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Regulatory compliance helps you protect your business’s resources and reputation. It takes time to build trust with customers, prospects, and vendors, and a big part of that centers on your ethical behavior.
Typical steps to achieve regulatory compliance include the following:
Businesses and their employees, managers, and owners face a variety of ethical issues as they go about their working lives. Ethical issues include conflicts of interest, bribes, conflicts of loyalty, and issues of honesty and integrity.
The advantages of ethical behavior in business include helping your business to build customer loyalty, avoid legal problems and attract and retain talented employees.
There is a framework of ethics underlying our lives on a daily basis, helping us make decisions that create positive impacts and steering us away from unjust outcomes. Ethics guides us to make the world a better place through the choices we make. Ethics in business is just as important as ethics in personal life.
Business ethics enhances the law by outlining acceptable behaviors beyond government control. Corporations establish business ethics to promote integrity among their employees and gain trust from key stakeholders, such as investors and consumers. While corporate ethics programs have become common, the quality varies.
A code of ethics sets out an organization’s ethical guidelines and best practices to follow for honesty, integrity, and professionalism. For members of an organization, violating the code of ethics can result in sanctions including termination.
Protecting employees and shareholders: Business ethics are required to protect the interest of employees, shareholders, competitors, dealers, suppliers, customers, government, etc. It protects them from exploiting each other through unfair trade practices like cheatings or frauds.
Some of the principles of admirable practices in a commercial environment are trust, respect, open mindedness, community involvement, and maintaining an accounting control. Customers will always want to do dealings with a company they trust for both the quality of services and goods they offer.
Ethical Issues in Business
1. Discrimination and Harassment. Harassment and discrimination are arguably the most prominent ethical issues impacting small business owners today.
Philosophers today usually divide ethical theories into three general subject areas: metaethics, normative ethics, and applied ethics.
5 Common Ethical Issues in the Workplace
Types of Ethical Issues in Business
The major 10 ethical issues, as perceived by the participants in order of their importance, were: (1) Patients’ Rights, (2) Equity of resources, (3) Confidentiality of the patients, (4) Patient Safety, (5) Conflict of Interests, (6) Ethics of privatization, (7) Informed Consent, (8) Dealing with the opposite sex, (9) …
A Ten Step Process for Resolving Ethical Issues
Consider this three-step process for solving an ethical dilemma: (1) analyze the consequences; (2) analyze the actions; (3) make a decision.
Ethical dilemmas, however, are defined rather more narrowly, as situations in which, on moral grounds, persons ought both to do and not to do something. Such a definition implies that issues of conflict and choice are central to moral dilemmas.
When considering ethical issues, it is advised that you follow a stepwise approach in your decision-making process:
Of course, managers are responsible for upholding ethical standards in their own actions and decisions. In addition to following the organization’s ethical code, managers may be obligated to follow a separate professional code of ethics, depending on their role, responsibilities, and training.
This framework approaches ethical issues in the context of four moral principles: respect for autonomy, beneficence, nonmaleficence, and justice (see table 1). This framework has been influential because the values it espouses seem to align with our moral norms.
On this view, examples of a moral issue would include whether it is right that one speaks truthfully in a particular circumstance or whether one obeys the law in a particular circumstance, as these issues as the rightness or wrongness of the action are assumed to be factually determinable through empirical inquiry.
“Moral issue is a working definition of an issue of moral concern is presented as any issue with the potential to help or harm anyone, including oneself.”