That means to maximize positive affects and minimize negative affects on the society. Social responsibilities includes economic-to produce goods and services, that society needs at the price, that satisfy both-business and consumers, legal responsibility-laws that business must obey, ethical responsibilities-behaviors and activities that are expected of business by society, but are not codified in the law, philanthropic responsibilities-represent the company’s desire to give back to society (charietys, volunteering, sponsoring). Ethical issues in business arise because of conflicts between an individuals personal moral philosophies and values and values or attitudes of organization in which a person works and a society in which one lives. Ethical issues can be identified in terms of the major participants and functions of business. Ethical issues related to ownership include conflicts between manager’s duties to the owners and their own interests, also separation of ownership and control of business.
Personally, I believe ethical business conduct refers to businesses with certain ethics and morals operating in a rightful manner in tough and controversial situations. However, one must not only focus on what ethical conduct the business does externally, for example, the way it treats customers or performs business functions, but also internally within the business, for example, the way individuals treat each other within the firm. ii. The arguments for and against seeking to promote ethical business conduct Ethical business conducts, whether it be promoting for or against, will ultimately affect the company’s abilities to make profits. In the end, it all comes down to the ability for the company to juggle the two different perspectives o... ... middle of paper ... ...cally and be of benefit to the community, they will influence their employees to work ethically as well, which increases employee productivity, ultimately helping the business to grow sustainably in the future.
As espoused by Ferrell, et.al, (2013) the moral philosophy is what a person hold as their ethics and beliefs. However, when viewing ethics in the framework of business, ethics are based on what the group considers to be the best or worse approach for the business operation and its objectives. Therefore, it is the responsibility of a company or its managers to create, and instruct, employees on the conformity of ethical in business practices within their organizations. Managers also should understand that their personal moral philosophies can be influential as a guide to other employee. Moreover, it should be understood that moral philosophies offer standards for controlling how conflicts are settled in reference to people life’s concerns.
According to (O.C. Ferrell, 2011, 2008), a... ... middle of paper ... ...sue It’s important for stakeholders to recognize these type conflicts and decide whether business actions and decisions are being perceived as ethical or unethical which requires stakeholders to be ethically aware of all issues that could potentially harm the integrity of the organizations and its employees. In order to do this, stakeholders must be able to determine exactly what an ethical issue in business is. Although some situations may appear pretty apparent there are others that will require more in-depth evaluations. Works Cited O.C.
Importance of ethics and values in business sustainability Morals concern a singular's ethical judgements about good and bad. Choices taken inside an association may be made by people or gatherings, however whoever makes them will be affected by the society of the organization. The choice to act morally is an ethical one; workers must choose what they think is the right blueprint. This may include dismissing the course that might prompt the greatest transient benefit. Moral conduct and corporate social obligation can bring huge profits to a business.
Question 1 Explain the importance of ethics and values in business sustainability In order to answer this question we need to understand what ethics and values, business ethics and business sustainability means. What are ethics and values? Ethics can be described as rules and regulations that govern a person’s behaviour. In order for a good business reputation, the employer and employees need to work towards customer satisfaction Values are our beliefs. They provide guidance when we have to define what is right and what is wrong.
Business Ethics In today’s business world, organizations have an effect on many people especially in the working class of our society. They have an obligation to their employee, customers, society and the world to set a good sample of an ethical environment. It is their responsibility to conduct business in a way that is not harmful and which positively benefits as many people as possible and themselves. Although this sounds simple, and it is easier said than done, as there will always be a conflict of interest between various groups of people or organization. Any decision made by businesses need to be made with an educated awareness of the precise situation and then act according to some sort of system of principals which is ‘Business Ethics’.
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.
It is not just the best system configuration they are providing Given that, business ethics is a type of connected morals or professional ethics that emerge in a business domain. It applies to all parts of business directly and is important to the behaviour of individuals including the organisation as a whole. There should be a sound balance between ethics and social responsibility, which can be a difficulty. This is the reason, we must follow some rules, both lawful and understood to control our organisations in our endeavours, in order to gain benefits in ways that will not harm neither people nor the society. (Ferrell, Fraedrich, Ferrell,
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. (Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in an business environment, or by a business. There are many situations that can arise in which a person is experiencing an ethical dilemma. They have to choose between standing by their own personal ethical standards or to comply with their companies ethical standards. In some instances some have to choose whether to serve their own personal interests, or the interest of the company.