Ethical Practices and Values as a Means to Business Sustainability

Past research has discovered that managers react to ethical dilemmas according to the situation. If specific values that are related to ethical behavior can be identified, they would offer strong tools for managers who want to retain high standards of ethical behavior in their society.

This will be an over view of ethics as it relates to business in our society. Concepts from Philosophy will seek to describe the correlation between actions that are classified as morally right or ethical in our dealings with each other as human beings. Clear and concise examples will be given as well as ways in which to improve upon business ethics.

Once a business realizes that it has gotten wrapped up in maximizing profit that it neglect ethics of care, the next step is to readjust and realign its core values internally and be more responsible to the environment in which they operate by showing societal care. Therefore, the aim of this report is to address the importance of realigning the business with ethics of care through involving in CSR activities, and as well as showing how these actions can impact on a company’s performance even if it may be demoralized in the society.

Everyday buzzwords like sustainability, biodiversity and go green became favorite words used by those who like to bring attention to the potential consequences we may face. I believe that business ethics and corporate social accountability is very vital in our society, and every business or corporations should practice and be a model for everyone. Moral compass or social conscience has always been a part of most big business or corporations, affecting daily business choices and actions. These choices made will be influenced by the practices of the company and ethical decision making a business to choose a course of action, and if a moral compasses are to be upheld, corporations may have to rethink their long term benefit ahead of any short

Business ethics are the foundation of business, despite business thriving on competition, it survives on the basis of its ethics. Comparing business with a game (practices) makes it easier to understand things like for example how having ‘players’ who cheat can impact badly on the business. Ethics is a way of thinking which can defined under Solomon’s eight rules.

Business ethics should be reflected in the Code of Ethics meaning the mission of the company should follow the same principles that are defined. Mihai & Alina provides a definition of business ethics as “a system of principles, values, norms and codes of perception and behavior, based on a business philosophy that requires a moral obligation by inducing their expression” (2013, pg. 45). It should be used as a tool to indicate the entire culture at the company and provide a

Sturdy ethical business practices represent a trademark of a superior company that an individual may need to assemble and maintain in your developing business. Business ethics apprehends groups or individuals; however, the one who formulate them will be swayed by the background of the company. Therefore, employees must fix on what they believe is the best line of action. Additionally, ethical corporate societal responsibility and behavior can result in a significant advantage to a business. For instance, they may retain employees within the business, lower labor income and thus amplify productivity. Secondly, they appeal to customers to the business products, thus improving profits and sales.

2.1 Business morals and ethics are values and rules that decide our behaviour in the business world. It alludes to business activities, either with different business houses or with a solitary client. (Rajeev, L.

Corporate Ethics: Principles and values that govern the decisions and actions of the business are called corporate or business ethics. These may be written or unwritten. The basic meaning of ethics is deciding between what is wrong or right (good or bad) and doing what is morally correct. It govers the behavior of each individual and the organization as a whole.

Moral philosophies create an avenue for the assessment of a business especially with respect to matters that concern economic science. These views are likely to depict views that are founded on moral decisions and results in policies which are based on better choices. The application of moral philosophies by a business inspires the business and other entities to examine whom they conduct business with. Additionally, moral philosophies inspire business managers and executives to adopt more socially responsible organizational practices in order to stay relevant in the global environment. Moral philosophies adopted by a business also provide a basis for the development of public perception of the business. The way a business is viewed by other business entities is largely dependent on the moral philosophies adopted by the business. Adoption of appropriate moral philosophies by an organization is important in the improvement of the businesses public

Ethics can be portrayed as the essential, composed examination of how we should act — particularly, how we should urge the journey for self-interest when our exercises impact others. Business Ethics can be characterized as the essential, composed examination of how people and associations should bear on in the domain of exchange. In particular, it incorporates examining appropriate objectives on the mission for self-interest, or (for firms) advantages, when the exercises of individuals or firms impacts others(MacDonald 2010). Ethics relates to the concepts of governance and sustainability. The business world has control over the world 's benefits and the lives of a considerable number of people, so it is essential that the people who work inside the business world have an understanding of various good strategies for knowledge to deal with their fundamental initiative(BIRT et al. 2012).

The values of businesses will vary depending on the company. These are defined by the behaviours and values which govern a business environment. Overall the values are a set of guiding principles that will encourage individuals in an organisation to make decisions based on the business’s stated beliefs and attitudes towards business practices within the industry.

“Leadership is the process of directing, controlling, motivating and inspiring staff toward the realization of stated organizational goals” (Clegg, S.R. Kornberger, M. & Pitsis. 2011, p.126.) Leadership in the post-bureaucratic era is essential for the success of a company, and also plays part into the Sustainability of Ethics and Corporate Social Responsibility for an enterprise. In this essay I will discuss how leadership contributes to the Managing Sustainability of Ethic and Corporate Social Responsibility for a business in the post-bureaucratic era. In section I I will provide a basic overview of the concepts and ideas surrounding Business Ethics, Sustainability and Corporate Social Responsibility. In section II I will debate how a company must possess a leader with a sense of power an authority that is able to promote organizational sustainability, but how these managers have the choice to do this both positively and negatively for an enterprise. In section III I will examine new age approaches to leadership and the form ethical leadership as the basis of successfully advancing organisations sustainability, and finally in section IV will review the affect that stakeholders have regarding sustainability and business ethics and how to can encourage and promote the management of sustainability.

The main aim of a business ethics is usually to determine the fundamental purposes of an organization. A company whose goal is to maximize shareholder returns would be violating fiduciary responsibility if it sacrificed profits to other concerns. Business ethics refers to the set of contemporary standards that govern the behavior of persons in a business organization. It has both normative and descriptive dimensions. The field is primarily normative when considered as a corporate practice. The range of concern on business ethical issues focuses on the interaction of profit-maximizing behavior with non-economic concerns. Ethics are vital when it comes to regulating and details in business that are beyond government control. Organizations

In the article “Doing well by doing good”, the words ‘business” and “ethics” has been pointed out that they can’t come together. Companies wondered where do ethics go and it has been widely wrath despite being taught in school. Ethics has been the custom yet uncertain. There are protesters in Washington, DC who were criticizing the immorality of a company including the IMF. Most people reacted that companies shouldn’t be in the business ethics at one’s convenience but should be concerned of their social responsibilities, morals and environment. The leader of market economics, Milton Friedman, stated that to increase the profits, the company has to use its resources and has to engage in activities.