Exploring the Foundations and Applications of Ethics in Business

Introduction

Ethics is one of the abstract and philosophical elements found in an individual. Ethics in general sense refers to the different values and principles that govern the behaviour of an individual by directing the person what is good and what is bad(Dierksmeier, et al., 2016). The presence of the ethical values signifies the choice that the individual makes between the good and the bad.The activities conducted in a business environment are often based on good or bad because such activities have an impact on the overall and its stakeholders. Ethical considerations also play an important role in the establishment of the workplace relationship.

The paper contains four tasks which are the steps to be followed to take admission in a business ethics programme. The first of the assignment contains the paperfor the admission in the business ethics programme. The topic of the paper is ‘Ethical perspectives in Business” which will analyse the relevance of ethics in in business responsibilities and ethics. The second task of the assignment contains another paper evaluating and analysing the implication of the presence and absence of ethics in the business activities.The third task of the assessment contains a research on the current ethical issues faced by 21st Cenuary Foxwith recommendations to address their ethical issues. The fourth task of the assignment contains the analysis of the issues related to unethical behaviour in behaviour and proposed ways to address it.

Task 1

Due to the vast impact of the ethical considerations in the business environment different business ethics programmes are being conducted. This task is a part of the admission paper submitted for admission in one of the business ethics programmes covering the topic called “Ethical perspectives in Business”.

History and development of theoretical approaches to business ethics

The word “Ethics” has beenderived from the Greek word “ethos” that signifies moral character, behaviour and habit. Ethics forms the principles and values that determine the behaviour of an individual based on his or her judgement of good and bad(Halinen & Jokela, 2016). Ethics are sometimes mistaken as an emotional concept and the presence of which gets limited to personal relationships. However, the concept and scope of ethics in much beyond personal feelings and relations and its presence plays an important role in the business environment.

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1. Dierksmeier, C. et al., 2016. Humanistic ethics in the age of globality. 3rd ed. Berlin: Springer. ISBN :9780230314139.

Business ethics, also known the name of corporate ethics, is a form of applied or professional ethics that examines the ethical or moral problems that may raise in the business environment(Sroka & Lőrinczy, 2015). With a view of establishing the impact of ethics in the business environment, three types of theoretical approaches have been developed which represents three different ways to understand ethics in the business environment(McThomas, 2016). The three different types of theoretical approaches for business ethics have been discussed below:

1. Virtue ethics

The theory of virtue ethics is based on the principle that the possession of virtue represents the moral character of an individual(Sison, et al., 2017). It is more person based and gives more importance to the person performing the good or bad action.

The formation of virtue ethics is traced to the 4th century where it was formed by Aristotle and other Greek philosophers.

2. Consequentialist ethics

According to consequentialism theory, the consequence of the activity of an individual based on his judgement of right andwrong is the most important criteria to judge his or her character(Ahlström, et al., 2018). For example, telling lie is definitely unethical but telling a lie to save for or for the overall betterment is ethical as the consequence will lead to the overall betterment of others. The theory of utilitarianism consequentialism theory was founded by Jeremy Bentham in 1789 and was further developed byJohn Stuart Mill in 1861 and Henry Sidgwick in 1907.

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2. Halinen, A. & Jokela, P., 2016. Exploring ethics in business networks: Propositions for future research. In: A. Halinen, ed. In Extending the Business Network Approach. London: Palgrave Macmillan, pp. 333-356 DOI: 10.1057/978-1-137-53765-2_19.
3. Sroka, W. & Lőrinczy, M., 2015. The perception of ethics in business: analysis of research results. Procedia Economics and Finance, 34(12), pp. 156-163.
4. McThomas, M., 2016. Theories of Ethics. Global Encyclopedia of Public Administration, Public Policy, and Governance, 27(9), pp. 1-5 ISBN: 10.1007%2F978-3-319-31816-5_931-1.
5. Sison, A., Beabout, G. & Ferrero, I. e., 2017. Handbook of virtue ethics in business and management. 2nd ed. New York: Springer ISBN : 978-94-007-6510-8.

3. Deontological or duty-based ethics

Deontological or deontology is the ethical theory that defines obligations. This theory represents the activitiesthat an individual is obliged to perform to establish ethical conducts(Meyers, 2018). Deontological is said to be existing for many centuries but it is considered that the modern deontology was introduced by Immanuel Kant in 1788.

Comparison between absolute and relative ethics

The comparison between the absolute and relative ethics and be drawn by understanding the meaning of the absolute and relative ethics. The word absolute means unchangeable or universal and henceabsolute laws will remain unchanged. The concept of absolute laws refers to the fact that no personal opinions will be bought in the analysis of absolute ethics.

The word relative represents nay ration or relativity between two factors. The relative theory refers to the theory that is analysed with a relation to any other thing and is changeable. The most basic difference that can be observed between the absolute and relative ethics is that absolute ethics re rigid in their laws and do not consider the situational approach while relative theory is flexible in its laws subject to the situation.

The difference between the two theories can be better explained with the following example. Telling a lie is ethical in case of absolute theory and the situation under which the lie has been told will not justify the lie. However, the relative theory will analyse the situation owing to which the lie was told and if found that the situation was such that telling the lie was he only alternative then it may not even be considered as an unethical misdoing.

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6. Ahlström, K., Ahlstrom-Vij, H. & Dunn, J. e., 2018. Epistemic consequentialism. 2nd ed. London: Oxford University Press ISBN :9780198779681
7. Meyers, C., 2018. 8 Deontology. Communication and Media Ethics. 1st ed. Berlin: Walter de Gruyter GmbH & Co KG, ISBN :9783110466034.

Task 2

In this section of the study, an article will be written about the business ethics issues. This written assignment will be written in the form of a business magazine. The main purpose behind the writing of this assignment is the tutor’s influence to express interest in the topic of business ethics.

Effect of ethical considerations on business objectives

Business Objectives are the results that a business wants to achieve within a particular time period, listing the resources available and strategies that customers will use to get there. The most important business objectives are maintaining profitability and sustainable growth, providing excellent customer care service, extraction of maximum productivity from employees and resources, employees’ satisfaction, dealing with change management to make it a dynamic industry and staying ahead of competition etc.(Davies, 2016). To design a fruitful business objective incorporation of ethical considerations is one of the basic need. An accumulation of values and principles to shape the decisions and actions taken by the company from the initial stage of the company’s growth is called as Ethical Considerations. Under this segment firstly comes the Code of Conduct that is most essential to guide the people how to act in different situations, take appropriate decisions etc. However, in this era of ethical management, businesses are more focussed to maintain a reputation or good image through the implementation of CSR policy. In a collaborative manner, consideration of proper business ethics and CSR policy impacts on organisation by improving brand image. Creation of such image also impacts in the increase of number of customers which leads to enhancement of profit and sales in business.

In general it is the set of policies on which the company is said to work. Next is maintain a cordial relationship among employers, employee and customers. Customers must be satisfied with top quality services and even if they get offended in any case, the issue must be resolved with great care. Higher authorities must take care of the fact that employees don’t get unreasonable workloads, get an appraisal at proper time according to their work. Lastly, one company must take into consideration that any kind of social harm should not be generated through its work. If needed recycle, waste management must be done. Taking good care of the ethics will help in sustainable growth of the business.

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8. Davies, P., 2016. Current issues in business ethics. 01 ed. London: Routledge, ISBN-13: 978-0534584641.

Evaluation of business organisations and stakeholders opposing ethical operations

Business Ethics has two parts to consider. First, Business combining a group of stake holders including community, employees, customers, financier, Government etc. to attain some goals and objectives. Secondly, Ethics- the set of moral values to be considered to maintain the reputation and growth of the concerned business. Sometimes it is found that, stakeholders or business organisations are involved in unethical actions which may harm the stock price and cause damage to company’s reputation and growth. Unethical business culture includes exploiting workers, overbilling customers, tax invasion, hiding products dispute etc.(Chell, et al., 2016). American health regulator USFDA has accused Mylan laboratories of violation of production norms including failure to produce proper receipt, testing, identification and handling of raw materials and equipment. It is quite obvious that when a firm comes into news after commencing such unethical behaviour the reputation of that firm either nationwide or worldwide goes down and simultaneously it causes a downfall in its profit margin as well. Not only the stakeholders are exposed to higher risk but also they will come under law enforcement authorities following investigation. Another breach of ethics takes place when the modesty of any man or woman working in a firm is humiliated. A business cannot be expanded without developing trust and cordial relations among the employers and customers. By following the ethics it creates a goodwill and helps drawing customers, investors towards it.

Analysis of the ethical business conduction on work place relationships

Workplace relationship, the term itself express the interaction process or connection in between the employees of an organisation(Tran, et al., 2018). Theoretically, it is considered as the interpersonal relationship in between the workers and its implications on the development or growth business. The concept of workplace relationship is hugely dependent on the adaption of ethics in the organisational approach. Business ethics is a broad area that covers all the internal as well as the external business situation. In internal business environment, ethical principle involves provision of value, adaptation of effective human resource approach. Value provision is the concept in which respect is provided among the employees for improving working process. Such kind of value provision helps organisations to enhance their productivity rate. This is because the working culture of workplace becomes more collaborative which helps in solving issues and dealing with difficult situation without any complications(Jennings, 2014). Another aspect of ethics in internal business environment is the adaption to positive policies. Policies in relation to flexibility in work during poor medical condition of an employee or assistance if an employee face mental breakdown is the approaches that include in good internal business ethics. In such kind of situation, employees get motivated to work due to the availability of flexibility in their work. This is because a mentality works in their mindset that they will receive same advantage as they are helping in a co-worker's difficult situation.

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9. Chell, E., Spence, L., Perrini, F. & Harris, J., 2016. Social entrepreneurship and business ethics: Does social equal ethical?. Journal of business ethics, 133(4), pp. 619-625, DOI: 10.1007/s10551-014-2439-6.

Evaluation of ethical mechanism to support and develop workplace relationships

In this era, businesses are focusing on the adoption of the ethical issues as well as behaviour, in order to maintain a positive image in front of the business community. Customer centric business approach is one of the main factors that is working as influencing factor(Forbes, 2019). This is because customers of the modern day are more concerned about the working and operational approach of businesses. However, adoption to internal business ethics involves sharing of equivalent responsibility in between all the workers of a business firm(Jalil, et al., 2010). Such kind of approaches helps organisations to build a positive relationship in between all the workers. This is because sharing of responsibility creates a positive mindset in work which creates a perception among workers that if they are unable to perform work effectively then colleagues would help in performing the other tasks.

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10. Tran, K., Nguyen, P., Dang, T. & Ton, T., 2018. The Impacts of the High-Quality Workplace Relationships on Job Performance: A Perspective on Staff Nurses in Vietnam. Behavioral Sciences, 8(12), pp. 109, DOI: 10.3390/bs8120109.

Task 3

This is the third step in the admission process of the business ethics programme which contains a research on the current ethical issues faced by 21st Cenuary Fox with recommendations to address their ethical issues.

Effect of the ethical issues on 21st Cenuary Fox

21st Century Fox is a leading media production house of USA with multiple entertainment platformssuch as films, broadcast, and satellite channels, pay TV etc. It is a world entertainer with operating vastly in 6 continents in 50 languages and over 1.8 billion subscribers(Thewaltdisneycompany, 2019). Sexual misconduct is a serious corporate misconduct which is a reflection of ones ‘ethical considerations for right or wrong. The entertainment giant came into news for allegations for sexual harassment and the ways adopted by the company to supress it. The compliant was registered by a former anchor of the Fox News Channel named Gretchen Carlson in 2016 against Roger Ailes, the chief of the same news channel(Fortune, 2017).News later spread that as many as five millions sexual harassment cases were suppressed by Bill O’ Reilly of theCentury Fox.

Adisastrouseffect of this harassmentallegation was found within the shareholders who started losing their trust over theeconomy as theyseemed to be encouraging sexual harassment in their organisation. The renewal of the contract of Bill O’ Reilly by the 21st Century Fox further angered the shareholders and as a result of the repeated withdrawal, the company has to pay $ 90 million dollars to the shareholders. However, both Bill O’ Reilly and Fox Century denied of any misdoing.

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11. Jalil, A., Azam, F. & Rahman, M., 2010. Implementation mechanism of ethics in business organizations. International Business Research, 3(4), pp. 145, DOI: 10.5539/ibr.v3n4p145C.

Recommendation for addressing ethical issues

Sexual harassment is a serious offence in any workplace s it is unethical as well as a criminal offence. Such offences are highly sensible as the impact of such effects are not internal and strongly affects the image of the company. Fox century has announced to create a council that will focus on creating a proper workplace. This is a positive initiative and the company must consider this seriously. Apart from this Century Fox must form redressal cell to address the sexual allegation and otherunethicalpractises and should also focus on conductingawareness training and programmes relayed to sexual misconduct in the office.

Task 4

This is the fourth stage of the admission process where the assessment is addressing the effect of different unethical practices on the business and the most effective way to reduce the unethical behaviour among the employees.

Issues related to the unethical behaviour in business

A healthy working atmosphere is very essential for the proper working of the business activities as well, as the mental wellbeing of the employees. The establishment of a better workplace is possible only through proper and behaviour of the employees towards each other. Absence of ethical behaviour creates a feeling of insecurity among the employees for the company as they fear about the effect of the different unethical practices such as sexual harassment, unfair payment, partiality among the group members, non-recognition of the work of the employees, etc. The impact of unethical practices in the business effects the work efficiency of the employees as the practice of ethics is directly related to the work satisfaction of the employees.

Recommendation to address unethical behaviour in business

An organisation must treat ethical practices with high importance and must follow the required steps to keep an eye on whether the employees of the organisations are following the ethical practices. The ethical practices can be ensured bytwo wears, first by forming andmaintaining a separate committee that will deal with different unethical practices and also by form the redressed cell in online or telephonic ways where the complaints can be made avoiding face to face communication to avoid the hesitance of the suffered. The second way is to encourage ethical practical by conducting events such awareness programmes, making and releasing videocontentrelated to theimportance of ethical practices in the business atmosphere.

References

Ahlström, K., Ahlstrom-Vij, H. & Dunn, J. e., 2018. Epistemic consequentialism. 2nd ed. London: Oxford University Press ISBN :9780198779681.

Chell, E., Spence, L., Perrini, F. & Harris, J., 2016. Social entrepreneurship and business ethics: Does social equal ethical?. Journal of business ethics, 133(4), pp. 619-625, DOI: 10.1007/s10551-014-2439-6.

Davies, P., 2016. Current issues in business ethics. 01 ed. London: Routledge, ISBN-13: 978-0534584641.

Dierksmeier, C. et al., 2016. Humanistic ethics in the age of globality. 3rd ed. Berlin: Springer. ISBN :9780230314139.

Halinen, A. & Jokela, P., 2016. Exploring ethics in business networks: Propositions for future research. In: A. Halinen, ed. In Extending the Business Network Approach. London: Palgrave Macmillan, pp. 333-356 DOI: 10.1057/978-1-137-53765-2_19.

Jalil, A., Azam, F. & Rahman, M., 2010. Implementation mechanism of ethics in business organizations. International Business Research, 3(4), pp. 145, DOI: 10.5539/ibr.v3n4p145C.

Jennings, M., 2014. Business ethics: Case studies and selected readings. 01 ed. London: Cengage Learning, ISBN-13: 978-0538473538.

McThomas, M., 2016. Theories of Ethics. Global Encyclopedia of Public Administration, Public Policy, and Governance, 27(9), pp. 1-5 ISBN: 10.1007%2F978-3-319-31816-5_931-1.

Meyers, C., 2018. 8 Deontology. Communication and Media Ethics. 1st ed. Berlin: Walter de Gruyter GmbH & Co KG, ISBN :9783110466034.

Sison, A., Beabout, G. & Ferrero, I. e., 2017. Handbook of virtue ethics in business and management. 2nd ed. New York: Springer ISBN : 978-94-007-6510-8.

Sroka, W. & Lőrinczy, M., 2015. The perception of ethics in business: analysis of research results. Procedia Economics and Finance, 34(12), pp. 156-163..

Tran, K., Nguyen, P., Dang, T. & Ton, T., 2018. The Impacts of the High-Quality Workplace Relationships on Job Performance: A Perspective on Staff Nurses in Vietnam. Behavioral Sciences, 8(12), pp. 109, DOI: 10.3390/bs8120109.

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