Comparative Business Ethic & Social Responsibility

Question: Discuss about the Comparative Business Ethic Social Responsibility. Answer: 1. Ethical decision making Ethical decision making process refers to the action of evaluating as well as selecting alternatives in a consistent manner equipped by ethical principles. For ensuring effective ethical decisions; it is mandatory to perceive as well as eliminate certain unethical situations thereby only opting for the most suitable ethical alternative (Ferrell, Fraedrich and Ferrell, 2005). The process of taking ethical decisions consists of 3Cs: Commitment, Consciousness and Competency. Commitment deals with the desire to commit only the right and ethical actions without to paying heed to the expenses, while consciousness refers to the awareness governing the consistency of the act and the application of moral values relating to daily behavior and competency deals with the ability of collecting and evaluating information, development of alternatives and foreseeing the risks which can threat the business acts in the coming days. One must understand that good business decisions are both effective and ethical but both come with different meanings. While effective business decisions helps in generating and sustaining the trust, demonstrate the respect , fairness, responsibility and caring trait as well as helps in maintaining consistency with the social well -being. Ethical decisions provide a foundation for better decision making for a business by setting its ground rules (Finnstrm, 2012). On the other hand; effective decisions helps in accomplishing what that the business firm wants to achieve. Ineffectiveness results in producing undesirable and unintended results. So as to ensure effective decisions for the business; it is necessary to think about the scope of the choices taking into concern their ability to meet the organizational goals: both long term, and short terms. 2. Developing and Effective Ethics Program For every organization to function properly there is a necessity for adhering to some ethical procedures or policies so as to describe the way these ethical values are to be implemented. These procedures and policies are primarily meant for the communication expectations of the organization and its employees. A company reaches success only when the ethical policies are developed and are followed by everyone operating within its organizations (Sims, 2002). There are certain steps to be followed for development of ethical standards for an organization. This begins with the identification and renewal of company values which states that companies devoid of a proper and clear set of values find themselves at a mere situation at the point of developing ethical programs. A good ethical base strengthens the relationships of the employees with the organization who thereby take up measures for its success. The second step deals with ensuring a secure visible commitment from those managers operating at the senior level. They are obliged to undergo training sessions and make use of ethics in their speeches for their promotion among employees. Such is followed by engaging the board of directors in the formulation of ethics for the organization and developing an ethical code of business conduct which has to be followed by everyone associated with the business (Beever and Brightman, 2015). Again their lies importance of implementing ethical concerns into the business vision and mission statement addressed to the employees ad well as the governing body of an organization. This should be followed by integration of ethics in all company aspects, securing adequate funding and employees along with encouraging ethical autonomy among them for a successful business functioning. 3. Emerging business issues Business issues prevail in most of the companies functioning in this complex business environment of the 21st century. Companies of every possible size encounters such business issue for the effective handling of which, it is necessary for every such organization to develop its ethical code of conduct which can to put to use for effective handling of conflicts. The most essential or the fundamental ethical issues deals with integrity and trust however further complex issues deals with diversity accommodation, decision making strategy, and government compliance (Tourani-Rad and Ingley, 2011). Elaborating fundamental issues of trust and integrity; this deals with the effective ideas of conducting the business with dedication and honesty on part of the employees operating. Upon the customers understanding the companys adherence to ethical business undertakings; a high degree of trust shall develop among them. This is followed by diversity issues; issues related to decision making and government compliances. For ensuring a better environment within the workplace; an organization must recruit diverse workforce and adhere to ethical decision making so as to ensure better understanding between employees and the customers (Laufer, 2015). Dealing with the government issues; a company must ensure to completely adhere to the environmental laws set up by the government; federal and state bodies. It is also obliged to submit its fiscal and monetary reports to the government from time to time. References Beever, J. and Brightman, A. (2015). Reflexive Principlism as an Effective Approach for Developing Ethical Reasoning in Engineering.Sci Eng Ethics, 22(1), pp.275-291. Ferrell, O., Fraedrich, J. and Ferrell, L. (2005).Business ethics. Boston: Houghton Mifflin Co. Finnstrm, O. (2012). Ethical decision-making in neonatology - a Scandinavian perspective.Acta Paediatrica, 101(6), pp.555-556. Laufer, D. (2015). Emerging issues in crisis management.Business Horizons, 58(2), pp.137-139. Sims, D. (2002).Creative new employee orientation programs. New York: McGraw-Hill. Tourani-Rad, A. and Ingley, C. (2011).Handbook on emerging issues in corporate governance. Singapore: World Scientific.