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Business: The Importance Of Ethics In Business

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When speaking about ethics many people think that we are talking about the business as a whole, when in fact it applies to the individuals working within businesses. Each individual 's action within the company affects the entire company, not just the individual. When an employee acts ethically and responsibly, it helps the entire organization. Business ethics are more than just words used to strengthen the image of a company; they are the infrastructure of success. “Importance of Ethics in Business” Ethics is not only about obeying rules; it’s about how individuals act in a business, especially the top mangers because if they do something that is unethical it could damage their business and their chances of being successful. For example, …show more content…

It is very difficult to have a successful business without well respected leaders. Furthermore, a lack of unethical behavior can cause tension among the employees, so there will be some employees who dislike each other because they don’t follow the rules. Unethical behavior in the workplace can lead to a lack of trust among the employees which is very crucial to companies that rely on collaboration and a sense of community. “Effects of a Lack of Ethics in Business …show more content…

Talented individuals at all levels of an organization want to be treated fairly for their work and dedication. They want career promotions within the organization to be based on the quality of the work they do and not on favoring one individual over the other. They want to be part of a company whose management team tells them the truth about what is going on, such as when layoffs or reorganizations are being observed. Companies who are fair and open in their dealings with employees have a better chance of retaining the most talented people. Employees who do not believe the method the company is doing is fair are often not as dedicated to their jobs as they should be. ’The Advantages of Ethical Behavior in

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Within this essay I’m going to discuss the Organizational ethic of the company that I’m currently employed with Tyson Foods. The brand I’m going to discuss is Hillshire brands which was a large company itself that was bought out by Tyson foods in 2014. Organizational ethics are the principals and standards by which businesses operate. They are demonstrated through the acts of fairness, compassion, integrity, honor and responsibility. The key for the companies managers and executives to ensure that all employees understand these ethics.

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For example,

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For example,

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It is essential for individuals and those representing an organization to understand what is an ethical dilemma. Wells Fargo financial corporation was involved in a dramatic ethical issue due to millions of unauthorized bank account openings. As explained in The PLUS Ethical Decision-Making Model, “many organizations battle to develop a simple set of guidelines that make it easier for individual employees, regardless of position or level, to be confident that his/her decisions meet all of the competing standards for effective and ethical decision-making” (n.d). The Wells Fargo scandal is evident prove that employees lacked ethical judgment and management supervision. The seven ethical decision-making steps foster straightforward thinking that

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UNETHICAL BUSINESS CASE STUDY ON NIKE Summary This project is focused onthe unethical behaviors of Nike. The essay will be exploring the ethical situation of Nike, the unethical behaviors, as well as the company’s role in reducing and correcting its unethical issues. Nike is no doubt one of the world’s leading footwear and apparel company, but continues to outsource its manufacturing to factories in Asian countries like China, Thailand, Bangladesh, India, and South Korea.

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The Big Short Management and Leadership Theoretical Component Management – The process of dealing with or controlling things or people. Leadership - The action of leading a group of people or an organization, or the ability to do this. Management and Leadership are two very different things. “A manager is appointed in a position of authority which enables him to insist on people doing as he/she instructs.

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The selected corporation is Volkswagen (VW), a German car manufacturer headquartered in Wolfsburg, Lower Saxony, Germany. Established in 1937, Volkswagen is the top-selling and namesake marque of the Volkswagen Group, the holding company created in 1975 for the growing company, and is now the second-largest automaker in the world (Wikipedia, 2016). Volkswagen’s corporate website is http://www.vw.com/. According to the International Ethical Business Registry, there has been a dramatic increase in the ethical expectations of businesses and professions over the past ten years. Increasingly, customers, clients and employees are deliberately seeking out those who define the basic ground rules of their operations on a daily basis.

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Must employees will notice, criticized, or even emulated the moral failures of their leaders. If we look at our world history, it is filled with examples of how competent leaders have failed from ancient times to modern times. Periodically, we read about unethical behavior in some type of media outlet. Which often corrupts the public’s trust in the leader’s company or agency, then it brings the individual leader into question.

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Introduction The key ethical issues that were presented in this case study were quality control, lack of customer care, responsiveness, and harming the customer. The Johnson and Johnson case may have been seen as a turning point due to many things the company did right. However, there were many ethical issues in this case which will be explored more throughout this paper.

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The virtue theory, which pursues virtuous principles, strategies and actions, can lead companies to understand their values, including mission, purpose, profit potential and other objectives. Virtuous employees tend to perform their roles consistently and competently in the direction of the company's goals. Virtues are the kind of thing you allow someone to take action to appreciate. Business people increase their likelihood of reaching their values and goals when they reach Objectivist virtues. Virtues emphasize the importance of each employee's valuable contribution.

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According to research by Mayer, Aquino, Greenbaum, and Kuenzi (2012), moral leaders will often practice appropriate business ethics. In turn, the leader establishes similar positive ethical attribute in all fronts of their organization, since the employees and stakeholders are prompted to follow suit. This is in line with Terris’ (2005) opinion in the book Ethics at Work. Terris commends the Lockheed-Martin program for institutionalizing functioning work ethics at the administrative level (Terris, 2005, p. 47). Furthermore, according LRN research conducted in the United States, most of the full-time workers preferred working in an ethical company, suggesting the importance of leaders and stakeholders’ ethical behavior in the organization (Dubrin, 2010).

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The earlier opinion stated that a business cannot be ethical, but this opinion is not used anymore in the modern business. Today business has belief that they must be responsible for social since they live and operate within a social structure. The key factors that make business ethics is important at the quarter of the 20th century are corporate social responsibility, corporate governance, and globalized economy. The culture of an organization, or else we can call it as the philosophy of an organization which is related with ethics have a great relationship with the performance of a business in long and short term. As a business is manage by human being, the people who manage a business

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This statement is supported by Bennett (2014) wherein ethics clearly defines what is the right and wrong things and shapes what kind of behavior the business should act on. For the sense of business according to Joseph (2013), ethics are constructed and decided by each business and underpins decision that an employee makes. When it comes to the business’ environment, a well-constructed ethics is a key for a considerate and responsible decision making in a business (Bennett, 2014). Business Ethics is very important inside the company, it will show the moral standards that a company or business have whether it is right or wrong and good or bad.

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As children, we were taught by our parents that it is wrong to lie, cheat, and steal. As we grow up and enter into the real world with some knowledge of right and wrong, we see, first hand, the importance of ethics as well as its complexity. The role of ethics in our society and in an individual’s life is very necessary because it has a large influence on today, as well as the future. We need to learn about good ethics because they guide our decisions, make us who we are, and determine our future.

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