Business Ethic Assignment
The lectures have supported me to learn that it is essential to focus towards the parameters of ethics to deal in the market as it supports the firm to create competitive advantage as well as enables the firm to create long-term sustainability in the industry by creating positive image in the market and decreasing the chances of the legal actions (Jennings, 2014).
This study has supported me to learn at a higher extent that water and sanitation are the human rights, so the firm should focus towards this parameter while giving concern towards the surrounding as well as environment in which company is dealing to achieve the universal access to safe water as well as sanitation condition.
According to CSR (Corporate Social Responsibility) theory it is essential for the firm to fulfill the rules and regulations of the industry and the country in which firm is dealing related to ethical, legal, economic and philanthropic responsibilities (Crane and Matten, 2016).
Moreover, this study has supported me to also understand at a higher extent that in the current scenario, consumers are highly focused towards eco-friendly products which are designed with innovation.
Recycling, reusability, refilling, etc. features support the firm to decrease the company cost as well as enables the firm to make the environment safe while fulfilling the consumer desire. So, it enables the firm to fulfill the criteria of triple bottom line, i.e. economic sustainability, social sustainability and fair trade sustainability (Weiss, 2014).
Moreover, firms are focused towards offering customized designs while following the criteria of custom designs. In like manner, I become able to understand that at present organizations are focused towards publicize its products and services on the basis of social marketing. Business ethics are strictly followed by the organization as it enables the firm to improve its organizational performance at a global platform.
In like manner, lectures have supported me to analyze that firms need to focus towards charity and funding in the context of education, research, creative scholarship, innovation, etc. parameters to increase positive word of mouth in the industry (Hoffman, et al., 2014).
However, in some countries there are strict rules and regulations towards helping the country to uplift the citizens in the society the firm is dealing. Due to this reason, firms need to give huge consideration towards legal, ethical, and moral standards.
Moreover, there is a need of focusing towards the integrity and excellence which is required to fulfill according to the laws and regulations of the particular country. At the same time, I also come to know that it is also essential to give concern to practice ethically within the organization while acting as a professional, transparent and businesslike manner (Hoffman, et al. 2014).
Moreover, there is a need of giving concern towards offering proper respect to each and every employees and offer a particular hygienic working environment. In like manner, it is essential to give consideration towards normative theory as it supports to understand that to avoid illegal, dishonest, or unethical conduct and to take action if any employee found doing this.
Moreover, lectures have supported me to understand that in the current scenario, the trend of lean manufacturing is increasing as it enables the firms to fulfill its social responsibility as well as enables towards giving concern towards employee safety, health, behavior, specialization and many other perspectives (Hartman, et. al. 2014).
I understood that to build the professional reputations in the industry it is essential to focus towards fair trade practices as it decreases the chances of any legal actions and also enables the firm to gain the trust of the stakeholders.
This learning has supported me to offer meta-ethics theory which is concerned with theoretical meaning of morality and ethical principles and has supported me to understand that what is right and what is wrong while dealing with the business environment.
In like manner, I got the least understanding regarding how to achieve price leadership while applying business ethics practices as to achieve the business ethics criteria firm needs to invest on employee training, development and various machineries for recycling, safety parameter, etc Ulrich and Sarasin (2012).
Moreover to develop hygienic and healthy working environment also cost increases. So, this will increase the product cost due to which the price of the product will increase in the market and as the consumers are price sensitive how firm become able to create competitive advantage in the industry.
However, my lecturer has supported me to come up from this dilemma. He make me understood that initial adoption of business ethical practices increases the cost but it offers opportunity for the future context as well as it enables the firm to decrease the costing through reusability, recycling, etc.
In like manner, giving concern towards safety and hygienic parameters supports the firm to increase the productivity and organizational performance as it supports the firm to fulfill employee satisfaction.
Enquiry based learning remained assistive to discuss various parameters related to ethics with the classmates. Our lecturer has shown their positive involvement in the discussion.
Various questions were asked by the each other and we work together to find out the answers of the issue while discussing with each other. It has supported towards increasing the analytical skills as well as enabled us to work as a team. We have applied various theories related to ethics to get deep understanding regarding its role in business.
Moreover, we have shared our personal experience with the team members to understand various perspectives related to business ethics. In most of the cases we have consensus with the point of view however, in some criteria all the team mates did not show agreement at a particular point. In those scenarios, we have further discussed the topic and try to become able to given huge focus towards reaching at a point of consensus.
This study has supported me to develop new viewpoint regarding the business ethics by applying the new ideas which has supported me to eliminate the chances of past moral dilemma which is faced by me. It has enabled me to change my actions & the outcomes too.
Before this study, I have a perception that business ethics is just related to rules, regulations and legal practices however, after this study I come to know that business ethics covers a wider area. It has supported me to eliminate the dilemmas which are faced by me regarding what are the elements which should be focused to increase the organizational performance while focusing towards society and environment too.
Lectures have supported me to know that firms cannot only do business for their own beneficial but they have also need to focus towards environment, society, consumers, employees and other stakeholders too.
In this context, DesJardins and McCall (2014) depicted that giving concern towards ethical business practices enables the firm to improve its performance by getting the trust of employees, as employees are the major resource of the company and they are intellectual capital of the firm.
Fulfilling ethical responsibility towards the employees supports to create positive working environment and decrease the chances of turnover rate and absenteeism. Moreover, it supports to get the interest of the investors, government and customers.
After learning business ethics, I understood the ways to solve the ethical dilemmas. While working in the company, I noticed some workers including seniors and managers were harassing other employees mentally, sexually and physically.
According to the Equality Act 2010, it is not legally allowed to do harassing behavior at workplace otherwise the doer will be punished by law.
I would have read the company’s employee handbook and try to resolve this ethical dilemma by informing the employees that they would not be punished for reporting the harassing behavior or inappropriate actions of their co-workers. It is duty of the management to provide better working environment where each employee could work without any fear.
This understanding of ethical theories & moral reasoning has assisted me to apply the business ethics in my future professional practice by focusing towards environmental parameters, society perspectives as well as employee perspective. At the same time, I will also focus towards fair trade practices to increase the customer satisfaction.
The theory of CSR will remain highly assistive to apply it within the organization to increase the stakeholder interest in the business. At the same time, I will huge focus towards employees as employees are the major resource of the organization and no organization can work without employees Jennings, (2014).
In like manner, this study has supported me to know that positive working environment for the employees are necessary to increase the productivity of the firm.
In this context Rutherford, et. al. (2012) depicted that offering proper working environment enables the firm to increase the employee satisfaction which supports towards increasing the innovation and creation in the products and services and enable the firm to create competitive advantage within the industry.
Through this, I came to know that there are different ethical theories and moral practices like ethical egoism, Kant’s categorical, imperative and utilitarianism. All these theories can be applied in different ethical situations that I can face in my personal and professional life in future.
Each ethical decision will be taken after analyzing costs and benefits based on different ethical theories. Concerning to my professional career, I consider that utilitarianism ethical theory will be the most suitable as it will be beneficial for the most of people including firm, stakeholders and me.
In my business and professional career, the business ethical will provide me lots of benefits. It will be helpful for me to build the customers loyalty. Ethical business practices at the workplace will help me and my company to develop more positive image of the company in the market.
Along with this, the ethical business behavior will also facilitate to me retain the employees for long period. In the business environment, employees always want to retain in an organization where employers conduct ethical business practices. The ethical business practices will also helps me to develop the positive work environment.
Additionally, to conduct the ethical business practice will also save me from the legal issues at the workplace. Overall, ethical business practices will be helpful for me to develop a good career.
Crane, A. and Matten, D. (2016) Business ethics: Managing corporate citizenship and sustainability in the age of globalization. UK: Oxford University Press.
DesJardins, J.R. and McCall, J.J. (2014) Contemporary issues in business ethics. UK: Cengage Learning.
Facing public interest: The ethical challenge to business policy and corporate communications. Germany: Springer Science & Business Media.
Hartman, L.P., DesJardins, J.R., MacDonald, C. and Hartman, L.P., (2014) Business ethics: Decision making for personal integrity and social responsibility. New York: McGraw-Hill.
Hoffman, W.M., Frederick, R.E. and Schwartz, M.S. eds., (2014) Business ethics: Readings and cases in corporate morality. USA: John Wiley & Sons.
Jennings, M.M. (2014) Business ethics: Case studies and selected readings. Cengage Learning.
Rutherford, M.A., Parks, L., Cavazos, D.E. and White, C.D. (2012) Business ethics as a required course: Investigating the factors impacting the decision to require ethics in the undergraduate business core curriculum. Academy of Management Learning & Education, 11(2), pp.174-186.
Weiss, J.W. (2014) Business ethics: A stakeholder and issues management approach. UK: Berrett-Koehler Publishers.