Ethics Reflection

Ethics Reflections

STR 581

Ethics Reflections

Ethics in business are extremely important, as society will eventually have the say as to whether a business is successful or not. The stakeholders in businesses possibly will have to agree that profit margins may not be as high as they once were, but an insignificant increase in profit margin is still beneficial to them than no profit margin at all. The company’s stakeholders have a social responsibility to act for the good of the entire company, not just their own self-interests (Marquis, 2013). The needs of the stakeholder are no longer the most important needs of a business; they have to now stand alongside the ethical and socially responsible trading of the business.

Ethical responsibilities comprise of conduct that is not unavoidably classified into the law and might not assist the company’s immediate gains. Being honorable, company’s senior management should measure with justice, fairness and open-mindedness, consider the rights of employees, and offer a variety of treatments to employees only when variances between them are applicable to the company’s goals and tasks.  Dishonorable conduct occurs when choices enable an employee or company to gain expense of society. Ethical factors are gradually having an influence into the way businesses are run, as the businesses are scowled upon if there is little to no social responsibility. This creates a problem with stakeholders of businesses where it affects the profit. Over time businesses are expected to be more socially responsible than ever before and to implement ethical management and leadership styles. Now there are regulations in place to guarantee that all businesses are conducting and trading in an ethical and socially responsible manner. This involves handling employees fairly and obtaining products that have been grown or produced in an ethical way. 

Before rules and regulations were implemented, companies would simply look for the most...