Business Ethics

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London School of Business and Finance *

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MANAGERIAL

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Business

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Nov 24, 2024

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docx

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Uploaded by george2550

1 Business Ethics Student Name Course Name Professor Name January 08, 2022

2 Business Ethics Q 1. Since ethics are fundamentally concerned with important issues in business and other areas of human life, so they are important in business. Let's say, "Can business benefit from ethics?" The correct reaction in this situation is that it is often acceptable since building trust with clients, consumers, partners, and other stakeholders require treating them fairly and sincerely. Clients who are happy repeat clients. In any event, there might be pressure to behave dishonestly, and the evidence shows that tempting behavior that goes unnoticed can benefit a company at the expense of others. Business is shown as a movement undertaken by individuals to get or supply abundance, where someone buys and sells goods. Business ethics and attributes are important for a business institution's effective development. A standard code through which one may determine what is happening and what is proper for the company's endeavor is called ethics in the company. Business ethics are determined by a number of criteria, including reasonableness, honesty, responsibility to agreements, open- mindedness, caution, the importance placed on human decency, and a feeling of pride, among others. A company that generates no revenue yet has cash on hand is undoubtedly not a respectable enterprise. Collaboration is more than just generating advantages and improving the company's public image. The founder of a new company must uphold moral norms in this way. Along those same lines, it is crucial to consider corporate ethics when cooperating. Before starting a firm, the owner should consider the ethical concerns of the sector and culture. The life cycle of any corporation cannot maintain a company without a long-standing ethic. Maintaining moral behavior and corporate social responsibility may improve corporate reputation and image (Endenich & Trapp, 2018).

3 Business ethics applies to morally correct and incorrect conduct in business. Even if the law helps to define behavior, "legitimate" as well as "moral" are not always synonymous. Business ethics influence the law by defining acceptable behaviors not subject to governmental regulation. Organizations establish business ethics to encourage employee integrity and win over important stakeholders like financial supporters and clients. The character of these programs changes even while business ethics impulses appear more impossible to avoid. Almost every company has a corporate ethics program at the moment. That's partly because innovation and digital correspondence have made identifying and reporting moral transgressions simpler. Organizations are allocating more significant resources to business ethics to prevent the worst outcomes. According to a survey of bookkeepers, 55% believe that the value of business ethics will increase over the next three years. Employing the appropriate employees and developing official programs help organizations create ethical workplaces. According to a recent survey, "high uprightness and authenticity" is corporate executives' second most crucial competence. Today's business leaders must understand the link between success and corporate ethics. To establish a stable partnership, given that a respectable company has important goals and targets connected to its ethical standards. Another is to promote strong strategic plans to provide excellent customer service and deliver top-notch goods. Additionally, it's to keep them and their agents safe from legal action and negative news. Since poor strategic approaches damage the reputations of corporations and even government-run agencies, it is essential to promote outstanding company ethics since employee moral transgressions may be quite costly. Organizations have spent significant money on allegations of provocation, item blames, item manipulation, administration perks, etc. The costs of fines and expenses imposed by administrative entities might be very high.

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4 Less about upholding ethical principles and more about saving money and preserving the organization's reputation (Endenich & Trapp, 2018). Leadership Ethics The management team sets the tone for the association's routine tasks. When a business bases its management decisions on ethical beliefs and behavior, leaders may lead by example and assist employees in making decisions that are advantageous to them and the organization. Building a company's reputation on the foundation of ethical action provides long-term advantages, such as the capacity to recruit and retain highly talented employees. Building a company's moral foundation from the top down strengthens the bonds between members of the supervisory group, increasing the organization's overall reliability. Ethics in Employees Representatives carry on the executives' ethical leadership of the association by following their lead. When company ethics are emphasized as a key principle, employees make better decisions much faster, which boosts productivity and self-assurance. When representatives carry out their duties in an ethical and legal manner, the organization as a whole advantages. Representatives who work for a company that demands a high standard of ethics in all aspects of their work are obligated to deliver better work and remain loyal to the company. By sector and nation, business ethics vary. The concept of an organization's tasks does not accurately predict the ethical challenges that it will face. The ethical issue arises for a speculating business, for example, when the optimal decision for a customer and their money doesn't align with the decision that earns the financier the most reward. A media company producing children's television programs could believe in promoting virtues and avoiding objectionable material. Overall, variables that include ethics include worker commitment, confidence, and the depth of a supervisory team's security.

5 Similar to any other commercial activity, a company's ethical action is strongly linked to short- and long-term production. When determining if a venture is wise, a company's reputation regionally, among other companies, and among personal financial supporters is crucial. Financial supporters are less likely to accept offers from an organization or support its initiatives if it is thought to be operating unethically. Organizations are becoming more and more driven to uphold moral standards as the area of socially responsible and ethical financial management continues to flourish. As a growing number of financiers look for ethically good businesses to invest in, more organizations are taking this problem more seriously (Endenich & Trapp, 2018). Q 2. Increasingly organizations are making efforts to address moral decision-making as it becomes more critical in business. In a time when allegedly acting ethically is more important than at any point in recent history, business ethics are increasingly seen as a factor in success. Ethical guidance may help people reduce risks, protect the company's reputation, and get respect. Businesses with strong ethical beliefs will also attract a new generation of ethically astute customers and employees. The term "ethics" refers to moral principles and standards used to judge how people behave. It influences almost all business decisions of any employee, manager, or owner in any sector, from product development to how businesses engage clients, suppliers, representatives, and the general public. The accounting profession has shown the route of putting values at the forefront of independent boards with the Code of Ethics, which every bookkeeping expert shall abide by. Recently, steps have been taken to improve preparations, and the guidance is regularly updated to support best practices (Valentine et al., 2018). Additionally, just because something is feasible does not always indicate that it is ethical, as demonstrated by the global conflicts over biotechnological advances like cloning. Further, ethics and religion might clash at times. People frequently

6 confront ethical choices. Even if these choices don't involve using a head start, they cast doubt on their human values and ideals. Consider the five broad approaches listed below (Valentine & Godkin, 2019). 1. Utilitarian Strategy Based on a different viewpoint, utilitarianism is a viewpoint. What are the advantages and disadvantages of each strategy, and which option will lead to the best overall outcomes? Finding the option that will profit someone the most while doing the least harm can be solved by answering this question. 2. Rights Approach Which course of action best protects the ethical rights of the affected gatherings? According to the privileged perspective, individuals can make their own decisions. It acknowledges that acting in a way that disregards everyone else's ethical rights is unethical (Valentine & Godkin, 2019). 3. Justice/Fairness-Based Approach Which course of action respects everyone equally and without showing any bias or segregation unless there is an ethically justified reason not to? This method enables the user to evaluate if the action will benefit people the most. 4. Common Good Approach Which approach benefits the community as a whole the most? This query guides the decision on whether humans' actions will benefit ourselves and the neighborhood. It prompts new concerns about the type of society people should be in and how to get there. 5. Virtue Approach

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7 Which activity helps ethical temperance get better? Each person has a set of internal ethics and ideals they strive to uphold. This inquiry examines who someone should be and how that will affect the character (Helzer et al., 2022). Q 3. Information technology professionals must deal with growing security issues, such as outside threats to affiliations and inside hidden operations. However, a developer who is interested or intrudes but has no connections to the organization or explicit authority to access its PC network may provide a higher risk than wrongdoing led by the information development staff inside a foundation. IT professionals design the organizations and maintain the databases that organizations, schools, and authorities depend on to do different tasks that emphasize the actions of the substances. Security concerns within organizations will undoubtedly be a driving force for advancement and application within the IT industry, as indicated by the U.S. Organization of Labor Statistics. Information technology professionals may experience a wide range of negative effects from dishonest behavior. Organizations, institutions of higher learning, and governments with an online presence frequently provide absolute integrity links to statements regarding prosperity and security. IT professionals use and maintain these methods across several affiliations. People are unsure whether to employ an affiliation's digital and Internet-based industry groups if there are doubts regarding their reliability. Security breaches can occur under dishonest IT workers inside a company, such as software developers from outside the company's firewalls. Regardless of who is responsible, organizations may lose advantages, schools may stop offering online learning opportunities, and governments may stop benefiting from the

8 efficiency and cost-saving advantages of having public entities accessible online (Lin et al., 2022). Sector integrity and data innovation are a profession and a standalone industry. However, virtually every sector relies on IT systems and products. Unreliable IT staff or programmers can halt businesses by postponing administrations or terminating work. For example, the healthcare business and clinics are pushing for digitizing clinical data and patient attention. Paper documentation is becoming less and less important. Primary clinical data may disappear if clinical data collections are compromised, negatively affecting patient attention. Although many essential firms have information backup plans, vacation may deal with a terrible financial hit. Colleges and businesses work well together; the two disparate forces work to prepare the next generation of IT graduates to consider the realities of today. Existing IT professionals engaging in harmful activities that negatively impact the sector may unintentionally disrupt the store network of fresh expertise from schools. For example, businesses that have experienced catastrophes due to unethical behavior in the IT department may suspend fresh IT hiring, affecting the number of job offers to IT students upon graduation. Additionally, businesses can stop developing innovative new IT products, which affects students majoring in software engineering (Jannat et al., 2021). IT professionals are becoming increasingly uneasy about internal and external dangers to projects and internal surveillance. However, exploitative activity by IT professionals working for a company may pose a greater risk than a curious or meddling coder with no link to the company or genuine access to its computer network. IT professionals create and maintain the networks and data stores that businesses, educational institutions, and state-run agencies utilize to carry out various duties related to their tasks. According to the United States Bureau of Labor Statistics, concerns about security within organizations will motivate growth and

9 hiring in the IT industry. The negative effects of dismissing information technology specialists are extensive and significant (Jannat et al., 2021).

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10 References Endenich, C., & Trapp, R. (2018). Ethical implications of management accounting and control: a systematic review of the contributions from the journal of business ethics. Journal of Business Ethics , 163 (2). https://doi.org/10.1007/s10551-018-4034-8 Ferrell, O. C., Harrison, D. E., Ferrell, L., & Hair, J. F. (2019). Business ethics, corporate social responsibility, and brand attitudes: An exploratory study. Journal of Business Research , 95 (1), 491–501. https://doi.org/10.1016/j.jbusres.2018.07.039 Helzer, E. G., Cohen, T. R., & Kim, Y. (2022). The character lens: A person-centered perspective on moral recognition and ethical decision-making. Journal of Business Ethics , 182 , 483–500. https://doi.org/10.1007/s10551-021-05010-z Jannat, T., Alam, S. S., Ho, Y.-H., Omar, N. A., & Lin, C.-Y. (2021). Can corporate ethics programs reduce unethical behavior? Threat appraisal or coping appraisal. Journal of Business Ethics , 176 (1). https://doi.org/10.1007/s10551-020-04726-8 Lin, G.-Y., Tseng, T. H., Yeh, C.-H., Wang, Y.-M., Wang, Y.-Y., & Wang, Y.-S. (2022). Development and validation of an internet unethical behavior scale. Library & Information Science Research , 44 (2), 101153. https://doi.org/10.1016/j.lisr.2022.101153 Valentine, S., & Godkin, L. (2019). Moral intensity, ethical decision making, and whistleblowing intention. Journal of Business Research , 98 , 277–288. https://doi.org/10.1016/j.jbusres.2019.01.009

Business Ethics

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