Business Ethics

Business Ethics 6

Business Ethics

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

Business ethics is an important topic to consider in today’s corporate world. It is essential that companies understand the impact of corporate social responsibility, the role of leadership in developing an ethical workplace culture, and the benefits and challenges of implementing ethical standards in the workplace in order to maintain a successful and ethical business. In this essay, these three topics will be explored in depth.

Corporate Social Responsibility (CSR) has become an increasingly important factor in the business world. According to a study conducted by M Stříteská and K Kubizňáková in 2010, the implementation of CSR initiatives has a significant impact on business ethics. Companies that demonstrate CSR have higher ethical standards than those that do not, as CSR initiatives increase ethical awareness, establish clear ethical rules, and encourage employees to adhere to ethical practices. Furthermore, CSR initiatives also lead to greater trust from stakeholders, as they demonstrate an organization’s commitment to ethical principles. As a result, organizations that practice CSR often experience improved financial performance, as customers are more likely to purchase from companies that demonstrate ethical practices. In conclusion, the implementation of CSR initiatives has a positive influence on business ethics, and thus, the practice of CSR should be encouraged by all organizations. (Stříteská & Kubizňáková, 2010)

Leadership plays an important role in developing an ethical workplace culture. As MS Schwartz (2013) states, “effective leadership is key to creating and maintaining a positive, ethical culture”. Leaders must model ethical behavior for their employees to follow. They must create clear expectations of employees and hold them accountable. Leaders must also ensure that those expectations are communicated to all employees, and that employees understand the consequences of not following them. Furthermore, leaders must be willing to take responsibility for their actions and be willing to issue appropriate disciplinary measures when necessary. Finally, leaders must create an environment where employees feel comfortable speaking up and voicing their opinions. By following these guidelines, leaders can create an ethical workplace culture that will have a positive impact on their organization.

The implementation of ethical standards in the workplace can provide a number of benefits. According to L Wing (2016), in their article published in the International Journal of Organizational Diversity and Research, “The ability to adhere to ethical standards in the workplace is essential for any business or firm to have a successful and sustainable future.” These benefits include creating a more positive work environment, which can lead to increased morale and productivity. Additionally, having ethical standards in place provides the organization with a set of principles that can be used to guide decision making. This can help to ensure that employees are making decisions with integrity and in line with the organization’s values. Moreover, having ethical standards in place can help to protect the organization from any potential legal or financial repercussions that may occur due to unethical behavior. However, there are also some challenges associated with implementing ethical standards in the workplace. For example, establishing and enforcing ethical standards can be a difficult task, as it can be difficult to create and maintain a unified set of values. Additionally, the enforcement of ethical standards can be difficult to oversee, as it can be challenging to ensure compliance with these standards. Lastly, implementing ethical standards can require significant resources, including time and money, which may not be feasible for smaller organizations. Overall, implementing ethical standards in the workplace can provide a number of benefits, including creating a more positive work environment and providing guidance for decision making. However, there are also some challenges associated with implementing these standards, such as the difficulty in establishing and enforcing them and the associated costs.

Business ethics are an integral part of a successful business. Not only do they ensure that companies are making decisions that are in line with what society deems to be fair, but they also set the tone of how the company is going to operate. Furthermore, having a well-defined code of ethics can help to create a culture of ethical behavior, which is important in fostering a positive and productive workplace. Taking the time to routinely review the business’ moral code, training staff, and enforcing ethical standards can help ensure that the business is in compliance with the law, has healthy relationships with its stakeholders and customers, and minimizes the risk of any employer tarnishing their image.

Work Cited

MS Schwartz.”Developing and sustaining an ethical corporate culture: The core elements.”https://www.sciencedirect.com/science/article/pii/S0007681312001218

L Wing.”Ethical principles for online dispute resolution: a GPS device for the field.”https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/ijodr3&section=8

“The impact of corporate social responsibility on business competitiveness.”https://dk.upce.cz/handle/10195/38504

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