A Reflection Paper on Ethical Theory and Business
Many business analysts today strongly believe on the importance of ethical theory and business ethics for the progress of moral and economic standing of any enterprise around the world. An ethical system affects the entire aspects of one organization. Business ethics are very essential foundation of any business, whether it is small or large or small entity. This is the code of morals or body of principles which guide the conduct of the corporation, the owner, as well as the employees. In addition, this is also the relationship of the business men with their colleagues, government officials, the public, his clients and competitors. Ethical theory guides the business owners to conduct business practices on a right way, and in accordance to the moral standards of the society and industry at large. In fact, according to Mares’s theory (2005), the adherence to moral principles on the business or job will lead to favorable influences on the society, as well as to the business world; for it greatly promotes strong ethical behavior in all areas of our society and global economy. Relatively, various ethical theories that aim to guide different business practices of modern entrepreneurs are readily available; for those businessmen who want to take advantage of the beneficial results of following them. Consequentialist theories of Shaw & Barry-1995 explain the importance of moral righteousness of any business action will certainly affect on the outcome or results of every act or decision. If the results are good, it only means that the decision or the action is right. But, if the output is appalling, then it just proves that the action is badly done. Another theory is the opposite of the first one, nonconsequentialist theory; this theory simply explains the fact that there are other external factors that must be taken into consideration in making decision or before doing an action. And, it should still relate to the moral assessment of an action.
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In the contrary, egoism theory, only promotes self-interest in a business. This theory cannot be considered a moral or ethical theory, since it just serves selfish objectives. It can only ruin the integrity and solidarity of any organization. But, in reality, there are some businessmen, who act t the same way. They offer their suggestion or advice for their own benefits and business profits. And, decisions, that are always influenced by own individual’s self motives are entirely not good to the entire company or industry. In accordance to the business ethics, any decision that is made for the organization must be always for the benefit of the majority and the organization. Although, very seldom that the management will take the risk for the benefit of its employees, based on countless experiences by many employees, it is always for the benefits of the company, over its employees. Somehow, this is still favorable to the majority, because, whatever success the company achieves, the entire work force will definitely benefit from it through reciprocation strategy. However, there are still more disgraceful acts evolve in the business world such as racial discrimination, sexual discrimination, business fraud and stealing In order to prevent these to happen, the policy makers must be vigilant and aware of implementing policies against these unethical acts. And, business ethics, again, is the key to assess and determine the degree of immorality and what is the proper action that must be done to eliminate all these derogatory acts. Generally, other unethical practices tarnish or weaken the credibility of business name and reputation; it might be in the form of adulteration, misbranding and short-changing of customers. But, sometimes, there are some companies who go with this kind of mentality, for the sake of earning more profits. For that reason, every decision in the business must be based on conformity to the general good or benefit of the organization. On the other hand, many actions and decisions made by the individuals within the organization that might considered right or wrong or arises differences and conflicts among the individuals in the organization. Still, keep this in mind, differences and conflicts allow the organization and the people within to grow and learn to adjust in every situation or issue; as well as they allow every individual to mature in adapting new decisions that will provide better outcome to the present business situation. More than that, formulating realistic and practical decisions and policies can be given higher moral and ethical consideration, so long as they will provide beneficial results to the majority of the people in the organization.
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References:
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