Business Ethics Stanford Encyclopedia Of Philosophy

There are sources that provide information on companies that are environmentally responsible or do not test on animals. Ethics are the rules or standards that govern our decisions on a daily basis. Corporations and professional organizations, particularly licensing boards, generally will have a written code of ethics that governs standards of professional conduct expected of all in the field. It is important to note that “law” and “ethics” are not synonymous, nor are the “legal” and “ethical” courses of action in a given situation necessarily the same.

49% of the employees surveyed said they had observed misconduct, with 22% saying they had observed behavior they would categorize as abusive. When questioned if they had experienced retaliation for reporting, a whopping 79% said they had been retaliated against. refers to implementing appropriate business policies and practices with regard to arguably controversial subjects. Moreover, their employees, executives and managers have felt proud to belong to such organisations. For, goodwill, loyalty genuine pride, and above all, mental peace, cannot be calculated accurately in terms of money.

A company should adopt fair attitude towards everyone without any discrimination. To provide information to employees on the company’s policies and procedures regarding ethical code of conduct. To communicate the organizations values and standards of ethical conduct or business to employees. Business ethics aims to emphasise more on social responsibility of business towards society.

The reason is that there is no distinction between a businessmen and his business. According to Drucker, every individual and organisation in society should abide by certain moral codes and that there is no separate ethics of business. The word ethics is derived from the Greek word ‘ethos’, which means character. Ethics is a branch of philosophy concerned with human character and conduct. It is the discipline dealing with ‘what is good and bad’ and with moral duty and obligation.

Prices set by voluntary exchanges reveal valuable information about the relative demand for and supply of goods, allowing resources to flow to their most productive uses . Despite this, most business ethicists also recognize some limits on prices. For many products bought and sold in markets, sellers offer an item at a certain price, and buyers take or leave that price. We see this in the sale of “big ticket” items such as cars and houses, and in salaries for jobs. While there are many ethical issues that arise in negotiation, one issue that has received special attention is “bluffing”, or deliberately misstating one’s bargaining position. According to him, bluffing in negotiations is permissible because business has its own distinctive set of moral rules and bluffing is permissible according to those rules.

Social forces and pres­sures have considerable influence on ethics in business. Society, in the recent past, has demonstrated how a special status can be conferred on backward castes; boycotted products, and severe action to prevent the construction of nuclear power plants. Such actions by different groups in society may, in fact, force management to alter certain de­cisions by taking a broader view of the environment and the needs of society.