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  • Essay / Ethics: the foundations of good business - 674

    According to the Hutchinson Complete Encyclopedia, business ethics refers to the moral principles defining the way in which companies and professionals must act towards each other, towards their employees and towards the public. Some professions like law and medicine have clearly defined codes of professional ethics. In other areas, appropriate behavior has been established over time through practice. Business ethics involves the role of a business in our society. Complex and controversial areas of business ethics would include the effect of a petrochemical company's actions on the environment or a pharmaceutical company's obligation to make its medicines available to developing countries. As lobbyists and pressure groups become more powerful, businesses are forced to pay greater attention to corporate responsibility and business ethics (Business, 2009). Human Resource Issues A company's human resources are the most valuable and costly investment that can make or break a business. relation to its success. A major ethical issue facing the human resources department is discrimination. Unfortunately, discrimination is alive and well in our business environment today, having a major impact on local communities and organizations. One aspect of discrimination I have experienced or witnessed is the lack of respect and accommodation toward female workers, particularly in corporate America. In most cases, female employees tend to have lower salaries than men in the same position. Companies also don't cater to women when it comes to childcare issues and breastfeeding mothers returning to the workforce after maternity leave. Another aspect of discrimination prevalent in today's business environment is the treatment of older, middle-of-the-road employees without any consideration of the damage caused by software glitches in their cars and trucks. may cause harm to the safety of their customers. The company was accused of hiding this fact because a recall would cost millions. Conclusion It is necessary for businesses today to practice excellent business ethics. Ethics is the foundation on which good relationships are developed, it encompasses businesses dealing with their partners or associates, their customers and their employees. (2009). In The Hutchinson Unabridged Encyclopedia with Atlas and Weather Guide. Retrieved from http://www.credoreference.com/entry/heliconhe/business_ethicsTrevino LK & Nelson KA (2006) Managing Business Ethics. Let's Talk Frankly About Doing It Right (4th ed.) Hoboken, NJ John Wiley & Sons. Retrieved from https://ecampus.phoenix.edu/classroom/ic/classroom.aspx