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  • Subject Name : Business Ethics

Business Ethics

Summary of Business Ethics

Ethics is something that reflects an individual everywhere like at school, university, job, business, etc. in how a person interacts with his friends, colleagues. Ethics are the moral principles that govern person’s behavior. In simpler terms and in corporate world, ethics marks the difference between what’s ethically right and wrong (Roy, 2017). It suggests a proper code of conduct, minimum standards to treat people and morally right policies and procedures. As per Thomas, business ethics is the study of business situations, activities and decisions where issues of right and wrong are addressed (Ng, 2012).

Ethics and human values play a key role in the employment of people in the companies. Ethics, compliance and governance are closely related to one’s business lives. If a person is going to employ people, think about how ethics affect his decision making and organization making, in the formation of your teams, how he recruits, etc. As per Wagner, there are entirely two different visions while employing people in our organizations. The first one is by appealing benefits and costs, one can make employees stick to them. Secondly, one can recruit those individuals who already possess such values and attitude. Wagner believes that selecting the people who already have those values will save a lot of trouble also is more beneficial for the company and also increases the importance of those values among the students and the society (Wagner, 2016).

There are some people who really posses those ethically protected values. Protected value is where a person chooses to leave something for being ethically right. He’s overcoming that temptation to choose that way and it gives nothing but satisfaction if he makes that money adhering to his ethical behavior. There are certain ethical principles for business such as justice, responsibility, loyalty, respect for others, sustainability, rationality, adhering to law, reputation, accountability, etc. (Klimsza, n.d. & Josephson, 2015). Each and every single principle is necessary for the rightful development of the company and the society.

Why do ethics matter and why is it important? There are some well known companies involved in many scandals that do not follow ethics and moral values. For an example, a textile factory of 9 floors in Bangladesh which makes clothes for premium brands across the world, where around 1200 people of all age groups work has been collapsed. In the post investigation of the incident, it was found that the building was constructed over a pond, the construction materials used were subpar, the time taken to construct was much less than it should have been and all the building construction permissions were bypassed by corrupting the concerned officers which led to the death of 1100 people which could have been avoided if the concerned officials were sticked to the ethical policies and procedures (Roy, 2017). Hence ethics and moral values training and sticking to them is very important for the welfare of the society and the betterment of a normal human being’s life. But, unfortunately, ethics aren’t been given the importance in the colleges, universities, etc. Students are not taught about these things and when they enter into an organization, this thing really affects. Therefore, as an individual, it’s pretty much important to ingrain ethics and moral values in ourselves by looking at our parents, siblings, our culture, etc. (Roy, 2017).

References for Business Ethics

Josephson, M. (2015). 12 ethical principles for business executives. Available at https://www.standardizations.org/bulletin/?p=133

Klimsza, L. (n.d.). Business Ethics Introduction to the Ethics of Values. Available at https://www.academia.edu/9943023/Lucjan_Klimsza_Business_Ethics_Introduction_to_the_Ethics_of_Values

Ng, T. (2012). Business ethics and sustainability. Amazon Digital Services, Inc.

Roy, S (2017). Why do ethics matter?. Available at https://www.youtube.com/watch?v=yesE4mcv4CM

Wagner, A. (2016). What really motivates people to be honest in business. Available at https://www.ted.com/talks/alexander_wagner_what_really_motivates_people_to_be_honest_in_business?language=en#t-781646

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Business Ethics Assignment Help

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