Three moral philosophies that impact Verizon’s ethical business decision making are teleology, utilitarianism, and egoism. Teleology is important because when making decisions, it is imperative that you think about the repercussions that may happen. It is even more important when making decisions for a large company like this. You will have to consider how this will affect the stakeholders as well. The consequences of unethical actions will affect their employees and their families.
This can inculcate an ethical attitude in Foxconn’s employees and help employees make “right” decisions when they are in an ethical dilemma. Having an ethics code addresses the root cause of the problem, however research has shown that an ethics code is only effective when it is used as part of a comprehensive corporate ethics program (Mhonderwa, 2012). This can be costly to implement for Foxconn as it has more than one million employees. Lastly, the customers of Foxconn should enforce a compliance-based ethics program on Foxconn. The message must be made clear to Foxconn that if it engages in unethical behaviour, the customers will find alternative manufacturers.
If the corporation initially had prioritized ethical values and decision-making evaluations at every level of the business, this scandal could have been prevented at least its magnitude. Contracting ethical officers and on-going training would have educated employees on the proper decision making steps. This dilemma safeguarded that Wells Fargo will take a different approach with its management team, ensuring they are trustworthy and promoting the company values, as customer satisfaction and trust is the
According to various individuals, each has their own meaning of Business Ethics, but generally it is the understanding of knowing what is right and wrong in the workplace in regards to the effects of products, services and the relationship with stakeholders. According to Wallace and Pekel, the attention to business ethics is condemnatory throughout fundamental change, i.e the circumstances that businesses now face both for non-profit and for profit (Losey, 2005). The observation to ethics in the workplace sharpens managers and staff on they should perform. Possibly the most crucial, observation of ethics in the workplace assists when managers are struggling in times of crunch and distraction , they cling on to a strong moral compass. Nonetheless the observation to business ethics, provides a quiet a number of other
Introduction: In every business there are different environments, some are considered good and others are considered bad but for a good business a good environment is definitely required. This essay will be discussing one of the most important factors to create a good business which is business ethics, the importance of business ethics and why it’s considered so important for the business. Another aspect of the discussion is the responsibilities of a business toward the society and the last discussion is the term of consumer rights and how does help to protect the consumer. Q1 Definition of business ethics: Business ethics can be described as the study of how we ought to conduct business; the study of what makes certain actions within the business context the right, rather than the wrong, thing to do, from a value-based perspective. It often involves making choices between conflicting values.
Dialogical ethics evaluates ideas based only on their merit while advocacy ethics argues according to the side of the employer or client. The article goes on to examine the approaches to ethics that are used in strategic management, which fits into the category of utilitarian ethics. Recommendations for practitioners are provided. The first one states that practitioners should be aware of the morals of their company way before a major situation happens where the values are questioned. The second recommendation says that one should be familiar with their values and work for companies that share similar values.
Workplaces must encourage employees to indulge in an ‘ethics check” before arriving at decisions and performing their daily activities. Leaders must set precedence and recognize those who diligently practice ethically while carrying their duties. She opines that following ethics in the workplace encourages employees to perform better as they feel genuinely taken care of and valued. She is of the opinion that workplaces where an employee is valued based only on his performance irrespective of how the same is achieved and in violation to ethical way of conducting business should not be allowed for it may cause immediate short term gain but will eventually lead to loss of reputation and trust and work over a period of time. It is imperative that notwithstanding the positions held in offices those violating the ethical mandates should be held accountable and reprimanded.
However, my advancements that could make me an ethical business person are that I need to learn how to stand up for what I believe my personal morals are, and that I need to understand that there is more than just one job in the world. If one employer is asking me to go against my morals, there are other career options. I hope that I will be able to better learn what my morals are and how I can stick to them even in situation where they might come into question, not only personally, but as a business
For long run perspective, we need to get to the root cause of it, in this case employees get the courage and pressured to imitate bad behaviour, which they see in the managers and others who get away with this. So managers and leaders have their responsibility to show their ethical behaviour in spite temptations in the market, to inspire employees to do the same as a long term strategy. And as a leader and manager we should be aware of the blind spots which may permit and encourage unethical behaviour which we are trying to
Firstly, it can impact at the company level and secondly at the ethical portfolio level. There are several ways through which ethical behaviour/investment of the company could indirectly affect the organizational performance. CHAPTER 4: CONCLUSION • Ethical investment is not only concerned with the investors but the organization as well as to how it invests within the organization for the functioning of various internal activities as well as investment externally. • Ethical investment has an effect on the organizational performance and the brand image of the company. • Not investing much of the time on responsible investment could get the company through in the short run but for long run sustainability of the organization which is on social, financial, ecological and political basis responsible investment is suggestable for the organization.