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Moral issues in business are focused on what actions are right or wrong and how people should behave. The behavior of people in an organization reflects the culture of an organization. It is important to develop appropriate organization culture in business because if people decide to go against the culture of a given organization, the outcome of their actions can create confusion (Trevino & Nelson, 2007).
Ethical issues on the other hand focus on having consistent principles of proper moral conduct. In all organizations and private corporate there are policies that are laid out for all employees and managers that dictate how they should behave.
These policies sensitize employees of the problems they might encounter and also direct their actions towards responding to those issues while business is in progress (Weiss, 2009). By informing employees in advance the organization reduces the chances of failure. Organizations have reported failure by employees in delivering the expected results simply because employees were not aware of the problems they might encounter.
Some organizations hold seminars and workshops to sensitize their employees on organization. They also make it mandatory for employees to sign an agreement regarding there adherence to the organization’s policies before they are hired. According to Weiss (2009), one of the most common problems in business world is lying.
Most employees opt to lie due to the stiff competition in satisfying customer requirements. Organizations value ethics in business because they shield the organization from law suits incase of a mistake that might violate customer rights. It is therefore clear that unless the employees stick to their respective organizations ethics liabilities will always occur.
Ethics in business world refer to how individuals should behave themselves in an organization. Ethics in business are very important because they are used to hold a business entity responsible for its actions. This is because all businesses operate within social environment and any good or bad actions will impact on the immediate business environment (Trevino & Nelson, 2007).
There are several methods that can be applied in ethical decision making. But first one needs to consider if the decision to be made will affect one individual in an organization or the entire organization. If the decision concerns one individual in an organization then there is no need to involve the other members of the organization. In this situation decision making becomes a one man show. The person in question should draft options that are necessary in order to remain afloat regardless of the situation at hand.
It is therefore advisable for an individual to stand firm with the option that best suits him or her. Quitting is not for achievers hence one should find how sustain himself for a longer period than the hardships can last. For instance, if there is a decline in markets the business must identify other ways to compensate for the missed business opportunities.
Ethics that involve the entire organization are referred to as business ethics. These ethics contribute negatively and positively towards the growth of a business. Growth in business is measured by looking at the profits that the business has garnered. Therefore, growth and ethics in business are directly related (Weiss, 2009).
One of the most crucial principles in business is keeping accurate financial statements. These statements are used to regulate the performance of a business. The statements act as indicators of both down ward and upward trend. Business managers and executives refer to these statements while making decisions in any given organization.
In international business world it’s mandatory for all organizations that participate in international trade to keep accurate financial statements for all their transactions. These statements are used to set market prices that are equal and fair to all. Therefore, organizations should set up policies that govern the way employees behave and the approaches of dealing with ethical and moral issues.
References
Trevino, L. K., & Nelson, K. A. (2007). Managing business ethics: Straight talk about how to do it right (4th ed). Hoboken, NJ: John Wiley & Sons.
Weiss, J.W. (2009).Business Ethics: A Stakeholder and Issues Management Approach with Cases. (5th ed.). Mason, OH: South-Western Cengage Learning.
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