What is Business Ethics?
Simply put, ethics involves learning what is right or wrong, and then doing the right thing — but “the right thing” is not nearly as straightforward as conveyed in a great deal of business ethics literature. Most ethical dilemmas in the workplace are not simply a matter of “Should Bob steal from Jack?” or “Should Jack lie to his boss?”
(Many ethicists assert theres always a right thing to do based on moral principle, and others believe the right thing to do depends on the situation — ultimately its up to the individual.)
Values which guide how we ought to behave are considered moral values, e.g., values such as respect, honesty, fairness, responsibility, etc. Statements around how these values are applied are sometimes called moral or ethical principles.
So What is “Business Ethics”?
generally its coming to know what it right or wrong in the workplace and doing whats right — this is in regard to effects of products/services and in relationships with stakeholders.
there is no clear moral compass to guide leaders through complex dilemmas about what is right or wrong. Attention to ethics in the workplace sensitizes leaders and staff to how they should act. Perhaps most important, attention to ethics in the workplaces helps ensure that when leaders and managers are struggling in times of crises and confusion, they retain a strong moral compass.
Two Broad Areas of Business Ethics
1. Managerial mischief. “managerial mischief” includes “illegal, unethical, or questionable practices of individual managers or organizations, as well as the causes of such behaviors and remedies to eradicate themMore often, though, business ethics is a matter of dealing with dilemmas that have no clear indication of what is right or wrong.
2. Moral mazes. The other broad area of business ethics is “moral mazes of management” and includes the numerous ethical problems