BUSINESS ETHICS

Business Ethics

[Name of the Institute]

Introduction3

Ethics3

Ethical Decision4

ThePs of the Power of Ethics5

The Concept of Business Ethics6

Issues of Ethics in Business8

The Environmental Dimension8

The Fundamental Role of Reputation and Trust8

The Environmental Pressures Sociopolitical8

Adaptation to Technical and Economic Environment9

The Organizational Dimension9

Internal Strategic Needs9

The Need for a Common Cultural Reference9

The Desire to Guide or Control the Behavior10

The Role of Corporate Social Responsibility (CSR)10

Clear and Transparent Practices11

Self-Judgment and Internal Obligation12

The Role of the Company's Code of Practice12

Transparency Principle13

Dignity Principle14

Fairness Principle14

The Importance of Ethical Responsibility of Employees14

The Normative Power of the Employer14

Standards for Internal Reporting to the Company15

Standards for External Reporting15

Conclusion15

References17

Business Ethics

Introduction

Ethics is extremely important for the long term success of business statistics practices. Ethics as described in this article entail that companies/businesses need to behave in a socially responsible manner. Adopting an ethical code of conduct has become integral for businesses in today's highly competitive world where each and every organization is working towards enhancing their goodwill and reputation through corporate social responsibility and ethical campaigns.

There are three levels of business ethics, which are of high importance for understanding the significance of business ethics. According to Chen (2010), there are three major levels of business ethics, which are social obligation, social responsiveness, and social responsibility. Social obligation refers to the organization's basic efforts to meet the legal requirements and responsibilities only. Social responsiveness refers to the organization's efforts to enhance and adjust its policies to meet the changing social and economic trends. The organization is more responsive to the needs of the society. Social responsibility refers to the organization's relentless efforts to minimize ethical issues and aim to achieve maximum harmony through responsible and ethical organizational behavior.

Ethics

Historically, the term 'ethics' has been derived from Greek word ethos meaning the duties, conducts, and people's customs. Ethics is the philosophical shadow over rules, principles, and ways of living together, the habits and conducts of individual, team, or mankind.

Ethics is defined as the decision of good or bad, right or wrong, fair or unfair. Ethics is taking decisions consistent with individual or organizations value system. When facing many crucial scenarios where it is difficult to identify right from wrong, there exists an answer, which benefits more to greater number of people called ethical solution or ethical answer.

Ethical Decision

Ethical decision making is allied to a specific content in the similar scenario. There may be educational ethics, private ethics, or business ethics clashing to one another. Ethical decisions need to be in the best interested of the organization instead of the leader. Self-serving should not be the goal of the decision. The decision should be clear and consistent with the complete admission. Ethical decision making belongs to the gray area, in which there is no just or unjust. In such situation, the decision would be the most right one. When considering ethical dilemma the decision taken should be according to the values and laws set by the organization or institute.

Ethical Principles

The five basic principles of ethics are:

Autonomy: Everyone has a right to take decisions about his/her ...