Essay about Business and the Notion of Ethics - 1029 Words

the notion of ethics has been around for generations, it has been seen in religion and philosophy. Although it has only been in the last few decades that the business world has adopted this principle of doing the right thing, not just doing what will lead to most profits. The concept of ethics encompasses a ‘systematic’ process of considering the ‘moral consequences’ of ones actions, as stated by (text book). However there isn’t a succinct agreement about what business ethics is. Lewis P (1985) believes this is mainly due to the fact that the ethics of a business will only be as ethical as those who are a part of it. Research done prior to 1985 also found that profit is not the sole motive for business. Today it organisations don’t only†¦show more content†¦The document also pledges values such as respect, confidentiality, safety, responsibility and integrity. The values of an organisation aren’t only helpful in maintaining the corporate culture of the firm but often, certain values and beliefs can attract customers to do business with one firm over another. This is due to their values and ethical practices. When it is seen that these practices are breached, depending on the size and public face of the organisation, it can cause media outcry, leading to loss of customers or public support. Conversely when an organisation is seen to be acting in an ethical and socially responsible manner, beyond the minimum, this can cause good publicity and attract further customers, for example creating new green infrastructure, this stimulates the economy as it provides many opportunities for labourers. In the long run the key business objective of most organisations is profit making. How profit is made, and where savings are made, can sometimes clash with ethical practices. For example child labour in third world countries is often used to produce goods at a cheaper cost to the organisations; however this is unethical as conditions are often poor and dangerous, and it takes jobs offshore. ANZ bank has recently been caught up in said clash. ANZ has been found to be financing a Cambodian sugarShow MoreRelatedHuman Nature, Unethical Behavior, Ethical Behavior And Work934 Words   |  4 Pagescompetitive. Some organizations focus their energy on a marketing campaign to better a product, while others have realized their employees are its most important asset. While this notion does not clearly identify a right or wrong answer, it does highlight the new idea of an ethical work force. According to Business Ethics, â€Å"ethics is the set of principles a person uses to determine whether an action is good or bad† (Collins, 2012). 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