Ethics in Business Today - Coursework Example

Ethics in Business Today Section I Positive results of Ethics Ethics acts as the cornerstone of the success of any organization in this age of tough competition and stiff economy. Similarly, business ethics assists in performing each and every aspect of the business as well as the transactions with the stakeholders and shareholders in an ethical way. This is done to enhance the sustainability and brand image of the organization in the market among others. Side by side, moral judgments and ethical decision making might also influence the culture and dedication of the employees towards work. Moreover, ethical behavior and corporate social responsibility (CSR) might also attract the customers towards the products of the firm thereby amplifying the total sales and profit margin of the organization. Along with this, ethics also helps in reducing employee turnover thereby enhancing the range of efficiency, if maintained properly. Therefore, from the above points, it might be revealed that ethics acts as the catalyst that helps the business to enhance its dominance and supremacy in the market among other existing rival players. So, ethics is extremely essential for any business organization, operating in current scenario. Other than this, ethical policies and behaviors help an organization or business to attract more investors that might enhance the share prices to a significant extent among other rival players. Side by side ethics also helps in recruiting experienced and skilled employees within the organization that may prove effective in enhancing the total productivity of the organization. Thus, recruitment of talented staffs helps in development of varied types of inventive products and services for its customers thereby satisfying their changing needs and demands. This might help an organization in enhancing its brand value and loyalty within the minds of the target customers. As a result, its level of sustainability might get enhanced significantly. Consequently, ethics also helps in enhancing the inner morale of the employees so as to cope up with the inconveniences in turbulent situations. As a result of such type of inner confidence and willpower of the employees, the organization might become able to tackle the effects of the tough situations thereby retaining its previous image and values. However, this might be possible only if cooperation and team work might be maintained among all the members of the organization. Thus, it might be revealed that ethics is that type of inner psychology that might help an organization to develop a strong image and may also destroy its portfolio in the market among others (Plastin, 2013). Other than this, ethical decision making within an organization also helps in enhancing employee growth and their performance towards the assigned duties and responsibilities. Due to which, the organization might become able to fulfill its target objectives and goals, which is extremely essential for any organization in this era. As a result, the organization might enhance its level of dominance within the market that may reduce the intensity of the new entrants to enter the segment. Along with this, the level of distinctiveness of the organization might also get enhanced thereby amplifying its output and profitability by a significant extent. As a result, the position and reputation of the organization might get improved in this aggressive market among other operating rivals. Hence, according to me ethics is important for any organization or a business for the following reasons presented below: Employee commitment Employee Growth Investor and stakeholders loyalty and commitment Improvement of the confidence power of the shareholders Improvement of the level of customer satisfaction Improvement in the relationship with the stakeholders Enhancement of the productivity of the organization Improvement of the level of performance Improvement of revenues and profit margin Improvement of reputation and image of the organization However, if ethics is not maintained properly then varied types of issues might take place within the organization. Therefore the negative results of ethics are presented below: Improper disclosure of information to the members of the organization- due to improper presentation of facts and information within the members of the organization, a conflicting situation might arise. As a result, the level of cooperation and confidence within the employees might get declined thereby hindering their level of performance. That may prove extremely troublesome for the organization or business in this competitive age. Un-just compensation-the presentation of unfair compensation to the employees is also a sort of unethical conduct. Due to which, the level of commitment and dedication power of the employees gets fader day by day resulting in downfall of the entire reputation and equity of the organization in the entire market. Along with this, numerous experienced and talented employees might leave the organization and get attracted towards other brands. This might hinder the well-being of the brand among the existing players and the new entrants (Hbswk.hbs.edu, 2013). Unjust behaviors with the employees- presentation of unjust behaviors with the members of the organization are also an unethical conduct. Due to which, the inner morale and assurance of the employees reduces significantly thereby enhancing the rate of attrition. Thus, it might be clearly depicted that ethics is the main requirement of an organization that binds each and every member with one-another thereby maintaining a sense of uniformity and consistency with them. Only then, an organization might prosper in this competitive market. Section II In order to maintain a competitive image and reputation in this ever changing business scenario, ethics is extremely essential. This is because, ethics acts as the final code of conduct for the organization that not only enhances its profitability but also improves employee morale and retention ratio. Therefore, in order to maintain such scenario for longer period of time, a desirable ethical program is essential (Forbes.com, 2013). An ethics program might be developed in such a way that may be just for each and every employee of the organization. Therefore, before developing it, the higher authorities of the organization might consult with the down level members to know their inner desires and requirements. Only then, it might prove effective for the organization in all aspects. Therefore, in order to make the ethics program effective, it might surely comprise of the following benefits or points such as reward system to the employees, medical facilities for the employees, laws to freely present the ideas and information, proper working conditions for the employees, extra wage facilities for extra working hours of the employees, flexibility of timings, promotional facilities, proper implementation of innovative machines and equipments, pay rise after a certain period of time, implementation of the training programs for the improvement of the inner skills and talents of the employees and many others. If these above mentioned points might be present within the ethical program of the business or organization, then it would surely become successful in attaining a good brand image and reputation in the market among others. This is because, the employees are the prime strength of an organization and if they remain happy and motivated then the organization might prosper very quickly. Side by side, it might also enhance both internal and external satisfaction level of the employees that motivates their level of devotion towards work. As a result, the organization might become able to retain the experienced and talented staffs for longer period of time, which is extremely essential for an organization in this scenario (Bloomberg L.P, 2013). Apart from this, due to the retention of the experienced staffs, the range of product lines might get enhanced that reduces the rate of switchover cost of the customers. And at the same time, the range of customers might also get enhanced as compared to others. So, the rate of profit margin and total sale of the organization might also get enhanced among others. Thus, it might be clearly depicted that ethics creates a symbiotic bonding with the employees, customers and the stakeholders. Therefore, making the organization, a uniform and identical entity in the entire globe that is respected by all. On the other hand, if the employees get de-motivated with the policies and strategies of the organization or business, then it may not operate for longer period of time. As employees acts the foundation of any building or business, and the organization may not sustain in the market with varied types of cracks or defaults. Therefore, in order to make the foundation or the employees of the organization satisfied and motivated, an ethical program with just strategies and policies need to be implemented within the organization. Only then, the productivity and popularity of the organization might get enhanced significantly in the market among others. Along with this, the total sale and productivity of the organization might also increase considerably as compared to other rivals of the market (Bloomberg L.P, 2013) Thus, it might be stated that ethics is the weapon that might reduce the rate of attrition within the organization and enhance the level of retention of the employees. That is effective both for the organization and the employee as well in this age of extreme competition and tabulation. Hence, in order to increase the self-esteem and confidence of the employees, an ethical program is extremely essential. Section III Works Cited Bloomberg L.P, “ Managing companies business ethics”.2013. Web. 16th November, 2013. . Bloomberg L.P, “The BusinessWeek Code of Journalistic Ethics”. 2013.Web. 16th November, 2013. . Forbes.com, “Responsibility of a business school to train ethical leaders. 2013. Web. 16th November, 2013.. Hbswk.hbs.edu, “The Importance of ‘Don’t’ in Inducing Ethical Employee Behaviour. 2013. Web. 16th November, 2013.. Plastin, M, “The BusinessWeek Code of Journalistic Ethics”.2013. Web. 16th November, 2013.. Read More