Ethics in Business: The Importance of Embracing Ethical Principles

Topical Debate and
Reflection
(There is no ethics in business, “the business of a
business is business”)

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
There is no ethics in business, "the business of a business is business”......................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
The current debate topic is about the Ethics in business which undertake the study of
suitable business policies and practices considering the potential controversial subjects including
corporate governance discrimination corporate responsibility and fiduciary responsibilities
(Cater, Collins and Beal, 2017). The law prominently set the suitable tone of Ethics in business
by providing the basic guideline which business need to choose to follow up in order to gain
public approval. For this debate the concerning argument is for the Ethics in business within the
operations of business regarding the growth and success of an organisation.
MAIN BODY
There is no ethics in business, "the business of a business is business”
It is important that every organisation need to follow and consider Ethics in business as it is
important to embrace and accept the prominent principles rules and Standards for deciding what
is right and wrong in order to carry forward the business.
Rules and procedures for how a firm should be operated are established by the federal and
state governments. Large fines and other penalties are frequently imposed on businesses that fail
to meet federal and state regulations. Larger corporations may conclude that breaching the law
and paying the fines is less expensive than the financial gain obtained by breaching the law
(Faugère and Gergaud, 2017). Consistently breaching the law, on the other hand, can result in
costly legal fights that offset the initial gain.
Employee performance is negatively impacted by a lack of ethics. Employees are sometimes
so focused on getting ahead and gaining money that they overlook procedures and policy. This
can result in additional paperwork and thoughtless mistakes, requiring the task to be redone.
Employees who believe that operating ethically and following the rules would not help them
advance in the company may experience a lack of motivation, which can lead to a drop in
performance.
When a company’s lack of ethics becomes public awareness, it loses credibility. While some
organisations are able to survive public awareness of a lack of ethics through rebranding and
advertising campaigns, many others lose a significant portion of their consumer base. Even if a
company recovers from news about its lack of ethics, restoring its image and consumer