Ethical issues are a significant area for companies doing business deals on a daily basis. In today’s high tech and the ultra-competitive business world, unfortunately, ethical conduct is often ignored. Many huge companies like Enron, Arthur Anderson, AIG, Fannie Mae and Freddie Mac, as well as Bank of America, are crushed, or seriously damaged with the lack of ethics compass in place. Organization ethics is the guidelines and principles by which businesses operate; “the principles and values of each person in a business” will have “a direct influence on the company’s success” (Renshaw, Kubat & Angellotto, 2013, p. 11).
The ethical principles can be employed to address organizational issues regarding financial ethics, business entities, confidentiality, and decision-making. In which, the organizational ethics are expressed the values of the organization to its employees and stakeholders. The ethical principles would influence by external pressures; as well as the organization’s ethical climate affects employee and management performance (Al-Khatib, Rawwas & Vitell, 2004, p. 1).
…show more content…
In a lot of cases, ethical obligations go beyond legal responsibilities. But “in some cases, the activities may be legal, but “not perceived as ethical at the same time” (Anstead, 2012). Many organizations can act ethically to meet expectations of the public and consumers. However, the irresponsible lending of subprime mortgage loan became a recurring problem to Bank of America. According to Reuters, “Bank of America has logged some $50 billions of expense for settlement of lawsuits and related legal cost since 2008-2009 financial crisis” (Rudegeair, 2014). The crisis caused millions of homeowner went in bankruptcies, and many financial workers lost their jobs. Bank of America has been hit particularly hard than other banks by the financial crisis. It would take years for the Bank to recover by major
On the other hand although their similarities are close knit; they each have a distinct difference depending on the individual. For instance, recently the complex next door caught fire due to bad wiring. The company put all the tenants up for the weekend because they believed that this is what they ought to do. After the weekend the tenants were told that the situation had been turned over to their insurance company and it was out of their hands. The tenants believe that the company should hold their self-responsible and accommodate them much more.
The author Robert Solomon argues that ethics has to an integral part with regard to business management. He does not believe that business management must include unethical or illegal methods to be able to succeed. Solomon preaches that business management is not as simple as obtaining revenue. “Businesses need to abide by fair policies and their owners have to be ethical in dealing with their customers” (Shaw p. 37). The author acknowledges that while illegal practices in business management could bring positive results at first, eventually the business is bound to fail. This is why Solomon recommended eight important policies that can help businesses in integrating ethics into their operations.
Is pleasing the customers, and telling them what they might want to hear, more important than being honest with them? When clients ask the company for reports, their main interest should be to get a thorough and comprehensive analysis. If they were only looking for a confirmation of what they wanted to hear, they should not need the research.
With a store like this it is important that if you are promoting the flavors of the world they you would also represent the people of those regions. A diverse workforce that is familiar with these ingredients and foods would also show that the owner take a
Step 1: About 7% of the rich world's jobs are held by people from developing countries and an aging population who cannot fill the vacant positions currently available. Lant Pritchett proposal is to have 16 million of the poor became part of a guest worker program. In the United States for example; 3 million guest workers would stay 3 to 5 years, without citizenship. They could not bring their families, but they would have some protection through the certification process for these guest workers.
Salonga, R. (February 17, 2011). Contra Costa drug force commander arrested in Benicia. Retrieved on June 12, 2013 from
Morals are infrequently conflated or mistook for different methods for settling on decisions, including religion, law or ethical quality. Numerous religions advance moral choice making yet don't generally address the full scope of moral decisions that we always come across. Religions might likewise advocate or deny certain practices which may not be viewed as the correct area of morals, for example, dietary confinements or sexual practices (K.A. Francis, Demand Media, 2014). A decent arrangement of law ought to be moral, however, the law sets up a point of reference in attempting to direct all inclusive rules and is subsequently not ready to react to individual connections.
“Hereditary Breast and Ovarian Cancer syndrome (HBOC) is an inherited tendency to develop breast, ovarian and other cancers. Inherited conditions are passed to an individual through their blood relatives. Although most cancers are not inherited, about 5% of people who have breast cancer and about 10% of women who have ovarian cancer have HBOC” (Patient Education Online, 2013). “HBOC is caused by an inherited change in a gene, called a mutation. The majority of HBOC is due to a mutation in either the BRCA1 or BRCA2 genes” (Patient Education Online, 2013). There are many risks for people with HBOC. These risks include having a higher risk of getting breast cancer (40% to 87% lifetime risk), a higher than usual risk of breast cancer before age
Researchers in quantitative research methods investigations study phenomena in their “natural settings, where the purpose is contextualization, interpretation, and/or understanding the perspectives of others.” The task of a quantitative researcher in an experiment is described by special participation and sympathetic considerate. The questions are particular to the research area, for “both researchers and institutional review boards (IRBs)”, involve the developing nature of qualitative research, an investigator’s association with research subjects, getting informed consent, and confidentiality and privacy. Information will be collected from 100 companies in Birmingham and Atlanta, and questionnaires will be used to collect
Ethical issues have received increased attention due to the nature of participant-researcher relationships in qualitative research. As the university to which this thesis is presented had not established an ethics committee or institutional review board to obtain ethical clearance for studies of this nature (minimal risks that does not involve vulnerable groups or sensitive issues), I duly followed general agreed ethical rules of thump for social science researchers. These covered issues of informed consent, voluntary participation, anonymity, confidentiality, and consequences of participation (Silverman, 2013: 162-163; Miles and Huberman, 1994; Cresswell, 2008)
Today’s business world presents numerous ethical issues. In today’s world above board/moral ethics in organizations do not often materialize intuitively. Organization must strive to provide employees with a clear understanding of the overall company vision. This will aid employees in practicing the code of ethics, policies and procedures in the workplace. Companies must be unwavering in continuously delivering the uppermost ethics of provision in which customers, applicants and employees are entitled to under fair business practices. One major core value is to uphold responsible and fair business practices.
Hartman (2005) suggests that ethics involves decisions as to good and bad, right and wrong, and what ought to be. It can be recognized from morals and values. Business ethics goes far beyond employee loyalty and morale or the strength of a management team. The ethical operation of a company is directly related to profitability in both the short and long term. The reputation of a business from the surrounding community, other businesses and individual investors is critical in determining whether a company is a worthwhile investment.
Every organization also has a profession responsibility to conduct business honestly and ethically. Our readings reported, “Experts estimated that U.S. companies lose about $600 billion a year from unethical and criminal behavior” Kinicki and Kreitner (2009). The organization could avoid having ethical issues by meeting the
A key consideration in the nature of ethics in the business environment is the core values that exist in an organization. These are values articulated and reinforced by top management, imparted to new members of the organization and spread throughout the organization. Organizational values have a substantial influence on employee performance. Organizational values are communicated via socialization and code of ethics. If people do not agree on or do not know the norms and values of their organization then a weak corporate culture exists (Finegan, 1994). Chief executives must communicate, encourage and show pride in the organization ethical standards to inspire and show employees that the organization appreciates a person for acting in accordance with the standards. Business ethics applies to all aspects of business conduct and
Many successful businesses operated under a set of normative standards, expected behaviors and guidelines that are generally accepted by society (Jennings, 2009). That is, businesses operated under ethical principles that “consist of standards and norms for behaviors that are beyond laws and legal rights” (Jennings, 2009). These ethical principles are reflected in an organization application of trust, integrity, fairness and responsibility. Research groups have identified overarching ethical principles as the application of honesty, fairness, objectivity, and responsibility. A company's use of ethical principles demonstrates solid corporate governance and management (Verschoor, 2011). However, when these principles are deliberately