Is ethical Business Good or Bad for Business Essay

Is honourable Business Good or Bad for Business - Essay ExampleThe researcher states that as recently as near a decade ago, most firms perceived business ethics in terms of compliance with the legal standards as well as their adherence to the midland regulations and rules only. In the present day business world, this situation has changed greatly. Attention to the business ethics has increased throughout the globe and many organizations have realized that they must earn their customers confidence and respect for them to attain remarkable success. Corporations like never before, are macrocosm encouraged, asked, as well as prodded towards improvement of their business practices in emphasizing ethical and legal behavior. Corporations, individuals, and professional firms are increasingly being held accountable for their operations, as business witness growth in demand for higher(prenominal) corporate social responsibility standards. Workplace ethics have been a very hot topic in the current business studies. In the American workers eyes, the market downturn can certainly be attributed to deceit and greed. However, there are some other additional factors for the growing discussion concerning ethical practices in the workplace and they include the executives parcel out regarding pay throughout multiple firms, there exist inequalities in pay from the individuals at the highest organisational levels to those below them. The discrepancy is frequently cogitate to custom and entitlement but not to performance. Second is the awareness of potential of falling off the slippery slope, whereby individuals have witnessed many people falling off from their levels. 3rd is the behavior of sports and academic heroes, particularly the recent Syracuse and Penn State Universities scandals, which surpass football fields to leadership at various levels in both institutions. last is an unpinning of the way individuals treat each other. Current political game has rhetoric of blam es making individuals assume that the society only cares about winning with civility being ruled out of winning (Lattal, 2012, p. 22). Answering the question whether ethical behavior is well or bad for business organizations is not an easy task. Unquestionably, ethical conduct makes a good sense of business. However, just as with all the other business studies issues, there exist two sides to this argument and this could be highlighted in the advantages and disadvantages of ethical business. Some of the benefits of ethical business include improvement in business and brand recognition and awareness, higher revenues- due to the demand from the positive consumer support, new fiscal sources such as from ethical investors, and better motivation and recruitment of employees. Arguments against ethical business present such disadvantages as higher costs like sourcing from the fair-trade suppliers preferably of lowest prices, dangers of creating false expectations, and higher overheads su ch as communication and training of ethical policies. These arguments form the basis of this physical composition. Focus is on establishing whether ethical business is good or bad for business entities and this shall be given from the literature review findings from which the writer shall draw strong points to support ethical business conduct/operations. Thus, this paper wishes to present ethical business conduct as being good for businesses. Literature Review Business ethics is one of the specialized ethics branches that centre on the application of moral standards to business behavior and organizations (Velasques, 1998). Being as such, business ethics cannot be comprehended separately from general ethics ideas and the jet ethical theories as well applying to the business ethics (Fritzsche & Becker, 1984 Hunt & Vitell, 1986 Lahdesnati, 2005 Schumann, 2001). The normative ethical theory present varied moral theories, which independently prescribe knack of the moral rules, which individual