Virtue Ethics Of Stakeholder Theory In Today's Society

Stakeholder theory is very relevant in today’s society, especially because in order for anything to advance, people need to rely on and help each other. A deontologist would look at this theory, and even though there are some flaws, they would still be in favor of it for it a couple reasons. First, companies would be acting in ways that not only benefit them, but also benefit their stakeholders. This could include sponsoring an event because it is an event that would help many people, not only the company’s stakeholders. Doing something like this would in no way benefit the company financially in the short term. Instead, they are giving money away to support a good cause. Though there might be some long term benefits in the future, those benefits …show more content…
One main reason would be, managers who practice stakeholder theory ensure that all stakeholders are included and their needs are met. Virtue ethics focuses on who a person is, including character, personality, and integrity. Looking at virtue ethics in a business perspective a manager or company is the who, and their core values are character traits. Companies who incorporate its core values into its business plan are deemed ethical in a virtue ethics outlook. A business should worry about the way its actions are perceived by the public. Many companies who openly practice stakeholder theory are rewarded by the public for how it treats its employees and customers. Virtue ethics is different for everyone but many times people 's virtues coincide. Managers often times must find the golden mean when making decisions based on their virtues. Managers who do the right thing and follow their values are considered ethical to virtue ethics …show more content…
It is more ethical to focus on the benefits of all parties involved in business operations for each of the ethical theories. A utilitarianist would say that the greatest number of people are affected when using the stakeholder model, so the greatest benefit for the greatest number of people is the priority. A deontologist would argue that the individual acts that make up a business are what is important, and still the stakeholder theory argues that business operations should be ethical to all its aspects, whether that be economically or environmentally. Virtue ethicists reiterate the character of the individuals that make up the company, and it is important to act in such a way that reflects what is ethically right.
Each of the three ethical theories argue that the stakeholder model is what is ethically correct, and this model should be instituted to all business operations. Not only does this theory create the highest utility for the greatest majority, it also reflects a strong business plan that orients its operations about the consumers and employees that ultimately determines a company 's