Business ethics means business is being done the way it is supposed to be. That includes being just and fair and treating others the way a person would want to be treated. It is baffling when any business chooses not to follow the principle of the Golden Rule in its interactions with customers and employees. The advantages of utilizing ethics in business far exceed not to do so. In fact, not utilizing business ethics can destroy a business eventually.
According to the Ethical Orientation Questionnaire, there are two major styles of recognizing and resolving ethical dilemmas. One style is the ethics of justice in which ethical dilemmas are seen as involving a conflict of rights. The other style is the ethic of care in which ethical dilemmas are seen as a conflict of responsibilities. It should be management’s responsibility to utilize both styles in setting ethical standards. Both styles complement each other and most people rely on both to a degree. By utilizing both approaches a manager can relate to employees no matter which style they prefer. It is paramount that management make sure that all business ethics be transparent and without reproach.
Corporations need to base their business ethics on a core value to make the company a progressively better social citizen. To shareholders it is the corporation’s responsibility to make sure the company will have continuous success and the only way that is possible is through business ethics. There must be consumer and investor confidence in the corporation. That confidence can be wiped out by any news media report that indicates there is a lapse of ethics in the operations of the business.
The ultimate paragon in setting the standard for business ethics is using biblical wisdom. Following the ...