Why Should We Be Ethical? the Relevance of Ethics in Life

8703 Words Mar 12th, 2012 35 Pages
UDate and Time of Submission 12/12/2011, 04.30 pm

Why should we be ethical? The relevance of ethics in life

Biz Ethics IIMK

Group a, Section D
Ankur dey Tarafdar, PGP/15/204,
Ankur Kaithal, PGP/15/205,
Bagya Lakshmi, PGP/15/212
Gauri Chodankar, PGP/15/215
Jayntwin Katia, PGP/15/224
Why should we be ethical? - The importance of ethics in life

Abstract

As Albert Schweitzer puts it “Ethics is nothing else but reverence for life”. The introduction of ethics in our life is an unconscious process but the dilemma that it creates leaves us with a lot of introspection to do. We introduce our topic by discussing about whether ethics is about right and wrong and if it is then what are the standards that govern the righteousness, which leads us
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An example that exhibits the growing trend of ethics is that 57 of the Fortune 100 companies have an ethics officer and are members of the Ethics and Compliance Officers Association, an organization that started a little more than 10 years ago with only 12 members and now has over 1200 members.
In the current business scenario, employees have become conscious of their actions and decisions because the high media exposure constantly reminds them of their moral responsibilities. Larger companies jumped on the ethics bandwagon about 10 years ago and began developing ethical policies. This initiative instilled a sense of business ethics in the minds of their employees. Employees who already had their share of personal ethical beliefs combined those with company policies to shape the business decisions they make. Drawing inspiration from the larger companies, smaller companies are beginning to comprehend the importance of ethics and how they affect their business. Although these companies may not adopt a formal policy, the management and the employees have regular discussions about ethics.
Ethics is definitely not a fad because the decisions that business people take will always impact a variety of stakeholders in the long term if not in the short term. Each stakeholder will have their own arguments as to why they are the most important. Yet, if each group is vital to the success of the organization, then a manager