Question

write an essay stating to which extent do you support the role of ethics in the 21st century?

Answer 1

Studying business ethics is important for many reasons. Recent incidents of unethical activity in business underscore the widespread need for a better understanding of the factors that contribute to ethical and unethical decisions. Individuals’ personal moral philosophies and decision-making experience may not be sufficient to guide them in the business world. Studying business ethics helps you begin to identify ethical issues and recognize the approaches available to resolve them.

An individual’s personal moral values are only one factor in the ethical decision-making process. True, moral values can be applied to a variety of situations in life, and some people do not distinguish everyday ethical issues from business ones. Although truthfulness, honesty, fairness, and openness are often assumed to be self-evident and accepted, business-strategy decisions involve complex and detailed discussions. Many people with limited business experience suddenly find themselves making decisions about product quality, advertising, pricing, sales techniques, hiring practices, and pollution control. The values they learned from family, religion, and school may not provide specific guidelines for these complex business decisions.

The twenty-first century ushered in a new set of ethics scandals, suggesting many companies had not embraced the public’s desire for higher ethical standards. The Sarbanes–Oxley Act stiffened penalties for corporate fraud and established an accounting oversight board. The Dodd-Frank Wall Street Reform and Consumer Protection Act were later passed to reform the financial system. The current trend is away from legally based ethical initiatives in organizations and toward cultural initiatives that make ethics a part of core organizational values.

One difference between an ordinary decision and an ethical one lies in “the point where the accepted rules no longer serve, and the decision maker is faced with the responsibility for weighing values and reaching a judgment in a situation which is not quite the same as any he or she has faced before.” Another difference relates to the amount of emphasis decision makers place on their own values and accepted practices within their company. Consequently, values and judgments play a critical role when we make ethical decision.

In today’s 21stcentury, every business has its provocations when it comes to operating a business, when it comes to financial gain, while on the other hand being an admirable corporation to the citizen, negotiating with employees, consumers and distributors; while being courteous and appreciative. When a business is known to participate in unethical behavior, the business’s reputation is degraded, sometimes beyond repair. This study will analyze Wal-Mart’s corporation formation and values, by integrating the use of imperative benevolence, charitable retailing, feasibility, common morale, stock owners and worldwide overview based on Wal-Mart’s business customs and how it has strived to create awareness of the importance by implementing corporate social responsibility customs.

“Business managers understand that the integrity and respect that is conducted in the workplace determines the success, or failure of that business (Snider, Hill & Martin, 2003).” The core of every business is its employees. Business managers are conducting business on a more ethical scale, in order to deter employee turnover. Wal-Mart is one of the largest retail corporations known nationwide. This company alone employs hundreds, if not thousands of employees each year, so in turn, each employee possesses different moral values, ethics, and prejudice; which make each employee incomparable by generating an environment that is geared towards that particular business. It is imperative that business managers realize that their employees are different and their indifference can assist, or harm their efficiency in the workplace. “The overall view of a business is to assist the managers in utilizing the employees to improve business and consumer relationships and eventually the business