Due to a lack of understanding of the concepts involved, solving business studies assignment becomes complicated for students. As a business studies student, you must understand the value of business ethics in running a successful company. It is critical to learn these ethics in-depth during your academic career in order to work safely and ethically in your professional life.
What is Business Ethics?
Ethics are a set of principles that a company should follow. Business ethics refers to the code of conduct to which businesses are expected to adhere when conducting business. These are also known as corporate ethics.
Through these principles, every organization establishes a standard for conducting business and regulating its behaviour. Businesses form their own business ethics, which vary depending on the location, situation, and time.
It can also be transcribed into written and unwritten ideas and values that guide decisions and actions within a corporation, as determined by the culture. It encompasses all aspects of business behaviour on behalf of individuals as well as the company as a whole.
Business ethics can be described as knowing the difference between right and wrong and choosing to do the right thing in its simplest form.
Ethical Issues in the Workplace
Ethical issues frequently arise in the workplace, whether as a result of business transactions or the formation of new business relationships. An ethical issue in the workplace can refer to any situation that requires business associates to evaluate the morality of specific actions as individuals or as a group (for example, a department or firm) and then make a decision among the options.
Because their activities can have far-reaching implications in their communities, businesses must emphasize ethics. Ethics is a top responsibility for businesses, organizations, and individuals alike.
Organizational leaders, in particular, must be fully aware of the ramifications of specific actions and organizational trajectories and maintain alignment with societal interests by operating in a way that produces value without causing harm to any other group or individual.
There are numerous examples of ethical blunders in which organizational decision-makers pursued self-serving goals at the expense of society. You can visit the EduWorldUSA website so that you can get expert advice on how to make a business ethics assignment worth reading.
The banks made a lot of bad decisions leading up to the 2008 economic crisis. Another example of individuals seeking personal gain at the expense of society is the Enron scandal.
These are extreme cases, but they demonstrate how devastating the repercussions can be when ethics are disregarded.
How to Ethically Frame Issues
The fact that there are various schools of thought adds to the complexity of establishing a strong ethical foundation in an organization. Ethics is a discipline of philosophy in which the idealized perspective is changeable and unclear in some aspects.
However, we have some excellent instances of ethical frames from a variety of historical periods. There are four schools of thought that can be used in future strategic decisions to assure ethical behaviour. Utilitarian, Deontological, virtuous, and communicant viewpoints are among them.
A utilitarian, perhaps the purest and most straightforward approach to ethical action, will constantly ask one question: what is the best outcome for the greatest number of people? This strategy simply assesses the influence of one’s activities on others and strives to produce the best possible result for the greatest number of people.
While outcome-based reasoning is extremely valuable, it does have one fatal defect. When considering what is best for most people, the meaning of “best” can become highly subjective.
The central concept in this point of view, popularized by Emmanuel Kant, is an obligation. For one basic reason, Kant despised utilitarianism: the ends should not justify the methods. These methods are quite tough to remember so you should buy assignment online so that you give an accurate assignment.
Kant’s ethical argument is that the moral maxims of mutual respect and acceptable action serve as the foundation for all ethical reasoning. These fundamental principles must never be compromised for the greater benefit.
Ethics of Virtue
This viewpoint, popularized by Greek philosophers such as Aristotle, maintains that virtue is the basic criterion for all ethical activity. In this sense, virtue refers to a strong desire to undertake a certain action as a result of thoughtful consideration of its worth.
To be virtuous, this deed must be performed to the best of one’s capacity. As a consequence, we have a complete grasp of the significance of a specific behaviour or decision, which we then put into practice and evaluate. After that, we can approach the flawless performance of that act or conduct with our reasonable minds.
In this school of ethical thinking, it is likewise critical to reject the explanation of a method by its aims. That is, rather than for some other reason, this act should be carried out because it is desirable in and of itself.
Ethics in a Community
Then there’s communicant ethics. Individual decision-makers should consider the responsibilities they bear to the communities in which they participate in this light.
This is a simple frame of reference in which an individual decision-maker recognizes the expectations; and repercussions of a certain decision concerning the requirements, desires, and effects of a particular desired community.
Ethical behaviour necessitates a complete understanding of the consequences of a given decision, as well as careful evaluation of all frames.
Codes of Conduct
These aid in minimizing conflicts of interest issues by laying down the extent to which such conflicts should be avoided; and what the parties should do if they are tolerated (disclosure, recusal, etc.). As a result, professionals cannot claim that they were unaware of their unethical behaviour.
When a disagreement is unavoidable, the prospect of disciplinary action (for example, a lawyer being disbarred) serves to limit unpleasant confrontations or improper behaviour.
Because codes of ethics cannot cover every case, several countries have established an ethics commissioner’s office; which is appointed by and reports to the government.
Every company must practice business ethics. They keep workers safe, ensure that business transactions and interactions are honest and fair; and result in better goods and services overall. Knowing what a company will and will not stand for is not always the same for each organization; but understanding basic ethical guidelines is an important component of company management.