The Importance Of Ethical Leadership In The 21st Century
Managers need to transform into moral leaders: Ethics in business
In the 21st century the business organizations have faced many ethical scandals. The different type of ethical scandals are accounting manipulation, bribery, infringement of civil rights, child labour and sexual malpractices at workplace (Frenkel, 2013). Some of the top ethical scandals are Enron, Satyam, Lehman Brothers and Bhopal gas tragedy (Rodriguez, 2013). The business organizations can’t achieve global success without ethical business practices. Especially the developing countries like India and China facing serious ethical problems. The Indian government facing charges of corruption and inefficiency. Similarly Chinese business organizations also have a lack of sense of
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In this essay the author will discuss about the significance of ethical leadership and transition in manager’s role in 21st century.
Both the primary and secondary stakeholders are demanding sustainable business practices from the business leaders. The sustainability can be defined as meeting the needs of present without comprising with the future needs. The word “sustainability” is not limited to environmental problems. The managers need to think about economic performance, social responsibility and environmental problems. Previously the manager’s role was to think only about financial profit and loss of the company. In 21st century the organization’s performance has been analysed on triple bottom line tool. The triple bottom line tool checks the effect of business activities on financial performance, social and environmental performance (Stenzel, 2010). The managers need to change their role and transform themselves into moral leaders to fulfil social responsibility towards the society. Carroll (2000) also suggested that the corporations have four business responsibilities towards the society. These four business responsibilities are economic, legal, ethical and philanthropic (Carroll, 2000). The ethical business practices
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