Ethical Practices Within Modern Business Environment And Its Relationship With Business Morals

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A practical ethical behaviour entails behaving in an acceptable way which involves a detailed analysis of what is perceived to be right and wrong.
Interestingly, the majority of people are able to identify unethical behaviour rather than ethical behaviour within the society. For instance, it is obvious to point out any unlawful behaviours within the community such as child abuse cases.
In effect business ethics can simply be defined as the basic fundamental principles and concepts of decent human conduct. To be able to fully understand business ethics, one must be able to study some universal values including equality of all men and women, human rights, being able to be law abiding, responsible and having respect for the
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If so, you then would ask yourself whether someone would be justified in paying you those low wages if you, as a worker, had no alternative except starvation.
The utilitarianism approach to ethical decision making focuses on taking the action that will result in the greatest good for the greatest number of people. Considering our example of employing low-wage workers, under the utilitarian approach you would try to determine whether using low-wage foreign workers would result in the greatest good.
For example, if Primark offers low-wage foreign workers in response to price competition, you might retain your market share, enabling you to avoid laying off your foreign employees, and perhaps even allowing you to pay your U.K employees higher wages. If you refuse to use low-wage foreign workers regardless of the competition, you may be unable to compete. This could result in layoffs of your U.K. workers and even your foreign workers, for whom the relatively low wages may be essential income. On the other hand, using low-wage workers may tend to depress the wages of most workers, thus reducing almost everyone’s standard of living and depressing their ability to purchase the very goods you and others are trying to sell. Deontological Theory: This a theory under the utilitarian concept and it is basically concerned with the moral aspects of actions taken for any reason rather than the actual outcomes (Hall and
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