The Importance of Ethics and Values in Business...

Business Management Research Assignment (chapter 5 11) Q1: The importance of ethics and values in business sustainability: Ethics has to do with an individual’s judgment and their morals. Their ethics help us determine right from wrong. â€Å"Values are attitudes towards things like truths, justice, honesty etc.†( Nieuwenhuizen, Oosthuizen Drotskie 2012:95) Ethics and values are important within a business organisation because they influence morals and decisions within an organisation and need to be present in order to promote business sustainability. The decision to behave ethically is a moral decision and employees need to decide what is right and wrong in the organisation even though the decisions may be difficult it still needs to be†¦show more content†¦Ã¢â‚¬ ¢ Workers will want to stay in the organisation which will reduce turnover and increase productivity. †¢ Employees from other companies will be interested in working for your organisation. The organisation will have more talent to choose from which will increase the potential for productivity and therefore promote sustainability. †¢ Investors will be more interested in the organisation and this will protect the organisation from being taken over and by doing this the business organisation is cemented as a whole and sustainable. †¢ Assets protected-if workers abide by the ethics of the workplace then they’ll respect and protect the organisations assets. An example is if workers respect the workplace and are governed by morals then they wouldn’t make personal long distance calls with the company’s resources and this would ensure the organisation stays sustainable. Another example could be if employees abuse the workplaces internet by always using the Wi-Fi and downloading personal things, this is an example of not protecting the organisations assets and being unethical towards the organisations resources rendering the business unsustainable. Ethics and values are very essential, customers and other companies don’t want to do business with an organisation that is dishonest and employees don’t want to work for an untrustworthy company. If values and ethics aren’tShow MoreRelatedThe Importance of Ethics and Values in Business Sustainability1050 Words   |  4 PagesTHE IMPORTANCE OF ETHICS AND VALUES IN BUSINESS SUSTAINABILITY What are Ethics and Values? Ethics are the principles that regulate the conduct of an activity and values are the judgement of what is important in life. Businesses are often tempted to make short‑term gains by turning a blind eye to what’s right. Despite codes of conduct, regulatory omission and ever‑increasing public pressure, many firms routinely ignore ethical considerations. Some even claim that a business simply needs to abide byRead MoreThe importance of ethics and values in business sustainability. Before explaining the importance1000 Words   |  4 Pages The importance of ethics and values in business sustainability. Before explaining the importance of ethics and values in business, we have to define the following: Ethics: The ability of an individual to distinguish their moral judgements about right and wrong. Values: These are the moral standards and principles that a person considers to be important. They work hand in hand with ethics. Sustainability: meeting the challenges of ensuring that future generations can enjoy the same kind of lifestylesRead More1.1 Explain the importance of ethics and values in business sustainability To understand the1600 Words   |  7 Pages1.1 Explain the importance of ethics and values in business sustainability To understand the importance of ethics and values in business sustainability we have to understand the meaning of both ethics and values within a business. 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Thierry Pilenko said that â€Å"It is in the power of the leaders, stakeholders and employees to make sure that the ethics are the core values in order to maintain good reputation†Read MoreThe Bureaucratic Approaches Of Leadership1525 Words   |  7 Pagesand transformation. â€Å"Ethics is understood as reflecting on and recommending concepts of right and wrong behaviour† (Clegg, Kornberger Pitsis 2011, p. 404). In businesses now days it seems as though the financial aspect and ethical conduct can not be united, therefore, one aspect must be compromised for the other one to be achieved successfully. As a leader in the post-bureaucrat ic era it is important to find that balance between the financial and ethical aspects of the business. 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Sustainable development recognizes the importance of economic wealth, environmental integrity, and social balance (Gladwin et al. 1995, cited in Gao and Bansal,2013). Environmental integrity recognizes the value and the limits of natural resources and social balanceRead MoreTable of content 1. Introduction 2. Importance of values and ethics in the business †¢ Ethical1200 Words   |  5 PagesIntroduction 2. Importance of values and ethics in the business †¢ Ethical conducts in organisations 3. Importance of leadership in the success of business Introduction â€Å"Ethics can be defined as moral principles that govern or influence a person’s behaviour and values are the context in which an organisation or society’s norms are established and justified† (buzz text book).Ethics are the guidelines helping us tell the difference between the is wrong and right. Most people are encouraged by ethics to normallyRead MoreWhat is Business Ethics?741 Words   |  3 Pages In today’s business world businesses face the challenge of doing the right thing over doing the profitable thing more than ever before. For many years the sole purpose of business was to be make profits for the shareholders. This view has now been changed. The propriety of business actions is being challenged by the modern day consumer. One of the major issues or opportunities (depending on which way one may see it) is the issue of ‘going-green’. Consumers in today’s society have access to a largeRead MoreLeadership Practices in The Post-Bureaucratic Era1575 Words   |  7 Pagesera. World Commission on Economic Development(WCED) defines sustainable development as development that satisfies the needs in the present as well as in the future (Bansal 2005). Business is considered as an aspect of the society as a whole (Evans 1992) and it can be seen that the society is more concerned about ethics,law and regulations,thus a more sustainable management style is widely applied in the post-bureaucratic era. In the first section,I draw upon Cameron and Caza (2004),Mackey (2011) The Importance of Ethics and Values in Business... THE IMPORTANCE OF ETHICS AND VALUES IN BUSINESS SUSTAINABILITY What are Ethics and Values? Ethics are the principles that regulate the conduct of an activity and values are the judgement of what is important in life. Businesses are often tempted to make short‑term gains by turning a blind eye to what’s right. Despite codes of conduct, regulatory omission and ever‑increasing public pressure, many firms routinely ignore ethical considerations. Some even claim that a business simply needs to abide by the law without concerning itself with broader ethical issues. Yet such disregard can undermine the wider economy and, in time, cause irreversible destruction. Lessons must be learned from the corporate disintegrations of the past decade: short-sighted strategies can create lucrative companies, yet magnificent initial outcomes may turn out to be unsustainable. There is a strong business case for running companies in an ethically responsible way. A socially and environmentally ethical approach ensures a company’s ability to thrive in the long‑term by protecting its reputation, its license to operate, its supply chain, its relationships with partners. It’s about avoiding corporate collapse. While some firms consistently fail to consider ethical factors, others have given themselves a competitive edge by establishing strong credentials in this area. When we talk about sustainability, we talk about being able to maintain the company at a certain rate or level, this is really aboutShow MoreRelatedThe Importance of Ethics and Values in Business Sustainability1326 Words   |  6 PagesBusiness Management Research Assignment (chapter 5 11) Q1: The importance of ethics and values in business sustainability: Ethics has to do with an individual’s judgment and their morals. Their ethics help us determine right from wrong. â€Å"Values are attitudes towards things like truths, justice, honesty etc.†( Nieuwenhuizen, Oosthuizen Drotskie 2012:95) Ethics and values are important within a business organisation because they influence morals and decisions within an organisation and need toRead MoreThe importance of ethics and values in business sustainability. Before explaining the importance1000 Words   |  4 Pages The importance of ethics and values in business sustainability. Before explaining the importance of ethics and values in business, we have to define the following: Ethics: The ability of an individual to distinguish their moral judgements about right and wrong. Values: These are the moral standards and principles that a person considers to be important. They work hand in hand with ethics. Sustainability: meeting the challenges of ensuring that future generations can enjoy the same kind of lifestylesRead More1.1 Explain the importance of ethics and values in business sustainability To understand the1600 Words   |  7 Pages1.1 Explain the importance of ethics and values in business sustainability To understand the importance of ethics and values in business sustainability we have to understand the meaning of both ethics and values within a business. Ethics are defined as principles in which are moral that help guide business on how to act ‘ethically’ as well as an individual’s actions and behaviour to do tasks, assignments and work within a business organisation with integrity, determination and the drive to achieveRead MoreIntegrating Sustainable Business Practices to an Organization1567 Words   |  6 Pages In today’s world of business the role of leadership team has been to integrate sustainable business practices into the organisations and ethics are key agenda items (Smart et al., 2010).Businesses can be tempted to make short-term gains by turning a blind eye to ethics that will lead to the loss of reputation (Barman et al.,2010). Thierry Pilenko said that â€Å"It is in the power of the leaders, stakeholders and employees to make sure that the ethics are the core values in order to maintain good reputation†Read MoreThe Bureaucratic Approaches Of Leadership1525 Words   |  7 Pagesand transformation. â€Å"Ethics is understood as reflecting on and recommending concepts of right and wrong behaviour† (Clegg, Kornberger Pitsis 2011, p. 404). In businesses now days it seems as though the financial aspect and ethical conduct can not be united, therefore, one aspect must be compromised for the other one to be achieved successfully. As a leader in the post-bureaucrat ic era it is important to find that balance between the financial and ethical aspects of the business. In this essay I willRead MoreThe Impact Of Corporate Politics On The Corporate World Essay1526 Words   |  7 PagesOver the years, the corporate world has been and continues to be plagued with high profile scandals and unethical business practices on the pretext of creating social and business values. For most global companies, corporate social responsibility and sustainability have become mere watchwords despite the fact they claim being their prominent company agendas. The reality is companies are too blind and ruthless to draw lessons from the past. Exxon’s Climate change controversy(1980’s), Nike’s sweatshopRead MoreSustainability : A Long And Mixed History Essay1545 Words   |  7 Pagesthat businesses require re-thinking and thus each business should apply the concept of sustainability which is a common term used in business ethics. Sustainability has a long and mixed history due to its importance (Crane and Matten, 2007). Sustainable development recognizes the importance of economic wealth, environmental integrity, and social balance (Gladwin et al. 1995, cited in Gao and Bansal,2013). Environmental integrity recognizes the value and the limits of natural resources and social balanceRead MoreTable of content 1. Introduction 2. Importance of values and ethics in the business †¢ Ethical1200 Words   |  5 PagesIntroduction 2. Importance of values and ethics in the business †¢ Ethical conducts in organisations 3. Importance of leadership in the success of business Introduction â€Å"Ethics can be defined as moral principles that govern or influence a person’s behaviour and values are the context in which an organisation or society’s norms are established and justified† (buzz text book).Ethics are the guidelines helping us tell the difference between the is wrong and right. Most people are encouraged by ethics to normallyRead MoreWhat is Business Ethics?741 Words   |  3 Pages In today’s business world businesses face the challenge of doing the right thing over doing the profitable thing more than ever before. For many years the sole purpose of business was to be make profits for the shareholders. This view has now been changed. The propriety of business actions is being challenged by the modern day consumer. One of the major issues or opportunities (depending on which way one may see it) is the issue of ‘going-green’. Consumers in today’s society have access to a largeRead MoreLeadership Practices in The Post-Bureaucratic Era1575 Words   |  7 Pagesera. World Commission on Economic Development(WCED) defines sustainable development as development that satisfies the needs in the present as well as in the future (Bansal 2005). Business is considered as an aspect of the society as a whole (Evans 1992) and it can be seen that the society is more concerned about ethics,law and regulations,thus a more sustainable management style is widely applied in the post-bureaucratic era. In the first section,I draw upon Cameron and Caza (2004),Mackey (2011)