Many businesses behave in divert or different ways depend on the way it's formed by the owners of the business. Describe the four general approaches to dealing with stakeholders. MORAL RELATIVISM: What is morally wrong or right depends on what individual belief and it vary from one person to another and also from one culture to another and it can be link to the society cultural belief and its belief that different people have different background which can be linked to our individual moral belief and culture. Ethics is a system of moral principles that help people make the right decisions and distinguish between what is right and what is wrong. The four approaches also cover parts of each other. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. There are four standards for evaluating strategies and tactics in business and negotiation: end-result ethics, duty ethics, social contract ethics and personalistic ethics. It is also important to understand that all four approaches have overlaps as well as common elements, such as: Impartiality: weighting interests equally Rationality: backed by reasons a rational person would accept Consistency: standards applied similarly to similar cases Reversibility: standards . Unit 2 Essay Assignment: FOUR APPROACHES TO DECIDING ETHICAL DILEMMAS Abstract This essay is about examining ones of set of ethics and comparing them to the four approaches to ethics that are outlined in the text. Everything being equal, Damon's four Dimensions of Business Morality fits all the entire business operations; henceforth the perfect way to deal with deal with all dilemmas because of its four dimensions which spread all areas. There should be fairness and employees should be treated with justice especially when a company is winding up, the employer should pay a reasonable amount of money to the employee, which shows that they have business ethics in discharging their duties by treating their employees in a good manners. Business ethics are principles and values that guide decision-making and behavior in business. Word Limit: 1500 The main principles of business ethics are based in academia and on academic writings on proper business operations. Learn how your comment data is processed. Three commonly used ethics theories in business are utilitarianism, rights theory, and justice theory. Organizations have unique cultures ways of doing things that evolve through shared values and beliefs. NAME: HON HAO KONG Morality Actually, it is legal for employers to listen to business phone calls and monitor all non-spoken personal communications that are made using the business's resources. If the stakeholders contribute effectively to the development of an organisation there will be development, and the moral of the company will be build and also increase the productivity of the organisation. Understanding the Structure MORAL OBJECTIVISM: This can be describe as what is morally wrong or right in term of the behavioral attitude of a person. 2. All rights reserved. Misbehaviour in this sense is also said to be about breaching broader yet far from clearly defined or fully shared societal norms or moral order. PDCA Key Takeaways. Illustrate your answer with reference to examples. Business ethics protect companies from legal liability and ensure that they treat their customers and team members with respect. It affirms the intrinsic value of God's good creation but combines it with recognition that humans have a special place, acknowledged in Genesis 1:28. Ethics, Ethics is a system of moral principles that help people make the right decisions and distinguish between what is right and what is wrong. Four straw men approaches: 1. The four moral approaches are principle, consequence, virtue/character, and moral sentiment. It is sometimes referred to as Kantianism in reference to one of its early proponents, Immanuel Kant. Several years ago he made contact with someone who could put him in touch with a professional burglar although the burglar had, Unit 2 Essay Assignment: FOUR APPROACHES TO DECIDING ETHICAL DILEMMAS Why is decision making important in an organization? It works with moral principles and social values. In some part of the world some beliefs in circumcision of women while other feel it is barbaric and immoral. Step 6: Consider possible and probable courses of action. Achieving success legally and ethically is a more sustainable, stable approach to long-term success. 15 ethical principles in business. Problem solving, http://cw.routledge.com/textbooks/9780415366311/resources/chapter15.pdf Many businesses behave in divert or different ways depend on the way its formed by the owners of the business. Necessary cookies are absolutely essential for the website to function properly. Press ESC to cancel. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The organisation will have value and most of the stakeholders will always want to do business with such organisation because they know they have good business ethics. It is a set of guidelines for dealing with various procedures ethically. In other words, Rawls argues that people make the most ethical decisions when personal or social interests do not bias them. Concequentialist theories If the consequences are good, the action is right; if they are bad, the action is wrong. An error occurred trying to load this video. Would you agree that ultimatelybusinessethicsis a complete paradox an absurd contradictionand therefore largely a pointless exercise? Norms. The following list contains a few examples of approaches to business ethics. What is Business Ethics? There are four major ethical theories: deontology (or duty), utilitarianism, rights, and virtue. These policies may incorporate a combination of utilitarianism and justice theory to create an equitable workplace that produces the most significant possible benefit for all stakeholders. Ethical considerations is very important in a business when business are done ethically the business will be profitable and meet the expectation of its stakeholders. Overview of issues arising out of the threats to the environment posed by technological advances which put into question mans relationship with the environment and the environments moral status eg: the preservation of endangered species the conservation of natural habitats overfishing deforestation depletion of ozone layer pollution from machines and cars, Premium The difficulty, however, is when rights are in conflict, such as employer and employee rights. For instance, the government agency OSHA in the United States requires basic safety standards for workplaces. Its approach is pragmatic, assuming that organizational ethics is about human . lessons in math, English, science, history, and more. MBA Knowledge Base 2021 All Rights Reserved, The Importance of Corporate Social Responsibility in Business, Creative Accounting - Definition, Techniques and Ethical Considerations, Importance of Audit Independence for Stakeholders, Arguments For and Against Social Responsibility of Business, Benefits of Ethical Practices in Business, Managing Ethics in Business Organizations. - Definition & Function, Fiscal Stimulus: Definition, Multiplier Effect & Price Levels, Working Scholars Bringing Tuition-Free College to the Community. Business ethics can be described as principle and standard that is guiding behavior of people in the business. In some organisation they do not want to employ female because they believe that they will not work according to the rules and regulation of the organisation, they believe that they will always want to be on leave while they are pregnant or take maternity leave which might not be good for the organisation because they think while they are suppose to be at work they will be on leave which will be a setback for the organisation. Theoretical Ethics, sometimes called Normative Ethics, is about discovering and delineating right from wrong; it is the consideration of how we develop the rules and principles . Cite this lesson. It does not store any personal data. , (Chapter 3, sub sections 3.3 and 3.4), To view or add a comment, sign in This are the laws governing employment related issues which might happen to employees in an organisation. The belief of other is that they have the right and they should be given the opportunity and privilege, this are some of the ethics in a business, if the organisation and stakeholders can understand today business organisation and our society, things will work well there will not be discrimination or whatsoever in our society, everybody will have equal opportunity and things will work well for us all in our environment. Business ethics is also the study of ethical dilemmas values and decision making in the world of commerce that addresses environmental social and governance concerns (Academic Info n.d.). The aims of every business are to meet the expectation of all the stakeholders because they are part of the decision maker and they contribute to the success of the business. Friedman doctrine - the only social responsibility of business is to . November 13, 2017. Ethics involve discussions of moral obligations, but do not necessarily hinge on religious overtones. Lesson Transcript. God intends that people should be adequately paid for the work they do and enjoy food, shelter and clothing as part of the fruit of that work ( Luke 10:7; 2 Thess. This means considering the effects of decisions and actions on stakeholders, customers, suppliers, employees, competitors, the environment, and the community. Madoff Scandal - How Bernie Madoff's Ponzi Scheme Worked? 1. Equal opportunity should be given to all in the society without discrimination of age, color, sex, or ethics or where the person should have come from, everybody should be given equal opportunity to in the society. Ethics sets standards as to what is good or bad in conduct and decision making. A Framework for Ethical Decision Making. Business Ethics Quarterly (Cambridge University . New York NY: McGraw-Hill/Irwin - pgs. This essay is about examining ones of set of ethics and comparing them to the four approaches to ethics that are outlined in the text. Continuing attention to ethics in the workplace sensitizes leaders and staff to how they want to act consistently. Today there are many dishonest dealings done by businesses. Teleological Ethics (consequentialism) The ethical issues that can affect a business operational activities of a business today in our society can be describe as what is a happening in todays business. However, attention to business ethics provides numerous other benefits, as well (these benefits are listed later in this document). It is sometimes called Kantianism, a reference to an early proponent of the theory, philosopher Immanuel Kant. Here are four approaches, which may be taken as guidelines: 1) The utilitarian approach: for the greatest good, 2) The individual approach: for your greatest self-interest long term, which will help others, 3) The moral-rights approach: respecting fundamental rights shared by everyone, 4) The justice approach: respecting impartial standards of fairness, Scott-Ladd, K,Perry, M.,Williams, P, andKinicki, A. The employer must understand that different people come from different background and culture therefore the employers must not discriminate or bias in any form, the employer must treat its employees the same way and make the working environment conducive and safe at all time. Some people use one approach predominantly; others vary their approaches according to circumstances. Three common theories are known as utilitarianism, rights theory, and justice theory. 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