Business Ethics 6
13 February 2023
In human life, ethics play a very important part. This applies in businesses because a moral code must always be established for people to follow and this should form the basis of the moral compass for the people involved. This shows that ethics have a great impact in the workplace. Companies and corporations should always consider having a strong foundation of ethics. The world of information technology requires well-defined codes of ethics that should suit the values of the industry or business. The code of ethics should always be used as the foundation of the world’s IT and technical ethics standards (Schmidt, 2022). This article outlines how ethics differ between companies with respect to cultures and regions and gives a brief on standards and tools that can be used to resolve IT and technical ethical standards concerns at Acme.
In the modern-day business world, the global community appreciates a code of ethics policy that is critical to the establishment of acceptable behavior among business industries, business associates, potential investors, and all corporate executive officers, employees, and customers. An organization should consider increasing efficiency and productivity by developing a code of ethics that guides people's moral activities, actions, and encounters. The application of a code of ethics helps an organization to establish professional behaviors that makes positive impacts on the occupational advancement of the business (Nguyen, et.al. 2022). Through the establishment of a code of ethics, it is possible to ensure that employees' productivity will always meet acceptable standards.
Business ethics are associated with fair dealing and moral behavior. These practices help in the establishment of trust between business people. An organizational reputation is built over time by demonstrating a pattern of ethical or unethical behavior. Business ethics should cover issues like corporate governance, social responsibility, trade, discrimination, corruption/bribery, and fiduciary responsibility. Business ethics are not universally the same because as a business move to the international market, the standards change from better to worse depending on the country of operation. The laws of a country shape business ethics (Gigauri, Panait, & Palazzo, 2021). These laws provide for things like minimum wages, work safety regulations, and environmental standards.
There are laws that set the responsibility of being involved and fair and honest business dealings. This means businesses should always investigate ethics rules to be certain of all unexpected situations. There are business practices that are considered illegal in some countries but can be tolerated elsewhere. Considering the case of many world developing nations there are lax insider trading laws. In many Latin American and African countries businesses are used to bribery and giving kickbacks which are considered critical in doing business. Their countries do not consider workplace safety and environmental standards as critical in doing business. This is not the case in the United States where all this requires high standards. This brings up an ethical dilemma where a company should operate in a foreign country using the applicable business ethics and IT procedures (Crane, Matten, Glozer, & Spence, 2019). In France, workers have a four-day week while in Germany all workers should get 24 vacations or holidays every year. The organization should adapt to such standards for the best course of business success.
In order to address business ethics concerns in an organization it is important to do a sound and professional marketing strategy. This helps in understanding the business environment properly. It helps in determining effective pricing, appropriate channels of distribution, and world-class product development. Understanding a country’s business ethics helps in satisfying the overall needs of society. It helps in understanding the needs of the commercial and civil society that leads to providing decent services to the community. It is important for companies to understand business ethics in foreign countries in order to know specific transformation issues and programs that guide in management of change initiatives (De Bakker, Rasche, & Ponte, 2019). It helps top leaders to clearly communicate expected ethical standards that are consistent with the business environment.
Crane, A., Matten, D., Glozer, S., & Spence, L. J. (2019). Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press, USA.
De Bakker, F. G., Rasche, A., & Ponte, S. (2019). Multi-stakeholder initiatives on sustainability: A cross-disciplinary review and research agenda for business ethics. Business Ethics Quarterly, 29(3), 343-383.
Gigauri, I., Panait, M., & Palazzo, M. (2021). Teaching Corporate Social Responsibility and Business Ethics at Economic Programs. LUMEN Proceedings, 15, 24-37.
Nguyen, L. D., Mboga, J., Lau, W. K., Pham, L. N., & Tanner, T. (2022). Personal business ethics in global business: a cross-cultural study between France and the USA. International Journal of Business Governance and Ethics, 16(1), 1-15.
Schmidt, R. (2022). Are Business Ethics Effective? A Market Failures Approach to Impact Investing. Journal of Business Ethics, 1-20.