Business ethics are a set of ethics that a business, a group of businesses, or an organization of any kind sets for themselves. These ethical standards are usually similar throughout the business world with varying degrees of differences. Unfortunately, the manner in which ethics are adhered to varies from business to business.
Usually businesses are started and maintained with one major goal in mind, make a profit. Economist Milton Friedman stated that “management should make as much money as possible while conforming to the basic rules of society…” (University of Phoenix, 2007, para. 43). ). ...view middle of the document...
However, there are other unethical considerations that are in play. For example, if a corporation has a supervisor opening for which many qualified and experienced employees from inside the company apply for yet none of them are hired for the open position. Instead the person hired for the job is from outside the company and is brought in at a higher salary than was initially offered to the other applicants, even though individuals with higher qualifications and better work skills that had devoted many years to the company would have taken the job at a lower salary. The individual hired is also a former co-worker and friend of the department manager. Did the manager have the right to higher this person, probably, was it ethical, probably not. This is a situation that happened at my current place of employment recently.
Product safety is also a challenge that businesses are forced to deal with. The food industry and the pharmaceutical industry there are many sets of rules put in place by both the government and the businesses within these industries. If a company, a person, or a group of persons within a company decide to act against the organized standards that are in place the consequences can be catastrophic. As consumers we operate under the notion that the corporation that produced the product we are buying did so ethically. This relationship of trust between the consumer and the producer...