Ethics in Business

Paper Summary:

This paper discusses how the business of organizational ethics is becoming an important element in the business world, as it can determine the stability of the company in the eyes of the world. It looks at how ethics in business can be paramount to the growth and development of the company and how ethical beliefs and standards work together with the delivery of a good product or service to provide the image the company wants to portray. In particular, it examines how the ethical level of any company is often maintained by the management, since underlings take their cue from them, and the upper levels provide the directives to the managers.

From the Paper:

"While some experts focus on the actions of management in ethics of business others believe it is the holistic ethical approach that create the strongest companies. One expert writes that it must be a group effort to create guidelines in decision making and build the consensus about what ethics the company will implement and maintain.
"Traditionally, principle-based ethics provided the benchmark for guiding decision making(Koloroutis, 1999)." And while this is still the case according to some, the team work requirement is a recent addition. While the first expert believed the bulk of ethical responsibility rested firmly at the feet of the management, this expert thinks it is important for all levels of the work force to share in the responsibility of creating the organization's ethical stand(Koloroutis, 1999)."

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