Introduction Ethical business behavior is about being upfront in dealing with people involved in the business, such as customers, partners, employees, and other stakeholders. However, it is a commonly accepted fact in contemporary business environment that ethical business behavior had become largely relativistic and normative. In this essay, I will go over five select quotes from five different authors in an effort to understand different facets of business ethics that I feel important to look into and define ethics in business settings. Quote 1: Business, like poker, is a form of competition. In this competition, the rules are different from what they are in ordinary social dealings.
Wells Fargo Unethical News Wells Fargo was founded in 1852 and are widely known and is one of the banks with the most branches nationwide I think it would be safe to assume that they should be one of the most trusted as well, but unfortunately that is not the case after the huge scandal they have recently faced. In recent news Wells Fargo is facing a huge scandal after confirmation of unethical practices since 2011Wells Fargo employees have secretly opened millions of unauthorized bank and credit card accounts without customers knowing it these unauthorized accounts were made in order to hit sales targets and receive bonuses says Richard Cordray, director of the CFPB. (Egan).
Introduction Wells Fargo is a traded on an open market organization that was established by Henry Wells, William G. Fargo, and partners on March 18, 1852. Amid the time in which it was established, stagecoach thefts were scandalous. Around then, they concentrated on securely transporting their cash from Nebraska to California. Presently, Wells Fargo utilizes this stagecoach picture as their organization 's experience and primary showcasing procedures (Allenby, 2005).
Business ethics could define as the practices of corporation and firms regarding their responsibility and their way to behave as the same as the principles that can applied to individuals’ behavior towards society. The topic sparks flame of conflict between economists Milton Friedman who stands against the topic while on the other side Colin Grant responds to the arguments of Friedman and supports the necessity of ethic in corporations. Friedman’s point of view of business could described as machinery of making money without considering society, but Colin’s point of view is that business is not isolated from society and it is a part of it. Both of the articles show three major points of discussion social responsibility, political interferes and the free-market. Friedman criticizes some of the executives’ speeches about business responsibility, which reflects a wrong image about business and corporations.
I agree with you 100%. Stumpf’s managerial ethics filtrated down into the lower level of management, which caused them to place unreachable and unobtainable sale goals on the employees and its employee reacting unethically because of the pressure of losing their jobs. Poor management effects everyone involved. It is only right for Stumpf, the employees including the manager to be released from their job. The very thing that they feared manifesting.
In almost every aspect, people are put into situations which test one’s ethical practices and beliefs. Everyone has their own point of view on how to react in a certain situation, but some events are more complicated to differentiate. For example, in the city of Bhopal in Central India, thousands were affected and even killed due to a local plant’s carelessness. There are several principled based approaches that explain whether ethical practices took place in Bhopal, as well as instrumental and rule approaches, but due to several reasons, principle theories are much more preferred over the others.
From watching the class recording, what really got me is ethical leadership. Based on the case of Volkswagen, Wells Fargo, Epipen and many others, I think the similarities between these leaders are that they are purely greedy and I feel they have a bit of 'a sociopath ' in them - lack conscience. It amazes me how they do not have a sense of repentance in them at
1. Introduction Business Ethics is made up of a wide range of ethical principles or morals that arise in the business setting. In order to ethically govern the business, a lot of decision making has to take place. These ethical decisions will need to be made to put the companies’ principles into motion. There needs to be a background of ethics in order for ethical decisions to be made.
) John Endris(2016) in his book Good business: An Ethics Workshop According to the author workplace is a complex network of people, decisions affect everything and every choice has an impact. Ethical practices at workplace are vital to establishing healthy and productive partnerships at work and also at home. Conduct of business and running workplace operations is an entwined web of relationships and so ethical practices and decisions are embedded into every decision that is taken and every choice that is made at the workplace.
Basically, ethics are at their essence which is it is the moral judgments about what is right and what is wrong. Business ethics is focusing on examine the policies and conduct within the context of commercial enterprise in an organizational as well as in an individual level. In business, the ethics in business is an applied ethics where professionals and researchers use principles and theories to solve any ethical problems that exist in business. At the quarter of the 20th century, as technologies like internet have made world business or international business all more viable, the business ethics domestically have grown in importance along with the power and significance of major businesses. So that, international business ethics take center stage as a major concern of the modern era.
My article “Can New CEO Tim Sloan Fix Scandal-Plagued Wells Fargo’s corporate Culture?” by Peter Dreier tells us just how Wells Fargo will go to fraud the shareholder and their customers. Wells Fargo has been hit over the year will so many fines for unscrupulous banking procedures due to overzealous sales goals. Hoping to turn it around the bank has split the job of CEO and Chairman of the Board into two position instead of one. The CEO position formerly held by john Stumpf will not go to Tim Sloan.
In my opinion, the self-view of ethics fits the Wells Fargo’s case. In that case, self-interest was made clear from its top level down to its employees. Both, Well Fargo management and employees, had their agenda. For the Wells Fargo management, its agenda was to build the brand, improve organizational performance while making more money.
While the organization blatantly made mediocre managerial decisions, such decisions merely reflect the competitive business environment the financial services industry has grown accustomed to. When it comes down to it, the employees of Wells Fargo did what most individuals would do when faced with the terrifying reality of potential unemployment. In the fast paced, money driven, cut throat environment that is known as twenty first century Corporate America, the lines often blur in terms of ethical decision making. Wells Fargo deserves to receive the blame in this situation in order to demonstrate that the big business taking advantage of the individual is intolerable and that the consumer demands a change. Modification of organizational behavior,