Ethics In Business Ethics

786 Words4 Pages
“Ethics" is derived from the ancient Greek word "ethikos" which means "theory of living" - a branch of philosophy that entails the study of values and customs of a person or group and covers several concepts such as correct, incorrect, good, evil, and responsibility. Ethics are, by their very definition, personal viewpoints on these concepts. Business ethics are therefore subjective codes of conducts that reflect a particular individual or group 's "ethikos". As per Wikipedia, Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct…show more content…
Ethical codes, role models, policies and practices and reward and punishment system comprise the organizational influences. The external factors include development taking place in the political, legal, economic and international arena. All these factors in determining the ethical behavior and groups in organizations. For most employers the relationship is also of critical importance. The cost of labor, and the effective use of the HR, is often a major influence on the success of an organization. The employee body as a whole will be important, although the economic importance of individual employees will depend on the employers’ dependence on their skills, and ability to replace them if necessary on the labor market. Business ethics encompasses much more than mere compliance with laws and regulations. It is about every individual in the organization acting ethically, about creating an ethically sound working environment within the organization and about modeling ethical behavior by leadership at all levels. Research suggests that it makes good long-term business sense to be…show more content…
Thompson commented that “India is the most important country for the future of the world.” Today, India’s critical and growing role in the global economy is widely acknowledged. Because of its large and diverse population, including a high percentage of working –age adults, India is becoming a major player in the global marketplace and of great interest to multinational companies seeking an educated and cost effective workforce. Yet challenges remain. More needs to be known about the governance and ethics challenges in companies operating in India. Nowhere is the fast changing nature of the global business landscape more perceptible than on the ethics front. With a spate of recent unethical behaviors by large corporations in the Western world, especially in USA, their societies have become intolerant to businesses that manifest unethical behavior. Legal and regulatory frameworks in these countries have been swift to respond through stringent laws such as the Sarbanes Oxley Corporate Reform Act. Consequently, most businesses based in these countries have become extremely risk averse on the ethics front. Few of them would like to have anything to do with any unethical company in any part of the world. This changed mindset has significant ramifications for Indian companies that have global aspirations. No Indian company that hopes to globalize in any manner can afford to ignore these changes sweeping the
Open Document