Sample Business Studies Essays on Ethics in Business

Introduction

Different professions have a code of ethics that guide the conduct of professionals working in the industries. In others, however, the ethical guides are absent leaving organizations or individuals at loss of handling ethical situations. People within organizations face ethical dilemmas every day with many more having no idea what to do when faced with such quandaries (McLaverty and McKee 2016).  Organizations as well face such situations, some of which threaten their existence, profitability, and customer loyalty. What however as some of the ethical issues and dilemmas that organizations face in their everyday operations?

Fundamental Issues

According to iQualify UK (n.d.), trust and integrity are among the most important fundamental issues that businesses must face. Integrity demands that business conduct their operations with utmost honesty and commitment. Nayak (2016) agrees with this statement pointing out that business must remain committed to ethical practices, as it allows them to not only connect with customers but also build trust within the market that they operate.

Governance and Compliance

The government naturally puts in place laws, regulations, and statutes to govern the running of businesses. The legislation is usually in place for safety and ensuring a level playfield for all in the market. Business must, therefore, ensure that they build policies, which address governance and compliance issues within the organization.

Diversity in the Workplace

Another issue that organizations face every day is diversity. In the globalized world today, diversity in age, race, ethnicity, religion, expertise, character, and experience is especially challenging for organizations. It is thus the responsibility of the organization to find ways of harness the different strengths and capabilities it finds in a diverse workforce to create value for not only the company but the employees as well (iQualify UK n.d.; McLaverty and McKee 2016). This will mean giving equal opportunity to all while treating them fairly—marking the right step for the business.

Corruption, Bribery and Facilitation Payments

Corruption and bribery are perhaps the most common ethical dilemmas that organizations face in their operation. To advance, get permits, or establish themselves at a location, there are due processes that organizations must follow. Sometimes, these may take longer and organizations may be torn between paying off someone to fast track the process or wait for the due process (takes long most of the time).

Environmental Impacts

Another ethical dilemma that organizations face is whether to continue operations regardless of the environmental impacts of their activities. While changing operations for the sake of the environment may be expensive for the organization, it could mean less environmental impact. According to McLaverty and McKee (2016), such competing interests usually cause an ethical dilemma to the organization: whether to maximize profit at the expense of the organization and customer loyalty or incur expenses (and sometimes losses) for the good of the environment, sustainability, and customer loyalty.

Human Rights Issues

In the race for profitability, organizations are faced with the dilemma of respecting employee human rights or flaunting them as misaligned incentives (McLaverty and McKee 2016). Paying the right wages, favorable work environments, and respectful treatment of employees may well compete with the organization’s profitability. Organizations are thus left at a dilemma: whether to push workers for organizational profitability while infringing on the employees’ human rights or respect their human rights and make profits at the same time.

Conclusion

Organizations face uncountable issues in their daily operations, ethical issues, and dilemmas among them. Governance, bribery and corruption, environmental impact, and human rights issues are among the issues organizations face. It is important for organizations to find midpoints and ways to handle these issues, some of which threaten the operations, profitability, and existence of the organizations.

 

 

References

iQualify UK, n.d., Business Ethics from a UK Cultural Perspective. iQualifyuk, http://www.iqualifyuk.com/library/business-management-section/business-ethics-from-a-uk-cultural-perspective/.

McLaverty, Christopher and McKee, Annie, 2016, “What you can do to improve ethics at your company.” Harvard Business Review, https://hbr.org/2016/12/what-you-can-do-to-improve-ethics-at-your-company.

Nayak, Subhash, V., 2016, “Ethical dilemma at workplace-a case study.” Dharana- International Journal of Business, vol. 10, no, 2, pp. 18-20.