Navigating Ethical Conflicts in Business- Addressing Misconduct Corporate Ethics and Cyberbullying
Question 2: Why do ethics matter in business?
Introduction
Business ethics are morals and ethical beliefs that help guide the behaviours and values of a business firm. Business organizations are expected to exhibit a certain level of ethical standards to be called good citizens. Every industry has its code of ethics, and the firms operating in the industry are supposed to observe the typical ethical standards. Much evidence shows that most successful business firms worldwide display good business ethics (Vickers, 2019). This implies that many benefits accrue to a firm that adheres to business ethical standards, hence illustrating the reasons why business ethics matters in business.
Business ethics matter because firms that display good ethical practices boost their reputations in the business (Weiss, 2014). A company that has a good reputation attracts investors, creditors, customers, and business associates. In other words, the display of good ethical practices opens doors for an organization in many ways (Schroeder, 2019). The investors will come to investors hence the firm growing, and the customers buy the products boosting sales, business associates come to strike business deals with the firm increasing operations. Therefore, a business organization that takes business ethics seriously earns a reputation that helps it improve its operations.
The second reason business ethics matters is that business ethics drives employees’ behaviour. Companies that display good business ethical practices motivate their employees to perform their roles with integrity. According to the 2018 global business ethics survey, employees are more likely to apply ethical reasoning when they demonstrate business ethics. The initial step in building this kind of ethical culture is to create an ethics program that should touch on all business functions (Dans, 2020). It is necessary for business firms to strive to integrate their ethics program with their business operations in order to benefit from business ethics. Integrating an ethics program into the operation maximizes the program’s impact by making ethical processes part of employees’ workforces.
The third reason why business ethics matters to an organization is that it helps in improving profitability. Companies that practice questionable ethical practices tend to decrease stock prices and strained business relationships with business associates. When investors shy away, and customers avoid buying products from a particular business firm, the sales volume will be reduced, thus resulting in low profitability (Schroeder, 2019). However, a firm that displays good ethical practices attracts more customers, boosting sales and hence high profitability. Moreover, firms with bad ethical practices face various obstacles, such as court cases, which sometimes lead to heavy fines that reduce profits.
Business ethics matter to a business firm because good business ethics help retain top talent. When employees realize that the management is making ethical decisions, they start developing trust and confidence in the company. They know that the employer will make ethical decisions that face them and the customers (Dans, 2020). Once employees develop confidence and trust in a company, their morale is boosted, and they will not quit the company easily. Having a strong employee retention rate can help save resources over time on recruitment costs and training.
Conclusion
Business ethics is one of the elements in business operations that ought to be considered seriously. Practising good business ethics shows that a firm is responsible and a good citizen. Adhering to ethical practices brings harmony to the business environment, and thus, such firms benefit a lot. Some of the ways a firm can benefit from practising business ethics are: ethics business affects a firm’s reputation, business ethics shapes employees’ behaviour, ethics helps in boosting sales and profitability, and ethical organizations help ensure employee retention, hence retaining talented workers. Therefore, good business ethics should be adopted by every organization because of the many benefits that come with it.
References
Dans, E., (2020). Why Business Ethics Are So Important If We’re Going to Save the Planet. Retrieved from https://www.forbes.com/sites/enriquedans/2020/09/28/why-business-ethics-are-so-important-if-were-going-to-save-theplanet/?sh=1918b13b3bc4
Schroeder, K. (2019). 3 Reasons Why Business Ethics Is Important. Retrieved fromhttps://www.redlands.edu/study/schools-and-centers/business/sbblog/2019/may-2019/3-reasons-why-business-ethics-important
Vickers, M. (2019). Business Ethics Today and Tomorrow. Retrieved from https://www.amanet.org/articles/business-ethics-today-and-tomorrow
Weiss, J. (2014). Business ethics: A stakeholder and issues management approach (6th ed.). Berrett-Koehler.
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Question 
You will use this first writing assignment to address situations where ethical conflicts may exist in business situations and to consider strategies to address the conflict.
Business misconduct, corporate ethics, and cyberbullying are compelling, present issues.
Navigating Ethical Conflicts in Business- Addressing Misconduct Corporate Ethics and Cyberbullying
Instructions:
Choose one of the following three assignment options for your essay:
1. The five most frequent types of business misconduct are as follows: misuse of company time, abusive behaviour, lying to employees, company resource abuse, and violating company Internet use policies. Choose two of these five and discuss the implications of the misconduct from at least three stakeholders’ perspectives. Cite
Weiss, in your response, incorporate one other reference you found in the post.
University library or online source for your essay.
2. Your boss has asked you to write an essay on the topic “Why Ethics Matter in Business” to be published in the corporate newsletter. Prepare your essay
incorporating points from Weiss in your response in addition to one other reference source you locate in the Post University library or online source.
3. Read Case Study 2, “Cyberbullying: Who’s to Blame and What Can Be Done?”
Write an essay in which you first provide a 200-250 word summary of the case study using your own words. Then respond to questions 2, 3, 4 and 5 on page 47. Cite
Weiss, in your response, incorporate one other reference you locate in the Post
University library or online source for your essay. Your submission should be
written as an essay and should not include the questions in your response.
Provide a clear introduction, organized body paragraphs, and a conclusion.