KEY TERM and WHY YOU ARE INTERESTED IN IT
Ethics is the key term chosen this week to research, secondary to the significant relevance ethics plays in all aspects of life. As a child, it was emphasized what was right and wrong, good and bad, to be the best one can be, and to make sure the decisions that are made are based on a common set of values and principles. As an adult, the adherence to these values has played a fundamental role in my own success as a business leader in my profession.
EXPLANATION OF KEY TERM
The general definition of ethics is ”the discipline dealing with what is good and bad and with moral duty and obligation” (Satterlee, 2009, p. 48). Every culture in ...view middle of the document...
MAJOR ARTICLE SUMMARY
In the journal article, Implementation Mechanism of Ethics in Business Organizations, the authors identified that ethical behavior of organizations worldwide are important to the success of the organization. In addition to describing what ethics and business ethics were, the authors identified three main objectives that they covered in this article.
The first objective was to identify the effects of ethical behavior in businesses. They identified that ethical behavior would have an impact on both internal and external customers. The internal customers were the employees. Having a code of ethics increased employee satisfaction, which led to lower turnover, less absences, higher productivity and an increase in responsiveness from the employees. The external customers are those that purchase the goods and services from the business. A code of business ethics will increase the loyalty from the customer.
The second objective suggested a code of business ethics that could be used in businesses. This article listed seventeen business ethics. Some of the ethics were related to Islamic law, while others were general business ethics that could be universal among all business sectors.
The third objective was to recommend ways to implement these codes in businesses. It was suggested that the implementation of the code of business ethics could implemented based on threats of legal action by the government, but would require the government to develop a law that would require businesses to establish and implement a code of ethics. Other options to implement could be left to the organization to voluntarily develop and implement the code or have a monitoring system set up by the government to ensure implementation.
The conclusion of the article identified that good ethical practices of organizations would ultimately benefit the organization, but would need proper implementation of the code of business ethics. With the development of the code of ethics and the proper implementation, the organization would have satisfied stakeholders. These stakeholders would include the customer, employees, business partners, and investors. Each one of these stakeholders would in effect build a better reputation for the organization, thus ensuring its success.
This article related nicely to the key concept on ethics. The article began with a broad definition of ethics, and then narrowed its scope to business ethics, and the importance of implementing a code of business ethics in an organization. This week’s module was an introduction to globalization, which is the study of economics and societies becoming more integrated, requiring global businesses to have a better understanding of the country in which they choose to do business with. Part of the knowledge needed to conduct business in another country is the understanding of the culture. One of the dimensions of culture is ethics. This article studied the effects of...