Ethical issues are ones that involve the way things "should be" rather than the way things are. Work is to be approached wholeheartedly and done well ( Eccl. All other trademarks and copyrights are the property of their respective owners. 80-82) Some belief in the existence of religion others do not belief in religion. PROFITABILITY: The aims and objectives of every business is to make profit although some organisation are formed for charity purpose but most business are formed because they want to make profit and meet the demand of its customers at all time. An . Discriminating against employees This course provides opportunities for the analysis and synthesis of the role of ethics in the organization. The main principles of business ethics are based in academia and on academic writings on proper business operations. The organisation will be know and well recognise by all. Describe the four general approaches to dealing with stakeholders. His disciple Aristotle categorized the virtues as moral and intellectual. The nature of business ethics is known. . Moral judgment about the action must have evidence and must be valid. An organisation that is not doing business ethically will always have a bad reputation because this will have a negative effect on its employees and the organisation as a whole. Work in the public interest. Rights. Plus, get practice tests, quizzes, and personalized coaching to help you Organisation that has a good dealing with all its stakeholders will always progress and have a good understand with its stakeholders and the work force. The employer must understand that different people come from different background and culture therefore the employers must not discriminate or bias in any form, the employer must treat its employees the same way and make the working environment conducive and safe at all time. There are four standards for evaluating strategies and tactics in business and negotiation: end-result ethics, duty ethics, social contract ethics and personalistic ethics. The cookie is used to store the user consent for the cookies in the category "Performance". - Definition & Function, Fiscal Stimulus: Definition, Multiplier Effect & Price Levels, Working Scholars Bringing Tuition-Free College to the Community. There are two . Related: Professional Code of Ethics: Definition and Examples. There are four rules outlined in ethical business decisions: the utilitarian rule, moral rights rule, justice rule, and practical rule . et al Management (2012) 6th Edition Pearson Australia The case of BP oil producer one of the world largest oil producers in the world. How can you say that you are consistent in your moral action? Rights theory is based on the idea that all individuals have certain rights, which must be respected at all times. They will not be able to make the capital that they have invested into the business and the business might turn out to be a failure. The most important factor in a persons perspective of business ethics is religion because there are so many different religious views Human approach towards anticipation for maximizing of pleasure and elimination of suffering and pain brings about the fundamentals established in the realm of moral philosophies that date back to a distant past (Robertson & Walter, 2007). Your essay should include: Several years ago he made contact with someone who could put him in touch with a professional burglar although the burglar had, Unit 2 Essay Assignment: FOUR APPROACHES TO DECIDING ETHICAL DILEMMAS Most people will not want to do business with the organisation and also this will have the stakeholders since they are part of the organisation. Implementing a code of conduct: Company codes of conduct often utilize utilitarianism and rights theory to ensure the . RELATIVE ETHICS: The belief of relative ethics is base on the fact that there is only single moral standard which applies to all human being. These are the ethical issues that need to be addressed in an organisation so that there will be equal opportunity to all no matter the age, sex, religion or color. It is the set of moral principles or beliefs that affect the behaviour of employees. Each of these types is focused on different aspects of a business's operations and activities from an ethical viewpoint. . Get unlimited access to over 84,000 lessons. 278 Teaching Business Ethics: The Principles Approach 2.1. TREATMENT OF EMPLOYEES: They should treat its employees with fairness in all its dealing by provide an enabling environment, give promotion to employee at when due, they should also provide training and recruitment should be done without bias or sentiment, these are some of the ethical behavior that should be adopted by an organisation in order to show employees that the organisation support issues regarding corporate social responsibilities. If the stakeholders contribute effectively to the development of an organisation there will be development, and the moral of the company will be build and also increase the productivity of the organisation. Discrimination and Harassment. Business ethics can be described as principle and standard that is guiding behavior of people in the business. In a presentation these four approaches should each include all three elements of the rhetorical triangle and they need to connect or else even if one element is missing the presentation will fail (AIU Online 2010). These are some of the negative effect of a business not operating ethically in the society. BAD REPUTATION: The organisation will be known to have a bad reputation since the general public will be aware that they are not doing business ethically which will have a negative impact on the organisation. How does an ethical approach benefit individuals? Business ethics can be described as principle and standard that is guiding behavior of people in the business. Ethical behaviour of people doing business is very important in our society. Doing what is right is obeying your duties and the rule that guide a business. 2 What are the ethical considerations involved in decision-making process? Most people will want to do business with any organisation that abide by the business ethics especially organisation that cater for all its stakeholders and give them maximum satisfaction in all its dealing. The following list contains a few examples of approaches to business ethics. Managers often take the. Students develop the skills to understand and integrate constructive ethics into practices. Ethics Business ethics, Ethics in Communication Justice theory is a philosophical framework for ethics focused on providing fair and equitable distribution of goods, services, and rights. In other words, Rawls argues that people make the most ethical decisions when personal or social interests do not bias them. This is true to some . Business ethics is the attitude and ways in which a business is formed and the way in which a business deal with the world. It focuses on moral rules and duties. TREATMENT OF CUSTOMERS: An organisation should treat its customers with good customers service and provide an enabling and safe environment for its customers. These policies may incorporate a combination of utilitarianism and justice theory to create an equitable workplace that produces the most significant possible benefit for all stakeholders. DEVELOPMENT: When business is done properly by an organisation and the organisation ensure business ethics is practice within the organisation, both the organisation and the stakeholders work together to ensure things are done properly there will be development in the organisation which will result development of the organisation. The best decision here will be the one that satisfies . Aside from the method of categorization discussed in this lesson, another way people categorize different types of ethics in business is based on application. Business ethics is the prescribed code of conduct for businesses. The second major meaning behind the term is . Theoretical Ethics, sometimes called Normative Ethics, is about discovering and delineating right from wrong; it is the consideration of how we develop the rules and principles . By working through all avenues, the final outcome is more likely to be ethically strong. An example of utilitarianism in business is a company setting up a workplace health and safety plan. Study theories of business ethics and explore some examples of approaches to business ethics. However, business ethics go beyond mandated legal frameworks. Students develop the skills to understand and integrate constructive ethics into practices, Premium - Definition & Types. If a business is consider to be business ethic, that business should focuses on the ethical consideration like Profitabilitys and meeting the stakeholders expectation, therefore the business will be termed to be ethical. Three commonly used ethics theories in business are utilitarianism, rights theory, and justice theory. According to utilitarianism, business ethics aims to create a system of rules, regulations, and practices that will maximize overall utility or benefit for all stakeholders. Just. How do I choose between my boyfriend and my best friend? Different approaches Virtue Ethics Deontological Ethics (duty role ) Teleological Ethics . compliance approach. A rights ethical approach is based on the belief that all individuals have rights in life and should be treated with respect and dignity. 1. Ethics sets standards as to what is good or bad in conduct and decision making. Emphasis is placed on the way ethics affect thinking relationship development policy formation and professional conduct in the workplace. Ethical theories provide a framework for judging right or wrong decisions. Principle Approach. Race gender age and religion all play a role in a persons ethics. REFERENCES: It is sometimes called Kantianism, a reference to an early proponent of the theory, philosopher Immanuel Kant. For instance, the government agency OSHA in the United States requires basic safety standards for workplaces. The ethics of care is discussed in the following section. Periodic ethics workshops are needed to sensitise people to workplace circumstances in which ethics issues may arise. Business ethics protect companies from legal liability and ensure that they treat their customers and team members with respect. Some business also belief to take care or provide for the less privilege in our society especially the disabled who need special care, for instance in the UK the government provide special disable toilet for all the disable and they can make use of the toilet in all the public places. It will allow a good customers relationship between the customers and the organisation. For example, a code of conduct may include guidelines for treating customers and other stakeholders fairly, protecting confidential information, and avoiding conflicts of interest. We can base what is right or wrong on what individual belief and environment which we have our self also contribute to what will belief. Case Study: The Coca-Cola Company Struggles with Ethical Crisis, Individual Privacy - A Right Masked as Luxury, Importance of Ethics in Business Management Practice, Business Ethics Case Study: The Volkswagen Emissions Scandal, Business Ethics Case Study: Caterpillar Tax Fraud Scandal, Carroll's Pyramid of Corporate Social Responsibility. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. Laws that are governing employment in our various organisations which is quite different from one another organisation to another organisation depend on the policies and the ways in which the organisation is structured. Learn about business ethics and understand its importance. Lesson Transcript. It can be helpful to explore a few examples of business ethics to understand the various theories and approaches better. Plato, Aristotle and Thomas Aquinas were major advocates of Virtue ethics. Word Limit: 1500 Here are four approaches, which may be taken as guidelines: 1) The utilitarian approach: for the greatest good, 2) The individual approach: for your greatest self-interest long term, which will help others, 3) The moral-rights approach: respecting fundamental rights shared by everyone, 4) The justice approach: respecting impartial standards of fairness, Scott-Ladd, K,Perry, M.,Williams, P, andKinicki, A. For example, should employees on the job have a guarantee of privacy? Achieving success legally and ethically is a more sustainable, stable approach to long-term success. What are the benefits of ethical conduct? However, attention to business ethics provides numerous other benefits, as well (these benefits are listed later in this document). Morality The cookie is used to store the user consent for the cookies in the category "Other. It works with moral principles and social values. It is also important to understand that all four approaches have overlaps as well as common elements, such as: Impartiality: weighting interests equally Rationality: backed by reasons a rational person would accept Consistency: standards applied similarly to similar cases Reversibility: standards . can i substitute applesauce for apple juice concentrate, Following section analysis and synthesis of the negative Effect of a business not operating ethically in the.... Main principles of business ethics are based in academia and on academic writings on proper business four approaches to business ethics people to circumstances. 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