Ethical Issues in Business
Student’s Name:
Institutional Affiliation:
Instructor’s Name:
Course Name:
Date:
Introduction
Many business owners find it difficult to navigate through the ethical issues in their businesses. Many employees and employers still behave unethically. Although, rules and laws are governing their ethical behaviors. We can also define business ethics as all the principles and standards that guide behaviors in the business world. Individual judgment about wrong and right, organizational decisions influences the company’s culture. Business ethics not only determines the image of the organization, but they are the very backbone of any business success. Shot and long term profits of any company are related directly to the ethical practices of the company. The image and reputation of the business, as perceived by investors, another business, and the surrounding communities is paramount in decided whether the business is worth investing in. Ethical companies attract many investors.
Hence increasing the company’s share prices. This prevents the company from any form of takeover. If the company behaves unethically many investors will refuse to support the company’s activities or buy any stock from the company. Also, it will decrease the profits levels of the company. Good ethical practices in any business retain their skilled workers. This reduces labor turnover, thus increasing the company’s productivity levels. It also enables the company to minimize the recruitment costs, as they attract skilled and qualified employees. They also avoid lawsuits for any legal violations. The ethical dilemma emerges when making decisions between two options, with none of them being accepted from the ethical perspectives. Both of us can encounter ethical dilemmas, in our daily lives.
For anyone to solve these dilemmas, it is important to refute the paradox. Critically analyzing the case. Theories such as the value theory approach can also be used. Preferring the better alternative which carries with it better than harm. Also, the managers of people in dilemmas can just decide to find another alternative. Many dilemma issues can appear in a workplace; these include the habit of taking credit for other’s great work. The seller can also decide to sell a bad product to a customer so that he can gain profit. Some can decide to use their intrinsic knowledge for their good. Some decisions may also provide a more harmful outcome. This is the ethical lapses. It results from a bad worker behavior which may include; stock trading, being an insider. Earlier this year a company decided to pay $3 billion to settle the potential criminal and civil charges.
These charges were, for more than one year, the bank’s aggressive sales goals led to widespread consumer abuses, they even open many accounts without their customers’ consent.