Question

Using Exodus 23:1-9 write a 500-word response on how the Bible guides us in the area of ethical problems in business. Provide and explain relevant workplace examples.

Answer 1

Governments across the world have supported business growth through favorable policies and tax incentives among other privileges and allowed them to benefit inexpensive labor. But the increasing resource depletion has put a question mark on the sustainability of business practices. Some corporates may also try to take the unethical routes when in face of stiff competition. Business ethics are the professional or applied ethics, and the set of principles/rules that guide the businesses and help them regulate their practices, policies, and behavior. Business ethics and its practice ensure that trust exists between the market participants, businesses, and consumers and the most controversial of issues including discrimination, bribery, corporate governance, and corporate social responsibility among others are addressed. Bible guides us in the area of ethical problems concerning businesses and helps corporate be fair and just in their dealings internally and externally.

Servitude

The most brilliant and prominent business leaders have the belief that the main purpose of businesses is not to make profits only, but also address the needs of consumers. Serving others is a basic goal and principle of new and old Testament. The same is evident in the sayings of Jesus “Do unto others as you would have then do unto you”. The principle of the Bible is now followed by all corporate in areas including employee benefits and customer service among others.

Principle of Stewardship

This particular principle of the Bible rests on the belief that abundant resources of the world have been created by God for the benefit of all of mankind. Corporates also carry out the stewardship and develop and model the resources so that they can offer the best benefits to others including customers, shareholders, and partners. Stewardship by business corporates takes cognizance of both quantity of revenues and the quality of products to deliver better sales and performance. Corporates may also forgo profits and shun negative business activities while following business ethics. They can refrain from creating/selling products or services that may harm the consumers even when they are popular when guided by the ethical principles. For instance, the CVS pharmacy chain discontinued the sale of tobacco products and cigarettes and let go around 2 billion of annual revenue as a matter of ethical principle.

Accountability

The principles of the Bible and its approach towards a more ethical and disciplined behavior also have certain quantitative aspects and the business operates policies to incorporate these as well. These principles may be reflected in areas like calculation of fair value earning multiplication and use of death among others. Businesses use these principles to provide to the investor positive indicators for assessing performance and for discharging their financial. These principles are being followed by corporates and investors in the real world. For instance, Peter Lynch, the fund manager of the Fidelity Magellan Fund has more confidence in good and ethical management. Warren Buffett invests in incorporates that he can understand easily and which do not have lots of debt.

Sustainability

Companies are required to donate at least some part of their profits towards sustainability (CSR or Corporate Social Responsibility) practices which may involve programs that improve the environment and society. The Bible also says that farmers should give their land a complete rest in the 7th year of their use. Bible says that the land should not be abused but should be treated with due respect. Tree plantation has been encouraged by various religions including Christianity, Judaism, and Hinduism among others. Corporate projects and programs reflect these values. Etnies started its project by the name “buy a shoe plant a tree” in the year 2011. Trinity Oaks, a wine producer, plants a tree with every bottle of wine sold. Numerous businesses undertake forest conservation and tree plantation activities for making the earth greener.

The Bible principles also extend to business ethics in many different areas. These include caring for the poor, not discriminating against strangers, fair treatment of all including employees, timely payment of wages and fringe benefits. Maintaining stable and honest prices, and avoiding deceptive or fraudulent acts and practices have always been a goal of religions and the Bible. Apart from laws, of the land business ethics also guide the same. Business ethics value honesty in areas including carrying out of responsibilities, negotiations, and selling among others.