The role of ethics in professional organizations is very important because it teaches the professionals, how to behave in their respective organizations. According to James Brusseau, “Ethics is about determining value; it’s deciding what’s worth doing and what doesn’t matter so much. Business ethics is the way we decide what kind of career to pursue, what choices we make on the job, which companies we want to work with, and what kind of economic world we want to live in.”
A code of ethics is an important document for any business as any violation of the code will result in a serious trouble for the organization. It helps making comprehensive decisions not only by decreasing the confusion associated with issues but also helps in giving importance to individual concerns. The major purpose of code of business ethics is to create a common framework which helps in recognizing and implementing standardized decisions. It benefits by understanding the limitations internally and providing standardized data for customers. It also helps in protecting the reputation of the company when an individual violates the code.
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An International code of business Ethics is much complex than code of ethics for one nation. This is because ethical standards change from one country to other. They are different in different cultures. So it is important for employees of multinational companies to know and understand each other’s ethical standards. There is a need for organizations to write code of ethics that are allowable in other foreign ethical standards.
The following are some of the international code of business ethics to be used in decision-making by multinational teams worldwide.
1. Ethics at Workplace (Diversity and
Business ethics is something that we use in our daily working life to make the right decision and have the best outcome. Because helps us make decisions depending on is it right or wrong supported but logical thinking and reasoning. Like BCCI and HSBC Bank, they did not think that money laundering was the wrong course of action. Business ethics is very important, because without business ethics, people would never know how to differentiate between the good and bad in the company, so people would just simply make deals with people either good or bad. Whereas ethics helps to make the society more stable than a society without ethical thinking. As said by Albert Camus, ‘A man without ethics is a wild beast loose upon this world’. Examples like the un-ethical corporate companies which act un-ethically with the wrong reasons. Companies like BCCI and HSBC Bank are the beast loose in this world with no ethics
Throughout the course of day-to-day business life, the business professionals come in contact with quite a sum of ethical dilemmas. There are various ways to handle these ethical dilemmas, but failure to follow the appropriate manner could result in an unethical outcome. The ethical guides related to the book definitely help students develop an ethical character that is sure to stand out for highly ethical companies. In addition, there are companies that test how ethical applicants are before hiring them, this in turn makes getting the job more difficult and costly. However, despite the high cost and difficulty said companies stay firm to ethics, guaranteeing they get top-of-the-line employees who will act in an ethical manner. Ethics is defined
When travelling for business between different countries it’s very important to understand the different ethical practices. When looking into the different ethical business practices in organizations we will look at the four largest and fastest developing countries which are commonly known as BRIC; Brazil, Russia, India, and China. There are many similarities between these countries; however India and Brazil seem to have a more favorable ethics rating than China and Russia. While there are similar perceptions on ethical business practices, these ideas are not shared globally. As these four countries grow economically, it’s becoming more important for business leaders to understand their ethical differences.
Code of ethics is and organization’s written statement of its values and rules for ethical behavior is good starting point for supervisor to meet the challenges to ethical behavior.
Business ethics is one of the most important aspects of business. It consists of the moral/underlying principles of conduct that must be practice...
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).
Ethics are the principles and values used by an individual to govern his or her actions and decisions and it is very important in an organization. The code of ethics within an organization must be developed to help guide the organization in its decisions, programs, and policies. Having an ethical organizational culture that consists of leaders and employees adhering to ethical standards can guide leaders in determining organizational procedures and outline acceptable behavior among staff. Ethical leaders can also help employees meet standards of good quality work, accomplish organizational goals, adhere to policies and rules within the organization, and enhances the organization reputation within the community.
The importance of having a code of ethics is to define acceptable behaviors and promote higher standards of practice within a company. The code should provide a benchmark for...
Business ethics simply can be defined as the application of business values in the business practice of a company (Seawell 2010, p. 2). For a multinational company, business ethics is one of the critical aspects need to be taken into account in business decision-making processes. Failure to give attention on ethics may bring consequences on company’s reputation (Meyer & Jebe 2010, p. 159). The company is expected not only to pursue its own profits but also contributing to the environmental and social welfare of the community where it operates (Svensson & Wood 2008, p. 308).
To provide an example of a breach of ethical conduct in the workplace, we may remember the case of a financial manager in a corporation that decided not to pay overtime to some employees. After a deep outside investigation, the company was summoned with thousands of dollars to remedy the payment that was supposed to be paid to all employees who worked more than forty hours per week. Again, it is needed more than just a booklet stating that the company adheres to the code of business ethics. It is needed serious managers that can run the company with the most seriousness as possible. Consequently, any written codes of business ethics, regardless of how well it has been crafted, need people that adhere to its internal content with a serious desire to do the right thing.
Nowadays, society is governed by the implications of rules and legal restrictions. All of these rules were created to uphold and maintain the idea of ethical and moral values. Even children growing up were taught by some very important codes of ethics at school. These lessons learned as a youth growing up carry over into adulthood, as an employee or manager. Managers and workers both follow a similar code of ethics within the work place. Today, as a management consultant, I am going to prepare a code of ethics for my clients as they have recently started a restaurant called Knox, it is important to have a code of ethics in every company for their employees and also a circular by explaining the purpose and benefits of a good ethics. And finally, a brief report on the steps of strategic formulation and implementation.
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.
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.
Business ethics are a set of moral rules that govern how a business operates, how people should be treated within an organization, and how business decisions are made. They are a crucial part of employment and in managing a sustainable business, mainly because of the serious consequences that can result from decisions made with a lack of regard to ethics. Even if you don’t believe that good ethics don’t contribute to profit levels, you should realize those poor ethics have a negative effect on your bottom line in the long-run. Every business in every industry has certain guidelines to which its employees must stick to, and regularly outline such aspects in employee handbooks.
Ethics and values are very important in guiding employees and management in an organisation. It encourages employees to be accountable and transparent and also in make ethical decisions. In an organisation that ethics are practiced there are less conflicts and there is consistency at all times even when an organisation undergoes difficult times. A code of ethics is established in an organisation to solve problems when the do arise and explains how employees should respond when faced with different situations. Values and ethics are important for employees to get along. Our values tell us what we think is important and that helps us in making right decisions. For example a person who values justice will not be coursing conflicts and will adhere to ...