In order to make a profit, companies sometimes make decisions that aren’t ethical. This could be intentionally deceiving customers in order to make a profit, or it could be manufacturing in a way that destroys the environment, for example. Other companies might hurt fellow workers, mistreat employees and mislead investors. In carrying out a business, a company needs to have a set of moral standards that are written into the company’s code of ethics. [“Write my essay for me?” Get help here.]
Principles and moral codes need to be formulated so a company carries out its business ethically. These codes have to go beyond simplicity and deal with the macro issues. Currently, a code of ethics is simply in place at many companies for the very reason that they can say they have a code of ethics. But these codes aren’t always far-reaching. For example, they could cover in-house issues such as respect for the property of coworkers, honoring contracts and personal honesty. But this traditional way of compiling a code of ethics doesn’t consider the many issues that develop when dealing with the public and the environment.
Some people might argue that there are checks and balances to ensure that companies aren’t breaking the ethical code. These companies would say that what they are doing isn’t overly unethical, that it is necessary for the production of a much-needed good. The people who are working can leave at any time if they don’t like it here; Our customers know the product they are buying and they should use their own judgement about whether the product is worth purchasing; Our shareholders knew they were taking a chance when they purchased our stock; Those who are concerned with the environment are overly protective tree huggers, the unethical business owners would say.
All of the arguments are weak, as they are all deceitful. The anti-environment argument was strong through until the mid-1990s. Then it was proven that these “tree huggers” were actually on to something. Until very recently, companies showed little regard for their operations’ effect on the environment. These companies knew that what they were doing couldn’t be ethical. Officials witnessed the sludge that was being poured into lakes, rivers, streams and oceans, but if they didn’t dispose of this muck in a cost-effective way, they would be cutting into profits. Fortunately there are now checks on these companies to ensure they aren’t blatantly polluting the world. But there is still clearly corruption among corporations throughout the nation. The companies that claim they need to be unethical in order to achieve the most profits are deliberately leaving out an encompassing code of ethics. It is particularly easy for non-public companies to do, because they aren’t under the close watch of public scrutiny. < Click Essay Writer to order your essay >
In order to balance profits and ethics, business managers need to look long and hard at what stakeholders are affected by the decisions the company makes. There needs to be clear rules about how the business will conduct itself in certain situations, but there also needs to be general guidelines that the company can fall back on when it has to deal with an unanticipated situation. The argument that a company should just do what is right is not far-reaching enough, as it is too vague. Managers need to be specific about the way it will interact with the stakeholders and environment around them. The ethical culture of business has come a long way since its early days of mass pollution and little regard for the customers it serves. Fortunately the free-market principles have provided much competition and companies now need to meet or exceed standards to retain and attain customers. Business ethics has reached a point where being ethical is now a way to make profits, instead of being a hindrance. [Need an essay writing service? Find help here.]