Importance of Ethics in Business Drawing upon the Implications of Australia’s Recent Problems with Ethics in Banking

This article discusses the importance of ethics in business, specifically drawing upon the implications of recent problems in Australia's banking sector. It explores how ethics can improve business operations, attract customers and investors, and contribute to a stable global economy.

Running Head: IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS
OF AUSTRALIA’S RECENT PROBLEMS WITH ETHICS IN BANKING 1
Importance of Ethics in Business Drawing upon the Implications of Australia’s Recent Problems
with Ethics in Banking
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IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS OF
AUSTRALIA’S RECENT PROBLEMS WITH ETHICS IN BANKING 2
Introduction
Business ethics is known to be the ability of an individual to make the right business
decision as well as abide by an individual’s moral values or corporate standards, even if the legal
structures might not cover such decisions. It simply refers to the idea of doing the right operation
even if it is not legally enforced by different regulations around the business community
alongside the authority of a given region (White, 2017). Mulvey (2015) recorded that morality of
business operations is determined through the capacity of the professional running it in order to
abide by some fundamental principles and let their moral obligations and standards guide them
when they face controversial concerns. Such concerns comprise of corporate social
responsibility, instances of bribery, together with discrimination among other factors. In the
Australian banking sector, business ethics remain to be of greater importance as the banks had
been undergoing through problems. For instance, the financial sector in the region had been
charging different fees to its customers for no service (Hijal-Moghrabi & Sabharwal, 2018).
Besides, banking in Australia recently charges dead people by taking money from their
respective accounts without the idea of their dependants. From the actions of different banking
managers and workers, it is clear that business ethics relate to the behavior of business
individuals within the business setting. Therefore, the primary target of this research paperwork
is to examine the importance of ethics in business by drawing upon the implications of recent
problems in Australia regarding ethics in the banking sector.
Importance of ethics in business
Though it cannot be decided as to what is ethical as well as unethical for all business
operations. Besides, society cannot presume that business persons need to follow the standards of

IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS OF
AUSTRALIA’S RECENT PROBLEMS WITH ETHICS IN BANKING 3
ethics. Ethical considerations in business are highly significant to the business managers as
individuals just like in banking sector within Australia that has recently faced different
operational issues. The need for having ethics in business had been the issue of great concern
even in ancient times when there were no banking sectors around the Australian community
(Berenbeim, R 2017). Every organization should have their morals guidelines together with
principles. Following business ethics has more advantages as it can assist individual banking
operators and those in different organizations to keep as well as attract more workers, investors,
along with customers. For instance, banking managers in Australia that possessed strong
business ethics undermined the potential operational dangers. They undermined such risks
towards the culture of the organization. Instead, ethics during the time enables workers at every
level of operation to make quicker decisions guided through by their skills of business ethics
(Seele, 2016). The other factors that guided how quick business operator can guide operation are
through an increasing rate of productivity together with their morale. Some of the importance of
ethics in business is that it enhances the survival rate of business operations. It also improves
how the business grows in the current competitive business setting. It also improves the
confidence and earning goodwill among operators. Besides, ethics is an essential element in
business operations that maintain the inter-relationship. The management acts as the case in the
banking sector where other banks had been ranked to be ethically moral by not overcharging or
fining their clients in any wrong way (Jackson & Palmer, 2015). Ethics in the business operation
of different banks when they faced the recent problems on operations act as the best technique
used to solve societal issues between bank managers and different customers around the
Australian community.

IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS OF
AUSTRALIA’S RECENT PROBLEMS WITH ETHICS IN BANKING 4
Ethics in every business operations correspond to different needs of society at large along
with customers, investors, and managers of a given organization. The fundamental desires of
each person are that they focus on aiming to be a section of the organization (Burcea & Croitoru,
2014). They need to be part of every organization that they can respect as well as be proud of in
terms of service delivery and provision of quality products. All these desires are because the
customers and other individuals around a give organization perceive their operations to be
ethical. Every individual around society is worse as to be linked with the organization that the
society gives more respect as the honest together with socially responsible corporation (Porter &
Ronit, 2015). For instance, in Australia banking sector several individuals decided to terminate
their accounts by withdrawing their money as they became unsure of their security. Besides, with
this importance of ethics, some managers of Australian were able to retail in their esteemed
customers. The HR managers of such Australian banks focused on fulfilling the basic needs of
responding to the desires of customers (Jordan & Gray, 2014). They responded to the different
needs of workers together with the fundamental requirements that they want to direct the ethical
banking sector.
Major aspects relating to ethical practices in business finance and how this practice relates
to the responsibilities in the global economy
The major aspect that relates to ethical practices in business finances ethics comprises of
leadership, workers ethics, and variation of ethics by different industry. The morals and beliefs
are the major aspects of ethics in the financial business (Rivera, 2016). They tend to offer a great
guide to the values, behaviors, together with decisions of the business setting along with the
individuals within the organization. Some of the basic ethical needs of any financial setting like

IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS OF
AUSTRALIA’S RECENT PROBLEMS WITH ETHICS IN BANKING 5
Australian banks that had undergone recent problems ethically are codified into different
categories (Forbes, 2017). Such categories comprise of law, regulations of the business
environment, minimum pay, and limitation aligned with collusion together with insider business
operation. These are just some of instances of the authoritative setting onward minimum
principles for business principles for business operators to be ethically moral in their operations.
Therefore, such practices relate to responsibilities in the global economy in several ways
(LeClair, 2018). For instance, ethics in Australia banking sector during the moment of the
problem in operations stood to be the major aspect that was concerned with moral judgment of
an individual about right as well as wrongdoings in their operations. The ethical practices relate
to the responsibilities in the global economy in that it brings significant benefits to the operations
of businesses. Berenbei (2017) denoted that ethical business practice is a vital element that
improves the attraction of customers to the products and services of a given company. It means
that ethics in business operations in global economy boost sales and amount of revenue an
organization earns. Besides, it makes different workers to desires to stay with the business.
Therefore, it relates to the responsibilities of a global economy that target at reducing the rates of
labor turnover and therefore aid in the enhancement of production rate within the financial
business sectors such as Australian banks.
Ethical practices help in improving operations of global companies hence leading to a
stable global economy. For instance, it improves the operations of different financial sectors as it
had been the case with Australian banks that had to suffer previously in their operations. It also
aids in improving how companies recruit and employ different workers (Mulvey, 2015). For
instance, ethics in business improve the rate of attraction of workers by aiding the company to

IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS OF
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attract huge workers that want to work for their business. Hence, through the implications of
ethics in business operations, the global economy can improve as most organizations can reduce
that amount of money that they spent on the recruitment process. Such reductions enable
different organizations such as Australian banking sectors to attract and recruit the most talented
and promising workers (White, 2017). Additionally, practices if ethics within the financial
business sector develop credibility in the public view. The idea will make global customers for
specific services or products to buy the service or products of the organization if they believe that
the organization is honest and is offering the value for their money. Therefore, the public
concern of such banking sectors is bound to be a success within the global setting (Forbes, 2017).
Due to such reason, just cola organizations can still spend large sum of capital in the process of
conducting their advertisements in present days to convince the public society that their products,
as well as services, are safe and accountable.
Conclusion
The focus of ethics in business is an essential factor that can help in improving operations
of different financial businesses that are constantly faced with different scandals. It can also
improve the ever-present negative concerns between the relationship of managers and workers. It
is apparent from the discussion that several aspects affect the extent to which individuals around
society are conscious of ethical considerations. The people in different financial sectors are
influenced by the desire to take mental shortcuts in the complex as well as demanding global
economic sector. Moreover, aspects that relate to business ethics practice relates to the
responsibilities in the global economy by attracting different investors by keeping different
banking sectors to share huge prices. The practices are vital in protecting the business operations

IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS OF
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among financial sectors from takeover hence improving productivity rates and returns in every
business operations.

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AUSTRALIA’S RECENT PROBLEMS WITH ETHICS IN BANKING 8
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