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Ethics in Business Essay
Ethics in Business Assignment
Ethics are beneficial to business, and it influences success. When organizations behave ethically, they attract customers, which lead to increases in sales and profits of the firm. The employees are encouraged to remain in the organization, and as a result, it increases retention and reduces staff turnover. Additionally, other employees are attracted to the company, and as a result, the company acquires talented employees and reduces recruitment costs (Palliam, 2018). Investors are also attracted to a company that operates ethically, and it increases the share price of the firm. As a result, the business has a competitive advantage and is protected from a takeover, which leads to success. Ethics are essential in business, and a company can operate legally but unethically.
A company can operate legally but not ethically. Ethics is an individual moral judgment concern, and the organization can decide to do right or wrong. Legal things are not necessarily ethical. For instance, lying is unethical, but it can be legal. The law confides legal requirements in environmental regulations and restriction (Davies, 2016). On the other hand, the organization creates moral and ethical values and behaviors that guide it in decision making. Additionally, ethics is subjective, and some legal practices can be unethical. Ethics takes into consideration the perspectives of the stakeholders and the environment.
Legal matters follow the state’s rules and regulations while ethical issues are a moral decision. For instance, paying the minimum wage requirement according to statutory provisions makes sure that a business operates legally (Palliam, 2018). However, it can be unethical when the employees cannot manage their expenses in life. This is because the employees are bitter and live in debts, which is morally wrong, and as a result unethical. Additionally, an organization can make promises to its employees, but it is not illegal to break them. However, it is immoral to break promises. Therefore, a business can operate legally and at the same time operate unethically.................GET A PLAGIARISM FREE COPY