Ethics is about an individual's judgment about what is right and wrong. Studying ethics as a core discipline in the current business environment is essential because it creates an internal organizational culture and evaluated in the value of the organization. However, ethics helps a firm to attract customers and builds the reputation of the industry. Moreover, studying ethics helps to increase productivity and reduce labor costs while retaining employees and creating a bond with the stakeholders.
After learning about ethics, then resolving technical dilemmas strategies will also change. For instance, it is crucial to identify the visible problem and gather the relevant data while evaluating the possible causes and alternatives. Under regulatory issues, then it is vital to resolve the problem according to the regulatory requirements. Moreover, it is essential to compare the likelihood of events and act according to the appropriate rules of the code of conduct. Then make a plan that meets the ethical standards and take action to evaluate the scenario. Like solving theft issues, identify the cause of action, and assess the necessary alternatives through appropriate measures.
Ethics in the Business World
The public, however, have become very suspicious, curious, more critical, and less forgiving. Through the public being cautious about their activities, then the business world has grown to be more ethical. For instance, through the advancement in technology, social media platforms have led to more businesses to be moral because most stakeholders find the information through the media. When a particular issue noticed in the current business world, it spread faster through social media, and many companies will lose their reputation.
Unethical Behavior in Business
When businesses leak sensitive information on certain politicians about corruption issues, then it is immoral to leak confidential information but justifiable to end corruption. The public will benefit from the results, but the firm would have damaged a politician's reputation. Justifying unethical behavior is acceptable if it is the right thing to do under a set of choices.
Corporate Social Responsibility
Businesses would pay attention to corporate social responsibility even if the federal and customers did not force them to gain a competitive advantage and build an excellent reputation for the firm. However, they will not engage in corporate social responsibility if it increases costs, and the firm has to use a lot of resources to meet the requirements.
An Effective Piece of Legislation for Enforcing Ethical Business Practices
The foreign corrupt practices act (FCPA) is the most compelling piece of legislation as it gives the United States companies an invaluable tool in fighting corruption and reducing bribery and has helped to create a revenue through lots of fines charged (Trevino & Nelson, 2016). It is essential in ethical practices as corporations find predictability and help the organization to be risk-averse. It helps the organization to reduce corruption cases and implement ethical practices.
Whistleblowers tend to report what they think is unjust, unfair, and unethical in the organization. They are regarded as models of honor as they ensure that the worker's needs are met and appropriate services carried out. They are people of integrity as it takes courage and confidence to be a whistle-blower. The consequences of whistleblowing are tough such that one can lose the job or lose the relationship with the organization. Effective whistleblowing, however, will help expose wrongdoing within the workplace. Whistle-blowers are risk seekers, and not many individuals would want to take higher risks based on their jobs.
Whistleblowers are entitled to their anonymity as several whistleblowers protection laws and include clauses to protect whistleblower identities and guarantee confidentiality. Guarantee of anonymity is important and reasonable for security issues. In the case of the current climate in the U.S anonymity of the whistleblower is important because it is a highly classified case (Crane, Matten, Glozer & Spence, 2019). Lack of anonymity in whistleblowing will not stop from doing the right thing as long as one is ready to accept the consequences. Whistle-blowing may lead someone to be killed or recognized as a hero, depending on the level of information.
Following Business Practices and Moral Standards
It is important to follow the business practices and customs of the country while meeting the requirements set and leaving the moral standards and values to the responsible bodies and people. However, in an ethical background, it is important to do the right thing and allow justice by correcting observable mistakes.
Recommendation on Ethical Issues
Confidentiality, beneficence, and informed consent are the most pressing ethical issues that need to be addressed. It is important to respect people's privacy and the need for anonymity in solving organizations or individual problems. Beneficence is also essential through not causing harm to individuals while ensuring sound judgment and integrity. Informed consent remains to be a significant ethical issue where individuals need to be knowledgeable and know the best alternatives to take.
Crane, A., Matten, D., Glozer, S., & Spence, L. (2019). Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization. Oxford University Press. Retrieved from https://books.google.com/books?hl=en&lr=&id=fcSbDwAAQBAJ&oi=fnd&pg=PP1&dq=business+ethics&ots=Mrihbwm_Lw&sig=VU1d2VTaj2SEO2aIeZdsZ0UteS8
Trevino, L. K., & Nelson, K. A. (2016). Managing Business Ethics: Straight Talk about How to do it Right. John Wiley & Sons. Retrieved from https://books.google.com/books?hl=en&lr=&id=w0uMDgAAQBAJ&oi=fnd&pg=PA15&dq=business+ethics&ots=LAgbzfd0X8&sig=bWaQOML4oipNoWL5txF9hU941pE
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