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
To start with, I must affirm you that throughout the course all the topics were essential to me and has helped me improve my skill on human ethics. However, as it is suggested let me focus on the four concepts that were very essential to me. First, ethics and values are very necessary in the human life both personally and professionally. When serving my clients at work and contributing to communal change, these were the first keys component for me to use in my daily activity, and also with my house of values I succeeded to encourage the distinctive characteristics of human facilitiesin my community because in doing this community service support the integrity and ethics of the incentive workers, help clients and our community well-being as well as increase our incentive payment. In my everyday activity, ethics and values refer to the conduct of a professional and to the moral standards I embrace. Therefore, some of the ethical
The survey was performed in 2010 involving members of the Ethics and Compliance Officer Association (ECOA). They focused on the evolution of business ethics by analyzing six other studies over a span of two-and-a-half decades. Members of the survey were ethics manager, but members on the previous studies were regular employees and management. The results of the analysis of the previous studies showed that ethics programs in companies during a time span of the 1980’s through the 1990’s was used to show social responsibilities and not necessarily to enforce it throughout the company. It showed that ethics programs now that companies follow ethical laws and they are motivated to be ethical. Another result of the study showed that ethics training at companies has increased since the 1990’s due to the passing of Sarbanes-Oxley and other laws directed at ethics. The passing of the laws in the early 2000’s has led to ethics being a major component of everyday
Every business develops a set of ethical principles that they abide by. The business ethical principles intentions: it construct the business certainty in the community , maintain the employees liveried in what the business attempt to have as structural conducts and aid the employees consume principles to make ethical choices that guards the business. In a culture with a diverse assessment structure and augmented judgment visibly by companies with changeable ethics and interests, there appears to be further difficulties on business individuals to make tougher ethical assessments. In our day-to-day performances, we depend on on our ethical principles to monitor us in the correct path and do the correct things. The substance of any efficacious and perpetual business is they segment a mutual ethical matter concentrating on presenting and generating value along with allocating their business values with the citizens they network with on a day-to-day basis.
In difficult financial times, companies face various moral issues to try to keep up with their competitors. Although these issues have a direct impact on employee decision making, businesses rarely address how employees should assess the ethics of their actions and incorporate ethics into their decisions. Often this can be alleviated by creating and maintaining a corporate culture with a focus on
Effects of products/services and in relationships with stakeholders. That attention to business ethics is critical during times of fundamental change -- times much like those faced now by businesses, both nonprofit and for-profit. In times of fundamental change, values that were previously taken for granted are now strongly questioned. Many of these values are no longer followed. Consequently, there is no clear moral compass to guide leaders through complex dilemmas about what is right or wrong. Attention to ethics in the workplace sensitizes leaders and staff to how they should act. Perhaps most important, attention to ethics in the workplaces helps ensure that
When an organization is not ethical, this will be seen through their work, employees, etc. A customer will lose confidence in a company quickly if they realize ethics are not a main priority for that particular business. If an organization wants to be in business for the long-run, they will realize their priorities should not be on getting rich quick but on setting standards and maintaining them; by following this rule, customers will continue to roll in, and the company will prosper.
It finally has been acknowledged that simply taking an ethics class does not provide the same level of experience as providing a more integrated approach to ethics within the learning process of a student within graduate business school. Gaining the ability and competence to understand ethics is only first step to what awaits the new leaders who will be required to live an ethical life but also sustain and encourage a corporate ethical environment from which staff can also make ethical decisions. The recent financial scandals along with the younger generation’s concerns for the environment has elevated and renewed the importance of corporate leadership in providing more transparent and straightforward accounting reports as well as addressing other issues that do not encourage a culture of ethics within their organization. Wrongdoing should be addressed and ethical decisions need to be encouraged and supported instead. CEOs and board members are just beginning to present themselves and their organizations as ethical decision-makers who are responsibly provide good and wise solutions for stakeholders of the company. In the Journal of Business Ethics, “Business Ethics in North America: Trends and Challenges” the authors reviewed and
This paper primarily consists of a personal response to a few questions about ethics in business. Describing the meaning of ethics sets the criteria for evaluating if actions are ethical. Looking at current and future career work, the concept of ethics is applied to predict ethical challenges. Based on this coursework, and outside research, resources will be identified that may be beneficial when business ethical challenges arise. The coursework on ethics covered law, conflict of interest, accounting, environment, finance, marketing, management, reputation, and corporate social responsibility. All of these topics are corporate concerns. Some topics may present dilemmas during the course of business. The responses in this paper
It seems in todays world ethics can be the difference for a company succeeding or failing. With the way social media is today any small scandal a company has can be turned to worldwide news overnight. That is why companies take so much pride in their images in todays world and make sure that they are making ethical decisions and also being socially responsible.
There are a variety of different ethical systems that have developed of the course of millennia. However, even though the subject has been covered so thoroughly, it is still heavily debated. The varieties of ethical systems that are in existence look at various ethical problems from different perspectives and can be applied differently in different circumstances. Because of the subjective aspects to applying ethics, they can be as much an art as they are a science. Ethics are something that must be practiced and really cannot be perfected. In this way, studying ethics is a continual process that does not really stop. This paper will argue that ethics are the most important subject that an individual can pursue.
(Panza & Potthast, n.d.) Ethics is very important to a company’s success. Ethical behavior can bring benefits to a business. They can attract customers, which can lead to a boost in sales and profits. It can attract the right employees and increase productivity. It can also attract investors and keep the company’s share price high. Unethical behavior on the other hand can damage a company’s reputation and make it less appealing to stakeholders. It could also result in lower profits.
Today’s business world presents numerous ethical issues. In today’s world above board/moral ethics in organizations do not often materialize intuitively. Organization must strive to provide employees with a clear understanding of the overall company vision. This will aid employees in practicing the code of ethics, policies and procedures in the workplace. Companies must be unwavering in continuously delivering the uppermost ethics of provision in which customers, applicants and employees are entitled to under fair business practices. One major core value is to uphold responsible and fair business practices.
Companies are supposed to be able to achieve and demonstrate an ever increasing performance showing improvement on leading in their industries to acquire competitive advantages. Having a high level of performance could be greatest achieved with competent and motivated employees. The conduct of business in an organization with an ethical manner is of great importance to secure an increasing performance as well. Organizations functioning towards ethical standards should ensure unbiased applications of business and recall a sense of justice to stimulate motivation among their employees. Employees that are motivated through a positive ethical organizational climate and leadership do much better than a less motivated employee. This promotes the organizational achievement that causes
Top management official who adheres to ethical procedures and behavior create an ethical organization culture. The leaders can influence or even create an ethical culture by showing forth the kind of behavior they expect to see from their workers. The organization can give rewards to employees who show values that are in line with the company code to reinforce ethical behavior.
In their personal and professional lives, people can and, unfortunately, sometimes do go against their moral and ethical standards. Ethical standards are what it means to be a good person, the social rules that govern our behavior. Ethics in business is essentially the study of what constitutes the right and wrong or the good or bad behavior in the workplace environment. A business is an organization whose objective is to provide goods or services for profit. The organization has a group of people that work together to achieve a common purpose. The moral challenges that these men and women face each day along with a whole range of problems that could occur, are why ethics plays such an important