Discuss background and development of theoretical ethical approaches?
The business ethics is most essential for any business organizations in respect of continuous growth of their business along with improvement of their work environment. Business ethics are the system of laws, guidelines or rules and regulations by which any organization or companies operate their business in a legal, fair as well as moral manner. Business ethics comprises of the most critical duties of any business organizations such as, corporate governance, bribery protection, fiduciary responsibilities, insider trading, discrimination, corruption, tax avoidance, unionization, political contributions, globalizations, executive pay, corporate social responsibilities, privacy, earning management, intellectual property, human resource, health and safety of the employees as well as marketing practices.
Ethical approach is the most significant part of the management of the company. The companies maintain their standard of quality of their products or services in the market along with satisfying the employees by looking upon their basic values, such as
Due to rapid globalization of the world, which means the drastic changes in transport, communications as well as media, the world economy has grown more mutually dependent. The consumers are more conscious about the quality along with variety of the products and services. Therefore, the market has grown more competitive for the market as the more and more companies are doing their business in same market as well as with the customer base (Arnold, Beauchamp and Bowie, 2013). Hence, the idea of the business ethics have evaluated in a rapid succession. Various theories of business in contemporary market are discussed below:
Since the origin of the ethics, there are arguments about the foundation of the absolute and relative ethics in philosophical point of view. Lots of the scholars provide the opinion to form the acceptability of the either ethical concept. The comparison between the absolute and relative ethics, which will indicate the stark contrast between tem, is discussed below:
Absolute Business Ethics: Absolute business ethics signifies that the ethic is unbendable and cannot be violated under any circumstances. It defines that whatever the situation demands; the company must follow the same code of conduct. There are lots of positive points to absolutism in respect of business ethics as certain policies can be easily applied in the controversial ground. It also ensures the equality of the employees, customers as well as other stakeholders https://www.globalethicsuniversity.com/articles/absolutesandrelativisim.htm.
Relative Business Ethics: Relative business ethics indicates that the ethic can be dependable on the various situations along with circumstances. It denotes that on the basis of different scenario as the situation demands; the company can apply, skip or bend the code of conduct. There are lots of positive points to relativism in relation with business ethics as lots of policies can be applied in a flexible manner. It also allows the corporation to grant lots of ground to perform their duties in an efficient fashion https://www.globalethicsuniversity.com/articles/absolutesandrelativisim.htm.
In the present era of 21st century most of the companies of every scales face an infinite number of ethical dilemmas. Various business organizations must focus on their rules and regulations to maintain a strict organizational system and execute the business programs in an efficient manner (Treviño and Weaver, 2003). However, there are lots of issues that originate on the implementation of the ethical structures. Those issues are discussed below:
Talking about the executing of the ethical concepts, the corporation mostly faces a lot of factors that witness the effect of the ethical considerations in respect of conducting the business objectives. Those factors are discussed below:
In order to conduct a successful business approach in an ethical manner the corporation must focus on some crucial factors. These factors can highly help to develop a systematic and evaluated business program in which the corporations and its stakeholders to operate their business ethically (Phillips and Freeman, 2010). These major factors are mentioned below:
A company has a major role in order to act as moral agent. The company must perform some major responsibilities to conduct the business in an efficient manner. Those responsibilities are mentioned below:
The environment where the employees of the company directly participate to fulfil the goals of their company is known as employee involvement and empowerment https://www.businessdictionary.com/definition/employee-involvement.html. The mechanism on which the total employee involvement and empowerment is founded is discussed below:
The major issue regarding the implementation of every ethical consideration is critical dilemmas in Human Resources Management and Work Environment maintenance. Across the world as well as Primark’s condition of textile worker is very poor. The major factors those are the most important ethical issue in textile sector are discussed below:
In order to ensure good employer/employee relationships by improving the ethics of their operations the company must enlist the workers in the direct payroll of the company. In this way the textile workers will obtain the job security and they will be highly dedicated towards their job. Moreover, the company must need to raise the wages of their workers so that they can have a good life and will be inspired to get better in their work as far as the quality is concerned (Snoeyenbos, Almeder and Humber, 2001). The company will also need to focus on their management as they maintain a professional environment in the workshop. This way the organization will be more efficient in operating their business in a more smooth as well as ethical fashion. However, it will seem that these ethical changes will affect the profit of the organization, it can be a crucial process for the achievement of the business growth of the organization as the professional and dedicated work environment will result a better quality for the production (Snoeyenbos, Almeder and Humber, 2001).
In order to obtain the goal of ultimate growth of the organization the company must set out an ethical code (Barth, 2003). The most suitable ethical code for Primark is discussed below:
By the execution of this ethical code the company can obtain the most efficient ethical code in order to operate their business (Barth, 2003).
Conclusion:
Hence, it is concluded that in the contemporary corporate world business ethics are most crucial factors in respect of operating business in the most proficient manner. Due to significant changes of the modern business world the companies all over the world has to adapt their business ethics in a more efficient as well as professional fashion. There are lots of parts of the business ethics those have to be considered to maintain the organisational phenomenon smoothly. The most basic difference of the point of view towards the business ethics are absolutism and relativism. The comparison and stark contrast between them is discussed above. There is a detailed discussion above about lots of ethical issues, which affect the operational activities. There is most effective ethical code for Primark is discussed above.
References:
Arnold, D., Beauchamp, T. and Bowie, N. (2013). Ethical theory and business. Boston: Pearson Education.
Barth, S. (2003). Corporate ethics. [Boston]: Aspatore.
Brenkert, G. (2008). Marketing ethics. Malden, MA: Blackwell Pub.
Brooks, L. and Brooks, L. (2000). Business and professional ethics for accountants. Egan, Mn.: South-Western College Pub.
BusinessDictionary.com, (2015). What is employee involvement? definition and meaning. [online] Available at: https://www.businessdictionary.com/definition/employee-involvement.html [Accessed 28 Aug. 2015].
Deckop, J. (2006). Human resource management ethics. Greenwich, Conn.: Information Age Pub.
Globalethicsuniversity.com, (2015). Absolutes and Ethical Relativism in the Workplace. [online] Available at: https://www.globalethicsuniversity.com/articles/absolutesandrelativisim.htm [Accessed 28 Aug. 2015].
Hanekamp, G. (2007). Business ethics of innovation. Berlin: Springer.
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Jakubowicz, L. and Fiedler, F. (2010). Corruption. Vienna: Federal Ministry of the Interior.
Langwith, J. (2008). Human rights. Detroit, Mich.: Greenhaven Press.
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Phillips, R. and Freeman, R. (2010). Stakeholders. Cheltenham: Edward Elgar.
Ringel, H. (2000). Key vocabulary for a safe workplace. Syracuse, NY: New Readers Press.
Sagie, A. and Koslowsky, M. (2000). Participation and empowerment in organizations. Thousand Oaks, Calif.: Sage Publications.
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