Ethics concern a person’s ethical decisions about what is wrong and what is right. Ethical behaviour does not make focus on what is right for oneself. It focuses on what is right for others. The decisions may be taken by the particular group or a person. The personnel should choose what they think is right action. The ethical behaviour is acceptable at all the stages to the greater community. Ethics play a critical role in the business world but there are many issues related to the business ethics presently perceived by the market analysts. It is required to keep inform the personnel about the matters that affect them. The immoral decisions to resolve the challenges may influence the goodwill of an organisation so decisions should be taken ethically.
In this report, importance of ethics, business ethical issues, and ethical challenges, and contribution of ethical moral philosophy is discussed and critically examined.
This research study is connected to the literature review, which is attained to determine the research subject with relating the different theories. The researcher allows to cover an analysis of existing information related to the research matter, and determine that at what level it has been revealed until the date. For this, books, articles and journals are considered, which also help in developing the conceptual understanding about the research matter. It is also effective for the researcher to identify the knowledge gap, as well as improve the basis for accepting main research approaches (Susan and Audrey, 2007).
The literature review relating to the ethics in business is accompanied analysing the books and journals about business ethics and their connection to leadership, administrative decision-making, corporate social responsibility, and managerial decision-making. From the past time, many projecting organisations have distorted because of corporate scandals. It led not only loss of workers from the organisations but it also resulted into financial losses of many stakeholders. This falling effect to immoral behaviour by the administrators of company led to increased potentials from company’s stakeholders. There are many ethical corporations such as Guardian Media Group and UK Conservative Party, which provide detailed studies to manage ethical challenges worldwide. It is expected by the management of company is to complete the targets morally and legally. It is also expected by the company to apply ethics within the organisational framework and organisational culture. (Marian, 2007).
The applied business ethical methods and procedures will help the companies to resolve the ethical challenges and issues. They permitted the business to form a strong ethical base, which will eventually benefit the organisation through increased customer and satisfaction of workers. It may result in increased benefits and profits, organisational sustainability and the public image. The literature review related to business ethics discloses the impacts on describing the business ethics, understanding about how ethical management is used to apply morals in the companies, recognising how the ethics is combined into the organisational framework. Finally, it analyses the advantages of functioning an ethical business. The review of literature review discloses that institution of strong ethics in an organisation is possible from strong ethical management, proper framework, laws, rules, and regulations (Homann, Koslowski and Luetge, 2013).
It is analysed through this current literature review is that business ethics is a division of implemented ethics as it is related to different business actions of a person. Being able to know and apply best ethical philosophies into the business setting is base to establishing a solid organisational framework nurtured by the ethical philosophies. Generally, there are two types of ethics such as individual ethics and organisational ethics. Correctly understanding the connection between these two types of ethics is critical to know that how solid business ethical beliefs could be successfully implanted into an environment of company. The individualistic ethics help to understand what is wrong and what is right from the point of view of their parents, teachers, religious education, or experiences of life. The organisational ethics or corporate ethics helps in sharing the decision-making and action in that company. . The culture of a company describes the behaviour patterns of the workers. The study stated that there is an important connection between organisational ethics and individual ethics (Moon, 2014).
The managerial ethics is one of significant part of the business, which refers to the judgements, activities, and behaviours of managers. Many managers believed that if they are not doing unlawful thing, then it means that they are acting morally. It is required by the management of company to understand the distinction between ethical standards and laws. If they have good understanding about ethical behaviour, then managers can focus on taking the right ethical decisions for the company (Lordanou, Hawley and Lordanou, 2016).
The connection between laws and ethical standards states that law is rule of behaviour set by a main authorising body which may either allows or restricts the person or group from functioning some activities. If someone fails to comply with the laws, rules and regulations, then it may result in punishments such as fine and sentence. It is not unusual for the person to consider that if they are working as per the law, rules, and regulations, then they are acting morally. Many actions may be permissible but not ethical. It is necessary for the administrators to understand the connection between laws and ethics to apply the ethics within the company (Kultgen, 2010).
The managers of company are usually aware about the laws, rules, and regulations because they know the consequences of failure, which may result in punishment, where ethical standards are socially interpreted. It is not always necessary that failure to comply with these standards will be result in the punishment under federal sanction or state sanction. It is stated that the ethical standards do not create fixed points for the management of the organisation because these ethical standards usually change as per the time and the conditions. These ethical standards regularly are not constant because they are publicly interpreted (Tricker, 2015).
It is a duty of manger to make decisions. These decisions do not only affect an individual but also the company as well. The best ethical decision plays a significant role in the success of an organisation. The poor ethical decision taken by the management may the reason of intense consequences for the people. The managers of a company are highly affected by ethical values, moral, beliefs, experiences, ethical standards, policies, and process recognised in the company. It is not an easy task for the management to take the ethical decisions on the regular basis. The managers of organisation always face ethical issues and challenges in the organisation. The solution of these ethical dilemmas is required to be made as per the ethical values (Zientara, 2017).
The ethics is integrated part of business. It is essential part of the success of any organisation to treat the stakeholders justly and equally. An innovative and well- managed plans and programmes related to corporate and social responsibility is for the all stakeholders of company such as customers, dealers, investors, and workers. The ethical behaviour of an organisation is directly linked to long-term profits and short-term profits (Dracopolou, 2006).
There are many important advantages of the ethical behaviour to a company. It helps to attract the customers towards the various products of the company. It helps in increasing the turnover and benefits of the organisations. The good ethical behaviour makes the worker to stay in the company for longer period. It helps in increasing the productivity and decreasing the labour turnover. The ethics helps in reducing the employment cost. It attracts more person to work as the employees in the company. It also helps in attracting the investors towards the company. The increasing number of investors look for the company of good ethical values to make investment. The good ethical behaviour keeps the share price of organisation high. It also secures the business from purchase or takeover (Pullen and Gray, 2006).
A company driven by the ethics is valued by its personnel. They are common thread, which takes the workers and decision taker on the same level. In a company, decisions are determined by ethical values. Ethics succeeds law in securing the society. The law plays a role as mute observer. The law is not able to give protection to the society and the environment. The advocates cannot help a good deal but ethics may help. Ethics forms a sense of right and wrong in the company. The ethics may save companies from destroying environment in the situation where law fails. In the organisation, sometimes some situations arise when action will be ethically right and not right to perform as per the law. For example, it is legal for the company working in the loss to suspend some personnel from the company to stand itself. However, ethically it is wrong to do so because it is difficult for the workers to survive. On the contradiction, the actions made cannot be legal but ethically right (Carroll and Buccholtz, 2014).
The ethical values based challenges or issues in the company are not so easy to handle in the situation where workers have options to choose what is right and what is wrong as per their principles. The managing ethical challenges require a stable and vigilant approach to issues, which can possibly be risky or unlawful. It is required to handle the ethical issues that management and employees of the companies should have knowledge of law. There should be law related to whistleblowing and public policies. Such as, under the Texas Whistle Blower Act, the workers of public sector may be liable for the damages if a worker involves in reactive activities on the basis of worker, who in good faith, makes a complaint in respect of business ethics. This act provides a right to the personnel of the company to sue for the damages and the other remedies (Jamnik, 2017).
It is necessary to form a workplace policy on the basis of targets, approaches, and code of conduct of an organisation. The performance management programmes make the employees liable for their activities. The workers handbook should be revised to involve the policy and render the copies of revised worker’s handbook. The company should take the acknowledgement forms to be signed by the workers. The signed acknowledgement forms state that the workers of company understood the business ethics policy. To avoid ethical issues, the training should be provided to the workers of company. The various instruction processes should use to specify and resolve the ethical challenges and issues in the company (Horner, 2014).
There are many effective ways to give the business ethical training to the workers of company such as role-pay and experimental learning. The misuse of funds of company and unhealthy relationship between workers and management are the example of major ethical issues. There should be healthy and positive relationship between the workers and company. It is also required to implement the business policy in the company on the regular basis at the time of specifying the workplace issues. The workers of the organisation should concern about the business ethics. The company should have approach to consider the every issue or challenge with equal interpretation of the policy of organisation (Baker and Maier, 2016).
The ethics also refers as moral philosophy. The ethical moral philosophy includes the protecting, structuring and mentioning theories of right behaviour and wrong behaviour. The ethical moral philosophy develops the understanding of values and beliefs. Ethical moral philosophy is a basis of values and features, which permits to take ethical decision. It helps the managers to know and understand their own personal values and the professional values and how there are different from the values and principles of others. Every individual follows different ethical moral philosophy and various views and ideas about the procedure to specify different ethical issues. It is a base of ethical behaviour and decision-making. Without following ethical moral philosophies, the morals of any person could definitely be cooperated (Morrison, 2015).
The ethical moral philosophy determines the responsibility of organisation and towards the organisation. It gives the answer to the question of what should do. It makes possible for the organisation to resolve the ethical issues in easy way. The comparison between personal ethics and organisational ethics relates to similar morals, principles, and beliefs in the both cases. The personal ethics and organisational ethics form a base. In case of corruption in either zone, it will badly affect the other zone. It is required by all to develop strong personal ethical basis and professional ethical basis on the basis of ethical moral philosophy. The ethical moral philosophy helps in increasing the personal effectiveness and organisational effectiveness (Schwartz, 2011).
Conclusion
As per the above discussion, it is concluded that the companies are facing the ethical challenges or issues regularly and the leaders are enticing to exchange the ethical behaviour for more earning and powers. The number or person continue to be disgusted by large and powerful companies that have distorted and fallen because of fraud or corporate scandal. This has led the call of business ethics in the workplace. Thus, the business ethics helps the organisation to fulfil the expectations and desires of the external stakeholders. It also helps to recover the trust and confidence of the external stakeholders and the personnel of organisation.
As per the literature review, it is recommended to make the focus on understanding of effects of strong ethical leadership in the company and way of affecting the organisational framework. It is necessary to recognise the appropriate process for establishing and sustaining solid effective leadership ethics in the organisational framework because ethical leadership is a foundation of assimilating ethical behaviour. The company should form the shared value among the company, society and the stakeholders by the corporate social responsibility initiatives.
References
Baker, M., and Maier, C. (2016) Ethics and the curriculum: critical perspectives. Oxford: Oxford University.
Carroll, A. B., and Buccholtz, A. K. (2014) Business and Society: Ethics, Sustainability, and Stakeholder Management. 9th ed. Boston, MA: Cengage Learning.
Dracopolou, S. (2006) the ethics and values in healthcare management. Oxford: Routledge.
Homann, K., Koslowski, P., and Luetge, C. (2013) Globalisation and business ethics. United Kingdom: Ashgate publishing ltd.
Horner, D. (2014) Understanding media ethics. California: Sage.
Jamnik, A. (2017) The Challenges Of Business Ethics: The Basic Principles Of Business Ethics – Ethical Codex In Business. [online] Available from: file:///C:/Users/System04100/Downloads/RIC_volume_3_issue_3_Anton_Jamnik%20(1).pdf [Accessed 05/06/2018].
Kultgen, J. (2010) Ethics and professionalism. Philadelphia: University of Pennsylvania press
Lordanou, L., Hawley, R., and Lordanou, C. (2016) Values and ethics in coaching. California: Sage.
Marian, Q. (2007) Encyclopedia of information ethics and security. Cambridge: Cambridge university press.
Moon, J. (2014) Corporate Social Responsibility: A Very Short Introduction. New York: Oxford University Press, p. 3.
Morrison, J. (2015) Business Ethics: New Challenges in a Globalised World. London: Palgrave Macmillan, p. 226
Pullen, S., and Gray, C. (2006) Ethics, Law and the veterinary nurse. Oxford: Elsevier Butterworth Heinemann.
Schwartz, M. S. (2011) Corporate Social Responsibility: An Ethical Approach. New York: Broadview Press.
Susan, M., and Audrey, L. (2007) Ethics: Contemporary challenges in health and social care. United Kingdom: The policy press.
Tricker, B. (2015) Ethics : Principle, Policies and Practices. 3rd ed. Oxford: Oxford University Press.
Zientara, P. (2017) Socio emotional Wealth and Corporate Social Responsibility: A Critical Analysis. Journal of Business Ethics, 144(1), pp. 185–186.
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