General Background to Business Ethics
The term ethics has been derived from the Greek Word ethikos which means custom or character. Ethics simply derived from a particular religion, culture, law and tradition in general.
Some
scholars believe that ethics is the byproduct of philosophy and psychology.
Philosophy observes the external world of an individual and psychology simply
motivates to observe the internal aspects which are reflected through the
behavior.
Some
other academicians and scholars claimed ethics as a branch of philosophy and is
considered a normative science which is concerned with the norms of human
conduct distinguishing it from other sciences.
The
main motive of ethical reasoning is to sort out the good and bad components
within complex human interaction.
While
dealing ethics it is important to notice the principles of personal ethics and
professional ethics.
Personal
ethics are understood as the values which are applied by an individual to every
area of life and society.
The
personal ethics are guided by the general principles of morality that motivates
and guides the everyday life of the people.
A
person who is guided by personal ethics simply concerns and respects for the
autonomy of others, be honest and comply with the law of the land, word hard
and be concerned with the idea of fairness and the ability not taking undue
advantage of others and prevents harm to any creatures.
Whereas
professional ethics is guided by the principles of impartiality also called
objectivity, openness: full of disclosure, principle of confidentiality and
trust, due diligence/duty of care, fidelity to professional responsibilities
etc.
Last
but not least, the principle of avoiding potential or apparent conflict of
interest also plays pivotal role for any profession and businesses.
What is Business Ethics?
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| Business Ethics |
The
term business ethics is made of two words 'business' and 'ethics'. It is one
application of ethics in general. It is also called the applied ethics.
Ethical
behavior performed in any business is what the public expect.
It
facilitates and promotes good to society, improves profitability, foster
business relation and employees and competitors, protects employees from
harmful actions by their employers and allows people in business to act
consistently with their personal ethical beliefs.
Business
ethics proves that business sometimes has been ethical and still make profit and
it equally can be and ethical and still make profits.
Business ethics does not recommend only one solution to the problem. It can have more
than one right answers and sometimes no right answer as well. It most of the
time depends on the context and situation.
The
beautiful bond between business objective and the social responsibilities of
the company/organization generates the ethics in business. Here, the
responsibilities can include the obligation to the society where it exists and
operates. Similarly, the people whom it pursue economic goals and so on.
The
integrity, fairness and concentrates are the basic principles on which business
ethics depends on. Furthermore, these guidelines and principles should benefit
both the internal and external stakeholders of the company. Those stakeholders
are shareholders, employees, creditors, customers, dealers, vendors, government
and society.
Thus,
it is the process of applying general ethical ideas and values in the field of
business.
What is not business ethics?
It
is equally important to know what is not business ethics to understand what
business ethics is?
To
address this question/issue, one has to distinguish business ethics from the
similar concept which might also be taken as misunderstanding or over
generalization.
First
of all, ethics is not religion or it is different from religion.
In
a very general understanding, almost all the religions preach high
ethical/moral standards. But when we deal business ethics which is not fully
and compatibly addressed by the religious standard and code of conduct.
Present
day businesses and businessmen have to face and struggle with various problems
and issues such as cybercrimes and challenges faced by modern innovations.
Thus,
business ethics is an applied science or applied ethics it is not a pure
science as physics, chemistry and biology.
Another
important concept that we need to clarify that ethics is not a law in itself.
It is neither social law nor political. It is somehow different than the law.
What happens in breaking/ violating the law is clearly punishable but ethics
cannot.
The example of Business Ethics.
There is a company doing good performance in the market. There is an worker who has been continuously working in the company for more than 15 years. He is supposed to get pension when his service is 20 years. Unfortunately, the worker lost his right hand in an accident.
He is unable to work anymore in the company and has
to get retirement. Now, even though full pension begins only after 20 years,
the worker has to be provided as the full pension because it is an ethical
issue and problem since he has been working for company 15 years and was
supposed to work for the complete professional duration.
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| What Business Ethics Is? |
Why Business Ethics are Important?
Ethical issues are very serious in business.
They might have both short and long lasting effect in several levels. Business
ethics is internally associated with the goodwill of any businesses. Some of
the ethical concerns simply have immediate reactions and output whereas others have
long term impacts.
Conclusion Business Ethics
Business ethics are the complementary part of any businesses. Business ethics also called corporate ethics. Business ethics is a form of applied ethics or which is sometimes also called professional ethics often examines ethical values and moral or ethical problems which arise in a business situation.
It smears to all
aspects of professional and business conduct and manner and is also relevant to
the conduct of individuals and entire organizations. Business ethics refers to
contemporary standards or sets of values that govern the actions and behavior
of an individual in the business organization. Business ethics are moral
principles that guide the way a business behaves.
References
Timilsena (2021) Business Communication Platform
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