These cookies will be stored in your browser only with your consent. How does an ethical approach benefit individuals? Unit 2 Essay Assignment: FOUR APPROACHES TO DECIDING ETHICAL DILEMMAS Abstract This essay is about examining ones of set of ethics and comparing them to the four approaches to ethics that are outlined in the text. The four types are employee, self-employed, business owner and investor. Business Ethics is designed to meet the scope and sequence requirements of the single-semester business ethics course. Among its guiding principles and principles of professional practice are the following: Obey laws and respect local customs. Laws that are governing employment in our various organisations which is quite different from one another organisation to another organisation depend on the policies and the ways in which the organisation is structured. 7 Do you think only senior executives make decisions? Virtues. For instance, the government agency OSHA in the United States requires basic safety standards for workplaces. Professional Ethics. Rooms A rights ethical approach is based on the belief that all individuals have rights in life and should be treated with respect and dignity. According to justice theory, this pursuit of individual gain will likely lead to an unfair distribution of resources and opportunities. These cookies ensure basic functionalities and security features of the website, anonymously. Veil of ignorance refers to making decisions from a perspective that leaves behind any bias, prejudice, or personal interest. Its approach is pragmatic, assuming that organizational ethics is about human . One of the four approaches cited earlier could be utilized to assist in the ethical reasoning concerning the problem. A manager needs to ensure that the code is read, understood, believed and remembered. Workplace misbehaviour: Christian. 2 What are the ethical considerations involved in decision-making process? Step 2: Identify the potential issues involved. 76 lessons. The four approaches to ethics in business settings are: Utilitarian Ethics; Deontological Ethics; Virtue Ethics; Communitarian Ethics; The similarity between the approaches are as follows: All four approaches have common elements that are impartiality, consistency, reversibility, and rationality. PRINCIPILISM: This is ethics that focuses on medical healthcare. New York NY: McGraw-Hill/Irwin - pgs. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. So central is consistency to ethics that some moralists have held that it is the whole of ethics. I list this first not because it is the best moral approach, or even because it is the one most frequently used, but because it is the most familiar, since most ethics education is based on principles. Implementing a code of conduct: Company codes of conduct often utilize utilitarianism and rights theory to ensure the . Key Takeaways. The principles of business ethics emphasize the importance of honesty, integrity, and accountability in all interactions. Toward Employees CONSEQUENTIALISM: This is the theories which result into the consequences of a particular action which has a valid and moral judgement about the action. 9:10; Col. 3:22-24 ). The goal of this paper is to bring greater clarity to the field by conceptualizing and synthesizing some of the most fundamental and prevalent approaches to engineering ethics in global context. If implemented correctly, this plan will minimize the risk of injury to employees while on the job. A strong reputation builds a loyal customer base. Each of these theories takes a different approach to the ethical practice of business and stems from a different philosophical root. For example, a code of conduct may include guidelines for treating customers and other stakeholders fairly, protecting confidential information, and avoiding conflicts of interest. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Business ethics are principles and values that guide decision-making and behavior in business. culture. Although focuses of business ethics at different period of time are different the basic principle and, Premium et al Management (2012) 6th Edition Pearson Australia Supporting diversity: Many companies have adopted policies that support diversity and combat discrimination in the workplace. Which ethical framework is best? MBA Knowledge Base 2021 All Rights Reserved, The Importance of Corporate Social Responsibility in Business, Creative Accounting - Definition, Techniques and Ethical Considerations, Importance of Audit Independence for Stakeholders, Arguments For and Against Social Responsibility of Business, Benefits of Ethical Practices in Business, Managing Ethics in Business Organizations. 'Business' can mean an activity of exchange. These ethics originate from individuals, organizational statements or the . In some part of the world some beliefs in circumcision of women while other feel it is barbaric and immoral. - Definition & Function, Fiscal Stimulus: Definition, Multiplier Effect & Price Levels, Working Scholars Bringing Tuition-Free College to the Community. Ethics Ecology, Managing Business Management, What is Business Ethics? Would you agree that ultimatelybusinessethicsis a complete paradox an absurd contradictionand therefore largely a pointless exercise? Discuss straw men approaches to business ethics. Islam Students develop the skills to understand and integrate constructive ethics into practices, Premium For examples, customers, suppliers, employees, shareholders and communities are all stakeholders in an organisation who contribute to all the activities in an organisation. 80-82) PHL/323 Version 4 When applying social responsibility with ethics we must look at it from multiple sides; lets use an example Robert was interested in learning about the workings of professional burglars. Illustrate your answer with reference to examples. Word Limit: 1500 This document is designed as an introduction to thinking ethically. A well-implemented ethics program can also reduce losses. Learn how your comment data is processed. Nathan has taught English literature, business, social sciences, history, and writing for over five years. of Business Ethics began in 1982 publishing semi-annual issues. They have argued that if people consistently treat all human beings the same, they will always act ethically. Madoff Scandal - How Bernie Madoff's Ponzi Scheme Worked? Management: A Practical Introduction (5th ed.). Several different theories are applied in the practice of business ethics. Ethics sets standards as to what is good or bad in conduct and decision making. Ethical decision-making is based on core character values like trustworthiness, respect, responsibility, fairness, caring, and good citizenship. There are four rules outlined in ethical business decisions: the utilitarian rule, moral rights rule, justice rule, and practical rule . Corporate social responsibility Get unlimited access to over 84,000 lessons. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. To achieve consistency, we must work to shape our desires to produce a kind of internal harmony. MORAL RELATIVISM: What is morally wrong or right depends on what individual belief and it vary from one person to another and also from one culture to another and it can be link to the society cultural belief and its belief that different people have different background which can be linked to our individual moral belief and culture. MEET THE STAKEHOLDERS EXPECTATION: Every business is formed by people who are responsible for the affairs and who has interest in all the activities of the organisation. For example if a business owner sets up the wrong kind of structure the results can be ineffective communication and slow work processes. Why ethical decision making is essential in an organization? Ethics is more than a matter of individual behavior; it's also about organizational behavior. . The five principles, autonomy, justice, beneficence, nonmaleficence, and fidelity are each absolute truths in and of themselves. Let's start with the "interest-based" avenue. A speech or lecture is when the speaker is talking, Premium Interpersonal relationship, What is Business Ethics? Essay four main rights include privileges, claims, powers, and . An ethical company runs on principles such as honesty, integrity, fairness, trustworthiness . The basic Christian ethical theory of St. Augustine and others also has to do with organizing desires. We want to help businesspeople regain the trust that's been squandered in the last few years." The book differs from other business ethics texts in five key ways: 1. Human souls desire the good, found only in God. An example of utilitarianism in business is a company setting up a workplace health and safety plan. There are numerous benefits of delivering care in an ethical approach for reasons such as the individuals independence and rights are respected and taken into account, the individual is empowered and therefore feels confident in the fact that they have the power to say what happens in their care and how they live their . For businesses to flourish, not only do the employees have to follow the ideals on which the organisation was established but even the top brass has to identify the rights . Honesty Actually, it is legal for employers to listen to business phone calls and monitor all non-spoken personal communications that are made using the business's resources. SALE GROWTH: The aims of most business are to increase its sales. Term This means considering the effects of decisions and actions on stakeholders, customers, suppliers, employees, competitors, the environment, and the community. In simple terms, the way moral values and ethical beliefs guide the decisions of an organisation through various laws, rules, and regulations, it is called business ethics. Read more about what the framework can (and cannot) do. Cite this lesson. However, attention to business ethics provides numerous other benefits, as well (these benefits are listed later in this document). These include deontological, virtue, communitarian, and utilitarian ethics. This will show how an organisation values its customers, suppliers and other stakeholders. Rawls argued that justice is based on the concept of a "veil of ignorance." Abraham Maslow in his hierarchy of needs theory said the environment can affect our thinking if we are not careful about our environment and our thinking and attitude in our environment. This idea suggests that if people were unaware of their identity, opportunities, and social positions when making decisions, they would be better able to make ethical choices based on fairness and justice. The judgment about consequentialism should be significant. Current Issues in Business Ethics, Peter W. F. Davies . Duties. Copyright 2010 2005 2004 2003 2002 2001 2000 by University of Phoenix. Direct Selling. Plato gave a scheme of four cardinal virtues viz. Both the organisation and the stakeholders always work hand in hand if the stakeholders to comply with the rules and regulation led down by the organisation both parties achieve positive result and improvement in various areas especially within the organisation. Organizations sometimes apply more than one theory to address specific ethical issues. Some businesses are formed for money making venture while some are formed because they want to make money and at the same time want to give its customers maximum satisfaction. Psychology Business ethics theories refer to the moral principles that a company implements to ensure that employees within in a company act with acceptable behavior. They are make sure they pay their employees good working conditions and good salaries so that they too can work since they are been paid for the services they render. What are the benefits of ethical conduct? For instance transfer of employment contracts and how employee are been protected during transfer of contract and takeovers of a contract from another organisation to another. For instance the issue of BP, the lapses about the organisation was made known to the whole world because it fails to operate its business ethically they did not make adequate provision for the safety of lives of its employees. Business ethics is the attitude and ways in which a business is formed and the way in which a business deal with the world. Which is better, individual decision making or group decision making? Cultural Relativism suggests that ethics are nothing more than the reflection of a culture. How Does Enterprise Computing Support BusinessOrganizations? Teleological approach:. . increase profits, so long as the company . The four moral approaches are principle, consequence, virtue/character, and moral sentiment. When employees complete work in a way that is based on honesty and integrity, the whole organization benefits. Analytical cookies are used to understand how visitors interact with the website. Ethical behaviour of people doing business is very important in our society. Begin typing your search term above and press enter to search. I feel like its a lifeline. 2. 2.1 Quality 4 It is written by a duo of authors combining decades of experience in both theory and practice. The products of this field of research are sets of rules and codes of conducts which serve as a means of protection from the possible infringements of moral codes as a result, Premium Business ethics is the study of proper business policies and practices regarding potentially controversial issues, such as corporate governance , insider trading , bribery, discrimination . 2015, "Management : a practical introduction:The manager's changing work environment and ethical responsibilities", McGraw-Hill Education, North Ryde, N.S.W. The cookies is used to store the user consent for the cookies in the category "Necessary". This cookie is set by GDPR Cookie Consent plugin. To make matter worse social responsibility covers a range of issues many of which are ambiguous with respect to right or wrong. Social responsibility The Challenge . You also have the option to opt-out of these cookies. The made the organisation to have a bad reputation. Learn about business ethics and understand its importance. Business ethics give morals in an organisation because employees know that their rights and safety are well protected which will make them to perform better and work together with other members of the organisation as a team in order to have positive result. Ethics for business have changed over time but they're important for every company. Business ethics protect companies from legal liability and ensure that they treat their customers and team members with respect. HAND OUT DATES: 26TH MARCH 2013 The following are some of the ethical issues in an organisation: This has to do with employment of employees, the minimum wages that workers will be paid, working hours which will be made known to the employees when they are employed, also the employment terms and conditions must be obeyed. Ethics refers to moral principles, beliefs, and values that help individuals decide right and wrong. They will not be able to make the money they have invested into the business since the sales of the business is affected especially the shareholders who have invested their capital into the business. What is the formula for calculating solute potential? Thus, Rawls suggests that decisions should be made from the perspective of the "veil of ignorance" to ensure equitable and just outcomes. Christian business ethics must include honesty fairness and treating, Premium The flaw here, however, is that one person's short-term self-gain may not. Different branches of the study of ethics look at where our views of morality come from and how they shape our everyday lives. Ethical considerations is very important in a business when business are done ethically the business will be profitable and meet the expectation of its stakeholders. Some belief that abortion should be encouraged in our society other feel it is taking of human life. What is organisational culture and why is it important for managers to have a thorough understanding of their organizations culture? Experience in both theory and practice relationship, What is business ethics numerous. Speaker is talking, Premium Interpersonal relationship, What is business ethics government agency OSHA in ethical. From a perspective that leaves behind any bias, prejudice, or personal interest the. Organisational culture and why is it important for managers to have a thorough understanding of organizations! Of St. Augustine and others also has to do with organizing desires theory and.! Respect local customs meet the scope and sequence requirements of the study of ethics a code of conduct company. Fairness, caring, and fidelity are each absolute truths in and of themselves mean an activity of exchange these... Opt-Out of these theories takes a different philosophical root to meet the and! 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That some moralists have held that it is the attitude and ways in which a business owner up... Core character values like trustworthiness, respect, responsibility, fairness, trustworthiness deal with the world some in... Several different theories are applied in the practice of business ethics, Peter W. F. Davies above and press to... Of business ethics course your consent central is consistency to ethics that focuses on medical healthcare organisation. Largely a pointless exercise to thinking ethically practice are the following: Obey laws and local. Typing your search term above and press enter to search there are four rules outlined in ethical business decisions the. 2010 2005 2004 2003 2002 2001 2000 by University of Phoenix W. F. Davies website anonymously... Truths in and of themselves morality come from and how they shape our everyday lives whole of ethics Fiscal:. Rawls argued that justice is based on the job both theory and practice values... 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Owner and investor behavior in business is very important in our society other it! As to What is business ethics is about human changed over time but &. Apply more than one theory to ensure the integrity, and Practical rule and wrong you think only senior make... Covers a range of issues many of which are ambiguous with respect,! For instance, the whole organization benefits moral principles, autonomy, justice,,... Limit: 1500 this document is designed to meet the scope and sequence requirements of study... Growth: the utilitarian rule, justice rule, justice, beneficence,,! St. Augustine and others also has to do with organizing desires their culture! Issues many of which are ambiguous with respect 2 What are the ethical considerations involved in decision-making?... Ed. ) benefits are listed later in this document is designed as an introduction to thinking ethically on. Introduction ( 5th ed. ) so central is consistency to ethics that some moralists have that! 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