Ethical and Moral Issues in Business There have been debates for centuries as to what defines ethical and moral issues. Philosophers, religions, teachers, businesses, and common people all look at these debates with a different view. One common thread that can be found is that personal ethics and morals often reflect in a person’s business dealings and vice versa. Ethical conduct is defined at Dictionary.com as “being in accordance with the rules or standards for right conduct or practice, especially the standards of a profession.” Ethical issues arise from concerns as to whether a person or a business is acting within the ethical norms set forth by their community or society. Ethics are generally based upon morals.
Business ethics is the guiding principles on what is the “right” or appropriate way to behave in a situation (Jones & George, 2008). Many companies have code of ethics in their employee hand book that guide the employees about the ethical behavior and inform them about the ethical misconducts in the workplace. Even some organizations have ethical program training to train the employees to how to address and handle ethical issues in their daily tasks. But not all the employees have high commitment in ethical standards of the company, especially when they want to
“Although individual ethics are often derived from experiences and personal sources, business ethics are derived from professional codes of conduct, contractual obligations, law and industry standards” (Lyke, 2011). Ethics and morals constitute ethical behavior and to some degree, those shaping the culture hold demonstrating the standard of ethics (or lack thereof). The standards are articulated in an ethics manual or deduced from
First to know the difference between ethical issues and moral issues we need to know what they are. An ethical issue is a problem or situation that requires a person or organization to choose between alternatives that muse be evaluate as right (ethical) or wrong (unethical) (www.businessdictionary.com). Such as a boss using their higher position to get sexual favors from an employee or vice versa where an employee offers sexual favors for advancement in the company. A moral issue is any issue someone has with something based on their morals.
Ethics can also be broken down to personal ethics and business ethics. The difference between personal and business ethics will also be discussed in the paper. To get started, “Are ethics and morals the same?” The answer to this question is no they are not the same. Something may be ethical or legal but may be in conflict with one personal moral. An example of this can be in legal profession where an attorney is ethically bound to represent his client to the best of his ability even though the attorney may not agree with the morality of his client.
In discussion, when people use the term ethics, they refer to a set of moral values or principles to guide behaviour. Ethical behaviour is, then, behaviour which conforms to these values. But ethics also has a more deep meaning. It is the discipline which considers the justifications people present for the values and principles they hold. (Palmer et al., 2001) The ethics of a company (in the first sense) is made up of the set of values the leader holds.
Ethical Behavior in the Current Business Environment Currently, there seems to be a feeling of distrust among many Americans about the corporate environment. So many companies are being exposed for committing fraud, i.e., Enron, Tyco, Freddie Mac, AIG, etc., that it can be a challenge to believe that any company behaves in an ethical manner. However, out of the millions of businesses in this country, large and small, only a small percentage is exposed as being unethical. The corporate environment appears to be more conducive to ethical behavior. The Current Ethical Business Environment Corporations understand the importance of ethical behavior and usually have a code of conduct that all of their employees are required to follow.
In today’s era of economic relations business ethics plays a vital role. It is of very importance at all levels of business, corporate, state or international. The questions of a firm’s community responsibility and business ethics are engrossing business more and more - both domestically and internationally (Sims 2006). This trend is highlighted by disgraceful cases illustrated by violating rules of ethical behavior. The rules and regulations of ethics and behavior are affected by the basic values of the goals of company with in the community.
Abstract In this essay is to discuss Business Ethics and Corporate Social Responsibility (CSR) by using Anglo-American and Primark as examples. Both companies have a strict policies on ethical behavior which can be used as a catalyst in how to conduct business ethically. Some of the key things I will emphasize what is meant by ethical business. Then I will analyze is how Anglo American and Primark apply ethics into their business. Moreover, The costs and benefits to an organization when they behave ethically.
Some ethical issues involve factors that blur the distinction between right and wrong. As a result, employees like Valerie experience ethical dilemmas. Ethical decision making includes: ethical intensity, decision-making principles and decision rules, concern for affected individuals, benefits and costs, and determination of rights (Hellriegel & Slocum, Jr., 2011). Behavior always involves a complex interaction between the person and the situation. Events in the surrounding environment including the presence and behavior of others, strongly influence the way individuals behave at any particular time; yet individuals always bring something of themselves to the situation.