The Penny
Whether made in business, politics, science, or sports, most decisions are judged as either right or wrong, ethical or unethical. Regardless of what an individual believes about a particular action, if society judges it to be unethical or wrong, whether correctly or not, that judgment directly affects the organization's ability to achieve its business goals. For this reason alone, it is important to understand business ethics and recognize ethical issues.
social responsibility, an organization's obligation to maximize its positive impact on stakeholders and to minimize its negative impact. Philosophers increased their involvement, applying ethical theory and philosophical analysis to structure the discipline of business ethics. Companies became more concerned
Bowie contends that when a business also cares about the well-being of stakeholders, it earns trust and cooperation that ultimately reduce costs and increase productivity.24
Much evidence shows that social responsibility, including business ethics, is associated with
increased profits The opportunity that employees have for unethical behavior in an organization can be eliminated through formal codes, policies, and rules that are adequately enforced by management. For example, financial companies
Company Q is a small local grocery store chain located in a major metropolitan area. They have recently closed a couple of stores in higher-crime-rate areas of the city, reportedly because these two stores were consistently losing money. After years of requests from customers, all of their stores have started offering a very limited amount of health-conscience and organic products—all of which were high margin items. When asked by the area’s food bank for donation of day-old products, management declined deciding instead to throw the food away, citing worries over lost revenues due to possible fraud and stealing by employees who might say they are donating the food.
.
Kristine Saboff
WGU
social responsibility, an organization's obligation to maximize its positive impact on stakeholders and to minimize its negative impact. Philosophers increased their involvement, applying ethical theory and philosophical analysis to structure the discipline of business ethics. Companies became more concerned
Bowie contends that when a business also cares about the well-being of stakeholders, it earns trust and cooperation that ultimately reduce costs and increase productivity.24
Much evidence shows that social responsibility, including business ethics, is associated with
increased profits The opportunity that employees have for unethical behavior in an organization can be eliminated through formal codes, policies, and rules that are adequately enforced by management. For example, financial companies
Company Q is a small local grocery store chain located in a major metropolitan area. They have recently closed a couple of stores in higher-crime-rate areas of the city, reportedly because these two stores were consistently losing money. After years of requests from customers, all of their stores have started offering a very limited amount of health-conscience and organic products—all of which were high margin items. When asked by the area’s food bank for donation of day-old products, management declined deciding instead to throw the food away, citing worries over lost revenues due to possible fraud and stealing by employees who might say they are donating the food.
.
Kristine Saboff
WGU