America’s history. As this paper is being written, the scope of Enron collapse is still being researched, poked and prodded. It will take years to determine what, exactly; the impact of the demise of this energy giant will be both on the industry and the
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?
This concern of integrity and organizations like Wells Fargo to do what is right stems from our personal ethical framework. We all have one which helps us decide what is right and what is wrong. It is this decision that is a concern for organizations that must be managed on a day to day basis. Company’s such as Wells Fargo are so big that bad ethical behavior may be overlooked and not dealt with until the damage has already been done. Other organizations need to learn from Wells Fargo and start addressing their own organization ethical framework. This would include the organizational culture, business strategies, employee ethics concerns and the overall ethics and decision-making
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.
Small business owners of fortune 500 companies, democrats, republicans, men and women all have ethical responsibilities that should always be considered. Mc Donald’s is a well-known restaurant around the world. Some people enjoy this fast food restaurant and also have made Mc Donald’s one of the leading fast food companies. Although, Mc Donald may have some tasty food, there are still many critics that think Mc Donald’s may have a lot of ethical issues and company violations. Some consider being ethical is simply defined as knowing the difference between what is considered good and evil. However, ethics is defined as moral principles that govern a person’s or group’s behavior, and the practices that violate them. The practices of unethical behaviors, by various fast food corporations, like McDonalds have become of great concern to our society.
Some of the common causes of unethical behavior in the workplace are: 1) extreme emphasis on profits, 2) loss of corporate loyalty, 3) fixation on personal advancement, 4) probability of not getting caught, 5) immoral quality set by top management, 6) indecision about whether act is wrong, and 7) reluctance to stand up for what is right
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.
Focusing on what is best for the organization as a whole and not self greed, not focusing on short-term profits but the long-term profit goals for the shareholders, investors, and employees would help keep employees ethical (Ferrell, et al, 2009).When an employee is fearful of losing his or her job, unethical conduct can be the result of trying to keep that job (Ferrell, et al, 2009).When pressures are placed on employees to make money quick, fast, and in a hurry, the results could be unethical behavior (Ferrell, et al,
Ethics is the responsibility of each individual person, but starts with the CEO and the Board of Directors, setting the right tone at the top and moves down through the organization, including setting the tone in the middle. A company’s culture and ethic standards start at the top, not from the bottom. Employees will almost always behave in the manner that they think management expects them, and it is foolish for management to pretend otherwise (Scudder). One of the CEO’s most important jobs is to create, foster, and communicate the culture of the organization. Wrongdoings or improper behavior rarely occurs in a void, leaders typically know when someone is compromising the company
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.
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