Agree With and Extend the Authors Ideas: Ethics
Business ethics is a major concern in the focus on economics, business, and society. Ethics defines a business’ ability to be sustainable and the extent to which its operations are going to expand locally, nationally, and internationally (Bowie, 2017). Ethics relates to principles or values that are adopted. Due to the varying perspectives on these values, ethical dilemmas cannot be avoided. Therefore, there is a high probability that ethics are judged differently and maintain a high volatility depending on the focus that is preferred. As a result, perceptions affect our actions and how others relate to us. Each business has to establish its mode of operations in a manner that enhances successful interactions at all levels. Business ethics must be incorporated in their engagements as the main driving force of sustainability and assurance to meeting objectives.
The integration of the global economy has resulted in the need for high ethics in all areas of human operations. Currently, the world economy is integrated due to various facilitating factors such as the growth of free markets and innovation. Therefore, various constraints, demands, and challenging opportunities have to be dealt with in an increasing urgency. Normally, these challenges are presented to businesses by players in the global scene, governments, and new technologies. Due to this integration, many parties work together in a manner that ensures various aspects such as the environment, rule of law, human rights, and individual property rights are facilitated (Bowie, 2017). Accordingly, business has a role in ensuring that its operations are in line with these concerns. As a result, ethics in business thrives from the need to enhance proper integration at all levels.
A business primarily exists as a profit maximization entity. Although this is the case, the business has to exist in a manner that exhibits respect for values that propagate fairness, trust, and honesty. Moreover, these values must be incorporated in the running of a business for its effective existence. To ensure that the business continues to excel, its managers and owners must ensure that their stakeholders such as their suppliers, agents, employees, and consumers are in harmony. In fact, profit maximization can only be achieved when the level of customer satisfaction is high (Carroll & Buchholtz, 2014). In addition, ethical practices make other people believe in the business and its prospects, a factor that encourages them to invest. Therefore, the ethical concerns of future generations and the physical environment where a business operates cannot be avoided when establishing a profitable organization.
Business ethics require organizations to factor corporate stewardship in their operations. Simply, corporate stewardships are worldwide expectations, procedures, and standards that have emerged. Due to their importance, they have been a debated issue for a long period by the civil society, organized labor unions, transitional organizations, international institutions, and governments. In fact, the failure to understand how they operate or plan the operations of the business in line with them is a risk to the business in the face of an increasingly global market.
Implementation and designing of programs that facilitates business ethics address issues to do with the environment, social responsibility, and legal factors. Therefore, a systematic way is paramount in addressing these issues to achieve social capital development, expanded growth opportunities, and improvement of business performance. Benefits that can be realized include reduced costs and risks, strong competitive positions, sustainable growth in the long term, and a global respect for emerging markets and enterprises (Carroll & Buchholtz, 2014). Consequently, excellence in these areas eventually enhances the well-being of enterprises and that of the countries where they operate.
Business ethics is important in enabling enterprises to cope with their unique technological, social, economic, and political issues that they face. Each business has an adopted culture that influences the mode of its operations. Despite these differences, there must be a guideline which defines, supports, encourages and inspires the conduct of a business by fostering reasonable expectations that are attainable (Crane & Matten, 2016). Integrity in business operations can be measured by the ethics that a business embraces.
The mode of implementation of business ethics differs from one business to another. An example of this difference is where an institution seeks to establish an enterprise-by-enterprise and a sector-by-sector control in ensuring that the particular ethics notions that have been embraced are implemented. Due to the aforementioned issue, a need for a formulated business ethics program may present itself from time to time (Crane & Matten, 2016). Simply, a formulated business ethics program is a tool that is fundamental in supporting, encouraging, and inspiring managers and owners of a business to enhance a responsible business conduct. Although the implementation program may be defined, it is to be noted that the means to achieve a sustainable business program is bound to take different approaches depending on the factors at hand.
In conclusion, business ethics must be embraced by enterprises at local, national, and global levels. Although a business primarily aims at profit maximization, operating in an ethical way must be embraced for sustainability to be attained. Corporate stewardship appeals to all the parties that a business engages with. The culture of an enterprise must incorporate an ethical conduct that defines how the business relates to varying conditions since it is one of the main driving forces of sustainability and assurance to meeting objectives of an enterprise.
Bowie, N. E. (2017). Business ethics: A Kantian perspective. London, UK: Cambridge University Press.
Carroll, A., & Buchholtz, A. (2014). Business and society: Ethics, sustainability, and stakeholder management. Ontario, Canada: Nelson Education.
Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford, UK: Oxford University Press.