Ethical Decisions in Business Essay - 2256 Words

Throughout the ages businesses have developed through technological advancements and innovative ideas but there has always been a common struggle that they are faced with, ethical decisions. Everywhere we look there is some level of ethical deterioration (Norman V. Peale, 1988), immoral millions made through inside trading information, a day hardly passes without the head of some major organisation who has been involved in some aspect of an ethical dilemma. This essay will break down why businesses struggle with ethical decisions but before examining such a sensitive issue we must understand what an ethical decision really is. Within the process of decision making, ethics are the personal standards of right and wrong. They become the basis†¦show more content†¦The element of outcome is an influencing factor in how ethical decisions are made, the theorists of fifty years ago such as Levitt(1958) and Friedman(1962) shared the view that the only outcome that is valuable to anal yse is whether the business made a profit or not (Gà ¶ran Svenssona, 2009). This is the approach many businesses still take to an extent today and is a reason for the struggle with ethical decisions and especially now with the arrival of such things as corporate social responsibility and corporate governance which point out the shift in the modern day business world. In order to apply some degree of sustainability into their everyday practises, businesses must work at becoming a good corporate citizen for long-term viability in their particular field so that their negative business reputation does not affect their dealings in the future. The question is does becoming a good corporate citizen conflict with the performance of the business. This is debateable, whichever way you turn there are arguments to be had and instances where profits could be made at the detriment of human ethics. Looking at this idea it becomes clear that making ethical decisions is increasingly difficult as i n some cases businesses must choose what they see as the greater importance and what they value more, profits and a successful business or human ethics. In business, the conflict betweenShow MoreRelatedEthical Decision Making in Business639 Words   |  3 Pagesbetween the demands of the workplace and those of their families and other personal responsibilities. In a bid to meet targets and other organizational goals and objectives, business executives in addition to traveling extensively also tend to dedicate long hours to office work. 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