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Dry. Paul Sam 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 owe 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 many 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 middling 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 inexpensive option but now they have to hire employees who are treated fairly, who are paid a minimum wage that is considered reasonable.
Also, companies will need to supply their products from reliable and well-managed sources. These factors clearly affect profit margins, but it is seen as good practice to be socially responsible. The public image is now about fairness, how many people they will deal with, suppliers who they will purchase from and being a company who will act fairly and treat their employees and suppliers well.
While completing the Ethics Awareness and Ethical Choices in the Workplace assessments, my answers reflected my ethical profile aligned more with character and less with equity. During these assessments, I have learned that I hold a group or company more liable for the ethics of the company versus holding individuals liable for the company’s ethics. I have realized that everyone has a different prospective of ethics ND what is right and wrong for the company. My ethical views have changed where it has made me more patient and work better with coworkers.
I have improved my communication where I communicate more effectively with everyone that is involved in a project I am working on. Previously I used to like working on projects alone and not ask for help because I feared that something would not get done right or in a Reference Marquis, A. (2013). The Business Meaning of Social Responsibility of Stakeholders. Retrieved from http://smelliness’s. Chronic. Com/business-meaning- social-responsibility-stakeholders-25516. HTML