Business Ethics and Responsible Management

BUSINESS ETHICS AND
RESPONSIBLE
MANAGEMENT

TABLE OF CONTENTS
PART 1............................................................................................................................................1
Introduction, nature of the ethical issue and the role of business in society...............................1
Identification of key stakeholders and the impact on them and examples of how ethical choices
have dis/benefited other businesses.............................................................................................1
Recommendations for Company emerging from analysis...........................................................3
Applying two ethical theories to the case study..........................................................................4
PART 2............................................................................................................................................6
Qualities recognised for ethical leadership and the creation of an ethical organisation..............6
REREFENCES................................................................................................................................8

PART 1
Introduction, nature of the ethical issue and the role of business in society
Gender pay gap is a kind of gap in which average difference between remuneration for
men and women who are working is high. It is one of the biggest ethical issue in which women
are generally paid less as compared to men. According to a survey conducted by gender pay gap
service of UK it was recorded that gender pay gap in UK is approximately 17.3%. This figure
clearly explains that women are paid 83p for every £1 which is paid to men (Hargrave and et. al.,
2020). In one way of the other, this pay difference is present in organization. Even in
organizations like Bank of England Gender pay gap is present whether it is in terms of salary,
quartile or in other terms. There are various factors because of which this difference in
organizations is increasing. There is no doubt that this gender pay gap within organizations is
reducing but still in one way or other it still exists within organizations. Business organizations
plays a vital role in society as they are the one who helps in shaping new norms of society in a
proper and appropriate manner. they also help in bringing change within perception of society in
terms of gender equality. But this existing gender pay gap issue is working as a barrier in
chancing perception of people in society. Gender pay gap is one of those ethical issue because of
which men in society thinks that they are superior from women as this gap exist in many large
organizations.
Identification of key stakeholders and the impact on them and examples of how ethical choices
have dis/benefited other businesses
Gender pay gap is one of the major concerns which is increasing continuously within
society. It is one of the main barriers for women in terms of career opportunities for them. Even
in large organizations like Bank of England this gap exist if not in terms of salary then in terns of
incremental bonus or in terms of quartile but it does exist. It is important for organization to
focus upon this issue from an ethical perspective of ethics (Wiedman, 2019). This is majorly
because it deals with fundamental issue of fairness for both men and women. Even if both men
and women do the same job or are on same post there is a difference between their payment. It is
completely unfair that men and women are paid differently for same work and for same
designation. If workload upon men and women is different or they have unequal jobs and then
they are paid differently then it is fair. It is a point of concern because this gender pay gap
practise of organizations affects perception, thinking and mentality of society is also impacted
1