Discuss about the Business Ethics for Contemporary Business.
Before understanding business ethics, it is important for us to understand the true meaning of ethics. Ethics can be explained as moral values that directs an individual’s behaviour and actions. According to scholarly definition, ethics is the important prearranged assessment of how an individual needs to behave in a given situation or circumstances, how we need to restrict ourselves from pursuing self interest when it is the cause of other’s problem or suffering (Durkheim, 2013). Every individual has attitude and thoughts. Ethics concerns efforts to discover higher-order ideology and values in an effort to rationalize and unite individual’s diverse moral values.
Business ethics can simply be explained as a set of professional ethics or a code of law that a business organization must follow in order to perform responsible business operations and provide welfare to the society (Weiss, 2014). Business ethics is a sub category of ethics and is based on moral and social principles. It basically provides an outline for ethical business processes. It presets socio-cultural, economic, juridical and other limitations for conducting a business, although it is a voluntary concept and government does not force business ethics on business organizations. While business ethics is a comparative term which changes according to personal values and beliefs, country of business operations, etc. Every profession has a definite set of code of conduct that must be followed by professionals which guides what is ethical and what is not in that particular profession.
To understand business ethics it is important for business leaders and managers to recognize the ethical issues that rise in business processes. It is generally an identifiable situation or condition with the aim of evaluating between moralities and choosing the most ethical decision which will act both in welfare of stakeholders and business interest. The concept of ethics and morality changes according to socio-political-cultural practices around the globe (Hoffman, et al. 2014). For instant, in western business environment, if I am visiting a client for the first time, it is perfectly normal to bring gifts in elaborate manner and bribing is acceptable. On the other hand, in Southeast Asian countries bribing is viewed as impolite and unethical. For better understanding of some common ethical issues faced by business organizations, I have listed the most crucial and common ones bellow:
In our day to day life where we face moral situations may have to carefully choose between what is right and what is wrong and decide according our actions and reactions. Similarly when we are conducting business, we face similar ethical and moral situations where the corporate or social circumstance around the decision maker generates serious obstructions and difficulty to act responsibly. One important point of ethical behaviour is the reality that social situations have a major influence over organizational behaviour (Peterson, and Ferrell, 2016). Thus effective business leaders have a great influence in creating ethical business environment, which is also known as corporate culture that promotes ethical decision making and ethical practice in everyday business processes. The significance of ethical business leadership is to generate the circumstances in which ethical practices are conducted and corrupt people are also guided and motivated to act morally.
In the modern business organizations, the management is giving immense importance to build corporate social responsibility and every business organization has a strategy regarding CSR and publicizes an annual report detailing the activity (Hartman, et al. 2014). In short CSR can be defined as the connection and association between the corporate and the stakeholders. A business organization that is alarmed regarding the social order with producing profits is expected to empower voluntarily in socially conscientious activities. For instance, renowned corporate IT giant Microsoft has been awarded the organization with CSR activities by Forbes. A strong CSR brings trust and commitment among the stakeholders. Ethical business environment has a positive impact with ethical behaviour of employees.
Enquiry based learning can be explained as the learning process which is based on analysis, learning and research. EBL has helped me in taking more responsibility for recognizing what I need to learn and finding reliable sources for acquiring knowledge. It has helped me to develop my research skills in solving practical problems. Through EBL learning, I have cultured the importance and significance of ethics in business decision making and other processes. As I student of business, I have learnt that managing a business organization and taking decisions for organization’s growth and sustainability takes a lot of skills, abilities, knowledge and practical experience. One of the crucial elements that every manager should understand and have knowledge is to take decisions which will not only be potential for organizational growth and sustainability but also safeguards stakeholders’ interest and community as a whole. As discussed earlier, business ethics is a group of code of conduct that every profession should maintain in business processes and decision making and applying a moral code in business. Thus it is necessary for business organizations to engage in fair practice and this is a long term learning process which cannot be acquired over night.
As a student of business ethics, there are two primary factors for learning business ethics is helpful before entering workplace:
In my course I have learned the significance of ethics in business and according to my understanding I have noted the following issues:
Thus, in our business ethics course line I have learned that ethical and moral decisions are profitable to a business organization in long term growth and sustainability. Ethics is the primary element that safeguards public interest even if law fails to preserve it and helps a business organization in making business decisions and practices which are socially responsible. Business ethics will assists and guide me about how to conduct my job responsibilities, relationship with co-workers and subordinates and make crucial business decisions in the sense that it will be beneficial in long term professional career.
Reference:
De Cremer, D. & de Bettignies, H. 2013, “PRAGMATIC BUSINESS ETHICS”, Business Strategy Review, vol. 24, no. 2, pp. 64-67.
De George, R.T., 2011. Business ethics. Pearson Education India.
Durkheim, E., 2013. Professional ethics and civic morals. Routledge.
Hartman, L.P., DesJardins, J.R. and MacDonald, C., 2014. Business ethics: Decision making for personal integrity and social responsibility. McGraw-Hill.
Hoffman, W.M., Frederick, R.E. and Schwartz, M.S. eds., 2014. Business ethics: Readings and cases in corporate morality. John Wiley & Sons.
Lamberton, G.W. 2014, “An ethical response to climate change”, Journal of Business Systems, Governance & Ethics, vol. 6, no. 2.
Peterson, P.E. and Ferrell, O.C., 2016. Business Ethics: New Challenges for Business Schools and Corporate Leaders: New Challenges for Business Schools and Corporate Leaders. Routledge.
Pimentel, J.R.C., Kuntz, J.R. & Elenkov, D.S. 2010, “Ethical decision-making: an integrative model for business practice”, European Business Review, vol. 22, no. 4, pp. 359-376.
Weiss, J.W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.
Weiss, J.W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.
Wenstøp, F. 2005, “Some viewpoints on emotion, consequentialism and multicriteria decision making”, Journal of Multi?Criteria Decision Analysis, vol. 13, no. 4, pp. 191-198.
Wildermuth, C., De Mello e Souza, Carlos A & Kozitza, T. 2015, “Circles of Ethics: The Impact of Proximity on Moral Reasoning”, Journal of Business Ethics, .
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