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Business Ethics Essay

5413 words - 22 pages

BUSINESS ETHICS 'COLLECTIVE ACTION PROBLEMS' IN PARTICULAR HOW MUCH RESPONSIBILITY DOES AN INDIVIDUAL MANAGER HAVE FOR THE ETHICAL CULTURE OF HIS/HER ORGANISATION?

Ram Visvanathan
Business Ethics
May 28, 2014

 
Introduction.
Ethics is very important for the prosperity of any organization. Every employee or stakeholder of an organization has got an important role to play in nurturing an ethical culture in an organization. This research paper discusses the level of responsibility that an individual manager has in the ethical culture of his or her organization. This is done with close attention to academic journals and research. The paper will derive its arguments from ...view middle of the document...

Pros and cons of the study.
One of the advantages of this study is that it will enable me to come up with constructive insights about the role of the management in promoting ethics in organizations. Through interaction with relevant philosophies, theories and researches, I will be able to build a very conclusive argument that can be the basis for action or further research. Being a theoretical study, the leaner will not gain from interacting with real ethical situations from the companies. A practical study could have helped the researcher to have a one on one interaction with different stakeholders and hence developed a stronger understanding of the issue.
What are business ethics?
So as to have an informed approach of the subject matter, it is important to review our understanding of what business ethics are. Business ethics is a culture that defines how an organization integrates the values of trust, respect & honesty into its practices and policies. (Long, Brad & Cathy 2008). Business ethics also entails the process of an organization complying with the standard constitutional ethical practices and the internal rules & regulations of the company. It primarily consists of legally driven, compliance based guidelines in regard to some areas such as use of company assets and conflict of interest among others. It stipulates the things that employees of an organization can or cannot do in regard to the afore-mentioned issues (Long, Brad & Cathy 2008).
            As mentioned above, trust, honesty and respect are very important values for any given company or organization. They are the backbone of formulating and maintaining ethics in any organization.  In the absence of ethical guidelines and culture, it is difficult for an organization to know what is wrong and what is right (Ulrich, Peter and Thomas 2000).
The significance of business ethics.
After understanding what business ethics is, I ask myself; what is the significance of business ethics in organizations? According to Epstein (2007), ethics contributes to good standards of corporate performance. Many corporations regard business ethics as a baseline issue and not an option. Epstein says that ethics have an important role in determining the profitability of an organization. He says that behaving responsibly and ethically is the right thing to do and the right thing to can also be the profitable thing to do (Epstein, 2007). Before the evolution of ethics, many companies did not give ethics the attention it deserves. Many companies thought that ethics is not an essential part of running a company. Epstein says that most organizations only regarded ethics only when they liked. Things have since changed. Corporations have now figured out the values that ethics add in organizations and ethics is now greatly embraced in many organizations. Most organizations now days admit that there is a close relationship between ethics and company profits (Mitchell, 2003).
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