FUNDAMENTAL ETHICAL ISSUES IN BUSINESS

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FUNDAMENTAL ETHICAL ISSUES IN BUSINESS

 

Business consists of a group of people inside the organization. When the orgainsation follows ethics, it means that everyone in the business is following ethics, both inside and outside business. Following are the fundamental ethical issues experienced by the business in common.

 

Creating Integrity and Trust- Integrity is the commitment of business in keeping promises, price and quality. Through integrity, business can build trust in the mind of customer. Integrity of business is the integrity of all inside the business. It is very difficult to expect it from all in the right spirit.

Creating Value in The Employee Behavior- The world is diverse and therefore the employees may be with different nature and culture. Their educational and economical levels may be different. They all should be given proper training and practices to learn and follow the business culture. It is very difficult to make all these employees responsible and ethical in all aspects.

Ethical Decision-Making - Every decision of the business should protect employee and customer rights. The decisions should be capable of ensuring that all business operations are fair and just, protecting the common good and welfare. Moreover, the decisions should protect individual values and beliefs of workers and community. Some of these may be conflicting in certain situations and creates problems to management.

Compliance to Law- Business is expected to fully comply with environmental laws, consumer laws, safety regulations, fiscal and monetary statutes and all other civil rights laws. Many times, the management team finds it very difficult to protect the interests of business after keeping all other laws and other requirements.


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