Ethics in Business

Paper Summary:

This paper examines the importance of ethics within the business world. The paper explains that one of the main demands of ethics is that key financial information about current or future projects, business plans, personnel information, consumer lists, and other information that organization and its members are entrusted with, would be kept confidential and would not be used against the company or to give benefits to other competitors. The paper points out that matters involving the finances of the company are the sensitive issues, and when it involves finances, ethics should become a higher priority, and with this comes some important roles for management. The paper then looks at how this change goes beyond merely following the letter of new laws and regulations and code of ethics. The paper concludes that ethics training and code of ethics help in dealing with all the issues in an organization along with these steps. If implemented then all issues whether related to finance or any other issues can be tackled.

Outline:
Ethical Issue
Ethical Decision-Making Steps:
(1) Issue Clarification
(2) Stakeholder Analysis
(3) Values Identification
(4) Issue Resolution
(5) Addressing Objections
(6) Resolution Implementation
Conclusion

From the Paper:

"Financial issues that relate to ethics may hinder the organizational short term as well as long term objectives. There could be many issues with respect to the financials of the company that may stir the ethical concerns. Therefore each and every issue with respect to financials and their confidentiality requires complete clarity. Management must declare in clear terms and in precise words the problem areas with respect to finances and the precautionary measures that all employees should take. All the key areas where problems could occur should be highlighted. Once key problem areas are highlighted, they require further elucidation so that all the matters are resolved and all loopholes are covered. Once management is clear about the issues then clarity easily flows down the organization ladder and if management itself is not declaring the issues in clear terms then confusion prevails at all levels to the disadvantage of the organization and its members."

Sample of Sources Used:

• Kidder, R. & Born, P. (2002). Moral Courage in a World of Dilemmas: Ethical Decisions Grow from a Process That Promotes Rational Discourse against Emotional Tensions. School Administrator. 59(2): 14+.
• Birkner, L. & Birkner, R. (2000). Assessing Your Firm's Ethical Climate. Occupational Hazards. 62(10): 141.
• Bonczek, S. (1992). Ethical Decision Making: Challenge of the 1990's - a Practical Approach for Local Governments. Public Personnel Management. 21(1): 75+.

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