...Business Ethics and Efficiency RWT1 Table of Contents Executive Summary 3 Subject and Purpose 3 Introduction 5 Discussion 5 Ethics and Economic Efficiency 6 Organization Goodwill and Competitive Advantage 7 Risk Management and Credit Facility 9 Recommendation 9 Conclusion 10 References 12 Executive Summary Due to increased globalization and competition in industry, organizations are facing tough challenges in the keeping their business operations sustainable and ethical so that they continue to grow and develop in a successful manner. When we talk about driving the organization towards success it is not any different from steering a car or vehicle in the right direction towards the required destination. That is why roadmaps and directions are developed and changed constantly so that the organizations and management are able to keep their business current and follow the latest trends and requirements as demanded by the external environmental factors that are constantly changing. It is extremely important that on its way to growth and improvement, the organizational management must look out for any new developments like technological advancement, globalization, new regulations, and laws or policies with regards to their business industry in order to maintain the performance and reputation of the business. On their way towards growth many leaders and management often ignore and forget the importance of business ethics and corporate...
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...BUSINESS ETHICS Business ethics is nothing but the application of ethics in business. Business ethics is the application of general ethical ideas to business behavior. Ethical business behavior facilitates and promotes good to society, improves profitability, fosters business relations and employee productivity. The concept of business ethics has come to mean various things to various people, but generally it‘s coming to know what it right or wrong in the workplace and doing what‘s right - this is in regard to effects of products/ services and in relationships with stakeholders. Business ethics is concerned with the behavior of a businessman in doing a business. Unethical practices are creating problems to businessman and business units. The life and growth of a business unit depends upon the ethics practiced by a businessman. Business ethics are developed by the passage of time and custom. A custom differs from one business to another. If a custom is adopted and accepted by businessman and public, that custom will become an ethic. Business ethics is applicable to every type of business. The social responsibility of a business requires the observing of business ethics. A business man should not ignore the business ethics while assuming social responsibility. Business ethics means the behaviour of a businessman while conducting a business, by observing morality in his business activities. According to Wheeler Business Ethics is an art and science for maintaining harmonious...
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...in the correct ways. Therefore, the ethics are used to ensure that people should behave in the proper attitudes and behaviors. Business ethics are the ethics are to ensure moral guidelines which govern good business behaviors, such ethics applied to various field of business managements (Ferrell, O. C., & Ferrell, L. 2011) . For instance, the decision making processes of BOD would consider the ethical effect of the decision made and implemented without harming any of the individual around and related. Supply chain management is the management of products and services that how they are converted from materials to products and then finally deliver to the final users and customers. In the entire processes of supply chain activities, there are many of interrelated individuals and stakeholders are affected and related, therefore satisfy each stakeholder is to ensure the effectiveness of the supply chain management system. Due diligence is the duty and responsibility of managements and directors to act prudently in evaluating associated risks in all transactions and business activities in order to ensure that business are going concern and healthy in comply with legal standards. The relationship between due diligence, business ethics and supply chain management is that business will use due diligence as the way to ensure the business ethics is implemented and contribute to an efficient and effective supply chain management system of the organization that realize the benefits and interest...
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...paper, I will discuss how social responsibility and ethics interacts with the business world. I will discuss different styles to management ethics, the benefits companies will find from acting ethical and socially responsibly and some examples of unethical behavior in the workplace. I will also look at social responsibly and its benefits, as well as give my opinion on both topics. Businesses have always been known to shoot for maximum profits in order to please both those inside and outside their company. However, the concept of business ethics and social responsibility has put principled boundaries on organizations so that they cannot achieve their profit goals in any way they please. In order for a company to function within today’s global business society, they must be able to take a strong stance ethically on how they are going to sell their products and conduct their everyday work activities. Alongside being ethical, companies must also take on social responsibility; showing their community that they are involved, alert and willing to be philanthropists even in tough times. Corporate ethics and social responsible, if overlooked, can be detrimental to an organizations outward appearance and customer base. It is not only the right thing to do, but it has always been seen as good business. Both business ethics and social responsibly, although different, play fundamental roles in an organization’s successes. Ethics can be defined as the study of standards of behavior...
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...Calhoun Community College Abstract Business leaders struggle to balance the desire for profit and maximum shareholder return with corporate ethics and social responsibility. Unfortunately, short-term financial bottom line has taken the place of maintaining strong moral character in today’s business practices. In the United States alone, about two-thirds of the top corporations have been guilty of some type of corporate malfeasance. In the face of both damaging and publicly embarrassing litigation, business leaders now recognize the need for sound, straightforward ethics management programs in their companies that makes ethical business practices a top priority at all times. Top executives must lead by example and actively and willingly encourage ethical behavior in their peers as well as employees. The need for stronger ethics in business has prompted business schools to critically examine their business curricula and place greater teaching emphasis on ethics and social responsibility to ensure future generations of new business graduates enter the workforce with the highest moral standards. Keywords: ethics, social responsibility, malfeasance, business schools, business curricula Managing Ethical Decision Making in the Workplace Introduction Ensuring that the necessary steps are taken to create and foster a high level of ethics in the business practices of the workplace is critically important regardless of the size of an organization. A commitment to a strong ethical code...
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...BUSINESS ETHICS 'COLLECTIVE ACTION PROBLEMS' IN PARTICULAR HOW MUCH RESPONSIBILITY DOES AN INDIVIDUAL MANAGER HAVE FOR THE ETHICAL CULTURE OF HIS/HER ORGANISATION? Ram Visvanathan Business Ethics May 28, 2014 Introduction. Ethics is very important for the prosperity of any organization. Every employee or stakeholder of an organization has got an important role to play in nurturing an ethical culture in an organization. This research paper discusses the level of responsibility that an individual manager has in the ethical culture of his or her organization. This is done with close attention to academic journals and research. The paper will derive its arguments from veteran theories like the Utilitarian and the Kantian theories. The paper will also relate its discussions with the case study about Enron a USA company that collapsed as a result of unethical behavior in the management. Some of the components that will be highlighted in the paper include; the importance of an ethical culture in an organization, the dangers of lack of ethics in an organization and the strategies that can be used to promote ethics in an organization. Justification of the research. The study of the role of individual managers in the ethical culture of an organization is a justified venture. This is because of the increased calls for ethical behaviors in organizations. The expectations of the staff and the society at large on ethical behaviors have increased tremendously...
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...BUSINESS ETHICS Student’s Name: Ce Wang Student’s ID: 1226656 Instructor’s Name: Peter Goalby Course Name: New Advances In Business University Of Bedfordshire Date Assignment is due: 20/03/2015 Abstract Business ethics looks at whether the company is heading in the right course by adhering to the various factors such as integrity, fairness and reliability. The ethics set up by the organization plays a vital role in the hiring process and the business management practices. Running an ethical organization is vital in financial matters and in creating the morale and loyalty of the personnel. Ethics are also relevant to the business as it ensures that there is ethical behavior among the workers in the organization. Ethics are also relevant to the business as it aids in creation of an ethical organizational culture. Most of the organizations when posed this question believe that it is the employees who are chiefly responsible for ensuring that their work meet the ethical considerations. However, the employees are not the only ones responsible for business ethics, the employees need support from the management or from the employer. This paper has a look at the ethical issues surrounding the steel manufacturing industry and the Healthcare industry. It also looks at the relevance that ethics have on business, sustainability and corporate responsibility. The paper also looks critically at the connection of business ethics to the organizational culture. Lastly, it...
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...Developing an Ethical Business Environment: A Report to Executive Management Introduction Ethics and business rules always go together. The fact that business policing is based upon the different measures of complete recognition of social norms and social limitations, ethics is indeed a large part of the ways by which business organizations try to strive to be able to become more effective within their operational engagements with regards their aim of being able to influence the society as well. It is indeed certain that the rules and regulation that a business puts up should be able to meet certain standards of social compromises. Any business organization could not afford to be questioned simply because of the fact that the business procedures that they are adapting to are not meeting the set standards for business organizations. (Kuhn, 2005, 12) To be able to have a clearer view of the matter being reported herein, it is first most importantly to be given attention to as to how management is indeed in relation with the actual application of ethical standards within the society. To be able to do this, there are three major points to consider. The said points are as follows: • The effect of organizational culture on ethical operation • The roles and responsibilities of executive management in fostering an ethical operating environment • The impact of ethical standards as they are used in business operations Through the consideration given to these particular...
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...Evaluation of Business Code of Ethics: Walmart Nina Brown PHL/323: Ethics in Management August 8, 2011 David Rubenstein Evaluation of Business Code of Ethics: Walmart A code of ethics is a set of written guidelines issued by an organization to its employees and management regarding ones conduct and behavior (Business Dictionary, 2011). Principles and standards are important, but they are also crucial in everyday life expectancy as well as his or her work setting. The function of a code of ethics policy is to provide its personnel, administration, board of directors, and others an orientation that abides by a business course of action, principles, and ethical standards. Each business should develop a code of ethics as a standard for his or her industry to abide by daily. It should concentrate on major factors important to the individually industry requirements. The honesty of an industry and its workers is essential to the general success of the organization as a unit. This evaluation focus is on Wal-Mart the number one fortune 500 company in the world. This process will include general information about Walmart including its mission statement, ethical system, and it putting into practice on an employee, management, or board of director level. This paper will also include information on modifying the existing policy, reactions expected from employees and managers, effects of organizational culture and the effect on the organization itself. History In 1962 the...
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...Managing Ethics in the Workplace Trinidad,Loudine T. BSE-4C Marketing Prof. Rose Marie Ramos Managing Ethics in the Workplace Managing workplace ethics promotes shared values that result in better cohesion of the workforce, and play a crucial role in the success of any organization Workplace ethics are the application of morality, or concepts such as good and bad, right and wrong, justice and virtue to all activities of the business. It closely relates to corporate social responsibility, but is much wider in scope. The scope of business ethics lies in two dimensions: 1. Workplace behavior ethics, or the illegal and questionable practices of individual managers, such as wrongful use of resources, mismanagement of contracts and agreements for personal gain, conflict of interests, and the like. 2. Business ethics issues, such as ethical dilemmas when making decisions, dealing with stakeholders, and the like. The primary requirement for managing ethics in the workplace is an understanding that workplace ethics is a continuous and on-going process ingrained to management practices, and not a deliverable defined project. It influences the way the organization functions, and remains independent of profits or product range. • Ethics Policy Irrespective of the dimension of business ethics, the basic requirement for managing ethics in the workplace is to have a strong ethics policy in place that makes the company’s ethics policy transparent...
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...role of ethics and social responsibility plays a critical part in today’s society. When speaking on the role of ethics in the corporate world we all have seen a few companies that have really disregarded ethics to which it has caused a trickle down destructive effect on the organization. One may try to figure out why such corporate professional, hardworking, and savvy men and women act so unethically. We all know that running a business requires a great deal of ethics and without ethics a business may fail before it really gets off the ground. Social Responsibility sometimes can become a thorn in a business because of the way the consumer or society feels about how that business deals with social responsibility. This can go either way where a the consumer may feel as though the organization should make the responsible decision and on the other hand the organization feels as though it is not their responsibility it is the responsibility of the consumer. This is and has been a battle that goes back and forth for a long time and to current today it still goes back and forth between the consumer, the courts, and the organization. Business ethics can be defined as a form of professional or applied ethics that looks at ethical morale, principles, and problems that may come about in a business environment. Here are just a few expert opinions on ethics and social responsibility. This will give the consumers and idea on how the corporate shareholders and upper management feels and...
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...Ethics during Change Ethics, according to dictionary.com is a system of moral principles (the ethics of a culture), the rules of conduct recognized in respect to human actions of a particular group or culture (medical ethics, law enforcement ethics), or the moral principles of an individual. Further definition says that ethics is a branch of philosophy that deals with the values related to human conduct in respect to the rights and wrongs of certain behavior (Dictionary.com, 2014). Ethics in the workplace is something that is a system of moral principles, or how a workplace culture views what is acceptable and what is not. In this article, we will discuss ethics and their effects during a change implementation, most importantly, how they change with the ever-changing business environment. Despite the hundreds of pages in an organizations code of conduct manuals, ethics, and the ethical culture is something that is often over looked during a change implementation. With everything that is changing in the business environment, often ethics and morals is the last thing management and upper echelon management tends to overlook. When the business changes, everything changes, including the culture of the environment. In the event of an environmental culture change, workplace ethics will have to change along with it. Ethics and Change During the initial stages of change, there is always resistance to change. One perceived reason of resistance to change is the perceived clash with...
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...Ethics and Organizational Design- A Literature Review Abstract This literature review observes the views of organizational design and business ethics as they relate to one another in business. The first portion of this paper defines organizational design and business ethics to establish their importance and also examines managerial ethics and corporate social responsibility, sources of ethical principles. The second portion pursues to explain the relationship between business ethics and organizational design and how managers shape ethics through use of value-based leadership and formal structure systems. The third portion pursues to review the importance of ethics to organizational design and the structures that support or enforce ethical behavior in organizations. The fourth portion links literature reviewed and published over the past few years together based on their reference to ethics and organizational design. The literatures are linked together based on commonalities found in the opinions of the authors relating to a spiritual perspective, ethics and corporate structure, organizational and ethical theories, and ethical strategy. Last but not least, the review concludes with a summary of the important role that ethics plays in the organizational design and structure of a business and how it applies to members of management. Keywords: business ethics, organizational design, corporate social responsibility Outline INTRODUCTION I. Organizational Design/Business...
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...Financial Management of Health Care Organizations Latasha Rowell August 4, 2015 HCS/405 Conway Brew Financial Management In any business, financial managers should ensure that financial reporting practices and ethical standards are being met as well as maintained. These practices are vital in the financial success for any company, especially in health care finance. Within this paper, a summary of the four elements of financial management, generally accepted accounting principles, and general financial ethical standards will be discussed. Summary of the Four Elements of Financial Management There are four main financial statements of a profit earning organization. They include the balance sheet, the statement of revenue and expense, the statement of fund balance or net worth, and the statement of cash flows. The balance sheet provides a snapshot of what an organization's owns and owes. This is displayed as assets and liabilities. The balance sheet provides a snapshot of a company’s net worth. The income statement provides an overview of the financial flow of an organization. This report is commonly extracted for a specific period of time rather than a single point in time. This statement is most often utilized in an audited financial report on a quarterly and annual basis. The statement of net worth calculates the non-operating expenses and allows the income statement to tie back to the balance sheet when the three statements are prepared for the same point in time...
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...Applying Ethics in Business Judy Blair-Jackson Kaplan University Ethics in Business Since the past decade more companies are focusing on incorporating ethical principles in business transactions and decision-making. One of the factors that have caused this shift on ethical focus is the financial crisis in the corporate world. Many reputable companies, CEO’s, CFO’s, and auditors have been implicated for fraudulent business activities. It is hoped that if businesses focus on building an ethical culture in the organization this may act as a deterrent to management and employees engaging in unethical business transactions and decision-making. Schein (1985) posits that the “organization’s culture is a cognitive framework, consisting of attitudes, values, behavioral norms, and expectations shared by organization members” (as cited in Brooks & Dunn, 2012, p. 254). Organizational culture can positively or negatively affect employees’ behavior. Where there is no focus of management on ethical behavior, employees may get the wrong message about the company’s stance on ethical principles. On the other hand where management displays and discusses ethics with employees, this shows a commitment from them that the company’s values ethical principles and behaviors. Management’s commitment and support to ethical standards must be evident through their actions. Brooks & Dunn (2012) stated that “it is vital that organizations create an environment culture where appropriate shared...
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