Ethical Considerations in Business
Added on 2020-02-14
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BUSINESS ETHICS
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Background and development of theoretical ethical approaches.....................................31.2 The concept of absolute and relative ethics......................................................................51.3 Ethical issues which can affect the operational activities of Yahoo................................6TASK 2 ...........................................................................................................................................82.1 Business objectives are affected by ethical considerations..............................................82.2 Implications for Yahoo and their stakeholders to operate ethically.................................9TASK 3..........................................................................................................................................113.1 Role of organization acting as a morale agent ...............................................................113.2 Analysing development of mechanisms for achieving employee involvement andempowerment ......................................................................................................................12TASK 4..........................................................................................................................................144.1 Current ethical issues affecting business enterprise ......................................................144.2 Improving ethics to meet objectives ..............................................................................154.3 Stating an ethical code....................................................................................................16CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
INTRODUCTIONBusiness ethics are generally termed as the principles that define a direction or a way tothe business. Set of principles is helpful for the business as well as individuals because itdetermines an action plan to apply an appropriate structure in the organisation. It is also statedthat working as per the specified set of ethics is highly beneficial in distinguishing between theright and wrong thing/choice. This eventually assists the workforce in identifying the illegal,unethical and immoral business practices and operations. Thus, it is necessary for an organisationto define a set of ethics or principles in order to gain better market value, generate brand imageand attain competitive advantage (De George, 2011). Organisation has wider level ofresponsibilities and obligations in maintaining a hold on social and culture values of the society.Moreover, they should decrease the level of environmental and working impacts of the businessby adopting corporate social responsibilities. The report is providing information about the importance and significance of businessethics in context of Yahoo, which is an American Multi-National Company (MNC), started itsbusiness from California. It is widely popular for being as a global web portal and a searchengine. It also provides many products and services as sending & receiving emails, online videobrowsing, instant messaging, money transferring, news, weather forecasting, etc. In addition tothe information provided by the report, the content of study includes different perspectives ofethics and impacts of such perspectives (Fassin, Van Rossem and Buelens, 2011). Along withthis, it concentrates on understanding the necessity of ethics in working relationships andassessing the ethical issues in business. TASK 11.1 Background and development of theoretical ethical approachesBusiness ethics are specified as a set structure or a code of behaviour which directs themanagement and organisation to work as per the ways and attitude that are appropriate to dealwith the market. However, structuring and constitution of the business ethics highly depend onformation and working of the business. Business ethics enable the organization to perform thefunctions, monitor them and control the outcomes in order to maintain the level of standards andregulations (Trevino and Nelson, 2010). Every business aims at developing a strong customersatisfaction level and maintaining it certain position. In that case, management of the
organisation needs to define a set of moral principles which they need to be followed, valued andovercome in their work in order to be successful and attain higher level of profits. Similar to this, ethics are essential for organisation like Yahoo in maintaining theirmarket position, customer value and brand reputation. Such organisation specifies a code ofethics to control flow of the business and guide employees in further operations and overallmanagerial functions (Benn, Dunphy and Griffiths, 2014). In that case, organisation shouldconsider following concepts of ethical structuring and development:Deontology TheoryofEthics – The approach is based on information about theimportance of identifying perfect set of actions rather than defining the possibleoutcomes. It basically deals with the moral systems that are characterized mainly to focuson the attention of business upon its attachment towards organisational moral rules andduties. For this, management of the firm needs to address proper moral choice andunderstand the significance of moral duties towards corporate social responsibilities.Further, they need to define a set of actions for regulating such duties. Moreover, thepurpose of this approach is to maintain a control on actions performed by themanagement and their individuals (Murphy, 2010). Along with this, it minimizes theapplicability of wrong plan of working and functioning of the business. In addition tothis, it reduces the impacts of negative business operations and functions on corporateand social image of the organisation. Thus, the approach highly targets on workingmorally and increasing the customer's value. Teleological Theory of Ethics – It is termed as the approach which basically deals withall the consequences which are generally faced by an ethical action. The approachdescribes about an ethical perspective that aims at ascertaining positivity or negativity ofactions which are settled solely on the basis of goodness or badness of theirconsequences. It is determined that concept of the approach is to maintain the level ofethical impacts and consequences on the business operations and functions. Because in astrict teleological theory of ethics, business activities are virtuously neutral whendetermined apart from their actual consequences (Jones and et.al., 2013). In that respect,business needs to assess the proper set of actions and accordingly, define the possibleoutcomes of consequences. For example, ethical egoism and utilitarianism are theexamples of teleological theories.
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