Business Ethics Essay: Stakeholder Issues, Challenges, and Solutions

This essay delves into the multifaceted realm of business ethics, examining the moral standards that govern organizations in the modern world. It begins by defining business ethics and its relevance in addressing issues of justice, fairness, and equality within the workplace. The essay then discusses various types of business ethics issues, including those in finance, corporate strategy, and stakeholder relations. It highlights the importance of considering stakeholders and the ethical dilemmas that arise when focusing solely on shareholder wealth maximization. The essay also identifies challenges related to immoral management practices, code of conduct implementation, and the impact of financial pressures on ethical behavior. It concludes by emphasizing the significance of discipline, unity, mutual trust, and promoting an ethical work culture to achieve organizational success. References to relevant academic sources are also included.

Running head: BUSINESS ETHICS
BUSINESS ETHICS
Name of the Student
Name of the University
Authors note

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BUSINESS ETHICS
Table of Contents
Introduction..........................................................................................................................2
Discussion............................................................................................................................2
Business Ethics Issues.....................................................................................................2
Stakeholders and ethical issues........................................................................................2
Challenges in the issue.....................................................................................................3
Mistakes...........................................................................................................................3
Consideration to avoid mistakes......................................................................................3
Conclusion...........................................................................................................................4
References............................................................................................................................5

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Introduction
The standards of morality that apply in modern societies by any organization to generate
and distribute products and services and security to the employees working in the organization
are generally defined as Business ethics. It scrutinizes the problems and issues faced by the
employees, which can include questions of justice, fairness, and equality.
Discussion
Business Ethics Issues
Business ethics issues are of several types, which vary with every area of working and in
every department, it has a different issue as in financial and accounting issues has a considerable
risk of bribery cyber frauds and corruption, as well as the toxicity of the value and takeover of
hostiles, are also prevalent. Another issue that organizations face is a corporate strategy like
which kind of plant and technology will be selected or how stakeholders are making strategies,
so to restore the friendly relation among them with politics is a big issue as well(Carrieri et al.,
2018).
Stakeholders and ethical issues
The stakeholders are the people that are directly or indirectly involved in a company so
they can be either an individual or a group of people, Any changes in the organization will affect
the stakeholder, so it's opinion must be taken in the account in the function of an organization
they raise the issue of business ethics in terms that when function on a single objective the
shareholders became the purpose of wealth maximize it excludes the stakeholder, and this results
in an imbalance in benefits that organization receives(Crane et al., 2019).

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Challenges in the issue
The great challenge that can be faced in this is immoral management related to practices,
policies, decision making, and leadership. The proper management is on the leadership of ethical
code.
Mistakes
Mistakes that are often be made by organizations while addressing these issues can be
several first for example is the code of conduct are there to be made sure that a company is
sticking to it, It should not be framed or set in the cupboards, but for better growth and
development it should be discussed in meetings as well as practiced in between the
employees(Hisrich & Ramadani, 2017).
Consideration to avoid mistakes
Another mistake is that to meet compliance, the company often ignores the culture, and
thus putting off to the ways or shortcuts and manuals that should be followed are not. The
financial status of the company makes them focused on how much revenue is being generated by
the company, and they start only focusing on the bonuses and incentives which may violate their
ethical and integrity circles, there is a significant responsibility on the upper management to take
their teams forward by acting upon their schemes and schedule but what happens is contrary the
schedules and decisions taken by the officials will remain in black and white and do not followed
by them, and they expect everyone to follow them that give life to' Do as I say not as I do'
(Trevino & Nelson, 2016).

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Conclusion
In conclusion, the values of discipline, unity, and mutual trust can make an organization
successful. It needs to be focused that the organization will be benefitted when the employees
don't concise over their needs only but to promote the ethical culture of working.

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References
Carrieri, D., Jackson, L., Bewshea, C., Prainsack, B., Mansfield, J., Ahmad, T., ... & Kelly, S.
(2018). Ethical issues in genomic research: Proposing guiding principles co-produced with
stakeholders. Clinical Ethics, 13(4), 194-198.
Crane, A., Matten, D., Glozer, S., & Spence, L. (2019). Business ethics: Managing corporate
citizenship and sustainability in the age of globalization. Oxford University Press, USA.
Hisrich, R. D., & Ramadani, V. (2017). Business Ethics, Social Responsibility and
Entrepreneurial Managers. In Effective entrepreneurial management (pp. 179-201). Springer,
Cham.
Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to do
it right. John Wiley & Sons.

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