“Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. Acting in an ethical way involves distinguishing between “right” and “wrong” and then making the “right” choice.”
Business enterprises have tremendous potential to transform people 's lives and to alleviate poverty through generating economic process. They manufacture products and services that customers need and they generate jobs. By paying taxes, they contribute to income of the government which will finance colleges, hospitals and different public services. This is an ideal situation that the society and stakeholders expect from the business organisations but unfortunately this doesn’t …show more content…
Example, A drug company had a product that was marginally profitable for them so they outsourced the license of the drug to a third party but they continued to manufacture the drugs on a contract basis. The third party increased the price by 1000 %.In this case why didn’t the primary company increase the price of the drug? That is because now the blame of increasing the price is on the third party and not the original drug manufacturer, but still they continue to enjoy the benefits. To minimise the impact of this the managers should take responsibility of the ethical aspects of the work they delegate to their subordinates.
The Slippery Slope: “The slippery slope refers to the inability of the managers to see the unethical actions of others if these behaviours develop slowly over time if a manager accepts minor questionable actions, over time it will be more difficult to identify unethical behaviour as the actions increase in unethical severity”. To avoid this managers should immediately address any unethical issues found no matter how small it …show more content…
A business or society that lacks ethical principle is bound to fail sooner or later” (Human Values and Professional Ethics Pg-41).Business which lack ethics may succeed in short term and have gains but in the long-term it is hard to sustain and a huge chunk of the profit they make goes into paying penalties and damages. There is a general misconception that a business cannot succeed and grow when they act ethically, some of them view ethics as constraint to be successful. We have many examples of corporate scandals and organisation behaving unethically but there are also organisations which are role models for others like the Honda Motor Corporation. They are one of the leading automobile manufacturers, successful with an aggressive growth and there is no known crisis like the VW, Ford or Apple etc. Honda is a good example of how to do business in an ethical manner offering quality service. The benefit of being ethical just not ends with better value and a sustainable future but also helps in retaining employees, less government interventions, fines and penalties. Whether the business has failed or not depends on individual perspective and viewpoints but as far as I am concerned a business which does not inscribe ethical practices in its working is in fact digging its own grave. As Mahatma Gandhi rightly said there is
Business enterprises have tremendous potential to transform people 's lives and to alleviate poverty through generating economic process. They manufacture products and services that customers need and they generate jobs. By paying taxes, they contribute to income of the government which will finance colleges, hospitals and different public services. This is an ideal situation that the society and stakeholders expect from the business organisations but unfortunately this doesn’t …show more content…
Example, A drug company had a product that was marginally profitable for them so they outsourced the license of the drug to a third party but they continued to manufacture the drugs on a contract basis. The third party increased the price by 1000 %.In this case why didn’t the primary company increase the price of the drug? That is because now the blame of increasing the price is on the third party and not the original drug manufacturer, but still they continue to enjoy the benefits. To minimise the impact of this the managers should take responsibility of the ethical aspects of the work they delegate to their subordinates.
The Slippery Slope: “The slippery slope refers to the inability of the managers to see the unethical actions of others if these behaviours develop slowly over time if a manager accepts minor questionable actions, over time it will be more difficult to identify unethical behaviour as the actions increase in unethical severity”. To avoid this managers should immediately address any unethical issues found no matter how small it …show more content…
A business or society that lacks ethical principle is bound to fail sooner or later” (Human Values and Professional Ethics Pg-41).Business which lack ethics may succeed in short term and have gains but in the long-term it is hard to sustain and a huge chunk of the profit they make goes into paying penalties and damages. There is a general misconception that a business cannot succeed and grow when they act ethically, some of them view ethics as constraint to be successful. We have many examples of corporate scandals and organisation behaving unethically but there are also organisations which are role models for others like the Honda Motor Corporation. They are one of the leading automobile manufacturers, successful with an aggressive growth and there is no known crisis like the VW, Ford or Apple etc. Honda is a good example of how to do business in an ethical manner offering quality service. The benefit of being ethical just not ends with better value and a sustainable future but also helps in retaining employees, less government interventions, fines and penalties. Whether the business has failed or not depends on individual perspective and viewpoints but as far as I am concerned a business which does not inscribe ethical practices in its working is in fact digging its own grave. As Mahatma Gandhi rightly said there is