ETHICAL ISSUES IN BUSINESS
Business always face ethical issues in its day to day operations and strategy formulations. Business units are meant for profit and therefore the question is this, whether to compromise quality in certain areas with a view to make profit. Or is it possible to make profit by keeping all ethical, legal and environmental requirements. The answer is simple - the business should keep all ethical and legal aspects.
Business can create value and good image in the mind of people through ethical practices. It helps the business to survive for long time. Unethical business cannot survive for a long period.
Ethical management can solve many problems very easily. It Promotes work culture, self-discipline and consciousness among the employees. It helps the management to make use of valuable human resources very effectively. This environment brings in harmony and happiness in the business.
Ethical actions redefine human attitudes. It purifies the mind. It helps in protecting from unwanted stress, strains, unrest and loneliness. It also helps in reducing conflicts and disputes. This enhances reputation and goodwill of the organization.
Therefore, the question of whether to go for ethics is meaningless. However, when we try to implement ethics, there may be some problems.
They can be divided into three:
1. Fundamental issues in following ethics in business
2. Ethical issues in advertising
3. Ethical dilemma in business
In order to solve ethical problems, companies and organizations should develop strict ethical standards for their employees. Every company must demonstrate its concerns regarding ethical norms within the organization. In addition, companies may provide ethical training to their employees.