Business Ethics
BUSINESS ETHICS INTRODUCTION
Ethics concerns an individual's moral judgments about right and wrong [Lawrence Kohlberg; 1958]. In any business, individuals or groups make organizational decision; both are influenced by a company’s corporate culture. The decision to behave ethically in business is a moral one; decision makers must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term profit. Ethical behavior and corporate social responsibility can bring significant benefits to a business. For example, they may attract customers to the firm's products, thereby boosting sales and profits; encourage employees to stay with the business, reducing labor turnover and therefore increasing productivity; attract employees, reducing recruitment costs and enabling the company to get the most talented employees and attract investors keeping a company's share price high, thereby protecting it from takeover [Larry D. Young; 2004]. Unethical behavior or a lack of corporate social responsibility, by comparison, may damage a firm's reputation making it less appealing to stakeholders and resulting in falling profits [Forest Laneshull Press; 2010]. One of the most important things to remember in business is the old adage that Actions speak louder than words. A perfect leader for employees is the one who implements the decisions in business ethically instead of just promising things and leader also consider opinions from others as well, but if the actions are contradicting his words, then the message is lost. Employees will watch lead’s behavior as a guide to what is acceptable office conduct. Ethical decision maker is the rule, not the exception that means decision maker needs to establish the behavior that is expected or wanted by others and they are ready to adopt.
Business ethics is the concern since business is in existence though since the
Ethics concerns an individual's moral judgments about right and wrong [Lawrence Kohlberg; 1958]. In any business, individuals or groups make organizational decision; both are influenced by a company’s corporate culture. The decision to behave ethically in business is a moral one; decision makers must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term profit. Ethical behavior and corporate social responsibility can bring significant benefits to a business. For example, they may attract customers to the firm's products, thereby boosting sales and profits; encourage employees to stay with the business, reducing labor turnover and therefore increasing productivity; attract employees, reducing recruitment costs and enabling the company to get the most talented employees and attract investors keeping a company's share price high, thereby protecting it from takeover [Larry D. Young; 2004]. Unethical behavior or a lack of corporate social responsibility, by comparison, may damage a firm's reputation making it less appealing to stakeholders and resulting in falling profits [Forest Laneshull Press; 2010]. One of the most important things to remember in business is the old adage that Actions speak louder than words. A perfect leader for employees is the one who implements the decisions in business ethically instead of just promising things and leader also consider opinions from others as well, but if the actions are contradicting his words, then the message is lost. Employees will watch lead’s behavior as a guide to what is acceptable office conduct. Ethical decision maker is the rule, not the exception that means decision maker needs to establish the behavior that is expected or wanted by others and they are ready to adopt.
Business ethics is the concern since business is in existence though since the