Business Ethics in the Business World Essay Example | Topics and Well Written Essays - 1750 words - 1

Business Ethics in the Business World - Essay Example However, the aim of business ethics is to encourage the business leaders to strive to achieve ethical perfection and to not be put off by the fact that ethics could not be always 100% applied in every area and decision-making process. This essay aims at scrutinizing the role played by business ethics and illuminating multiple ways by which it works to enhance a business’s functionality. Essay Acknowledging the importance of ethical standards in the business world is highly important because ethics form the foundation of all successful and reputable businesses around the globe. Any business lacking ethical principles is bound to crash sooner or later. It is critically important that business organizations take maximum advantage of this ideology. The role of ethics in every way of life is indisputable which is why discussing it also remains highly important in the context of business. General consensus is that even businesses started with a prodigious sum of investment could dra stically fail if decisions are made without paying considerable attention to the role of ethics. Therefore, it is crucially important to acknowledge the role of ethics while designing business strategies, managing workforce, and satisfying customers because it is the ethical principles which primarily direct businesses in the right direction and illuminate which elements need to be curbed in order to avoid failure. Most of the business practices and changes fail to be incorporated seriously because the responsible people do not know much about the ethical rules which should be followed as a way of ensuring foolproof implementation. This essay is primarily based on contemplating the nature of role played by ethics in the business world in addition to evaluating the extent to which it regulates the solidarity and strength of a business. (Texans Credit Union, n.d.) The above figure demonstrates different components of Texan's Credit Union's business ethics strategy which promotes one u nified message: "Do the right thing" (Texans Credit Union, n.d.). Texans's Credit Unions is a successful company based in Texas and it is easy to appreciate from the above figure that business ethics promote shared values, organizational commitment, motivation, good conduct, positive leadership and operating practices, communication hotline, and vision in an organization. It also helps in eliminating the excessive use of power by the employers because it makes them realize that employees form one of the most important stakeholders for the business who invest long hours of gruel work to manage the consequences of every decision and policy. In the absence of ethics, businesses are readily exposed to both internal and external chaos. The leaders who reject the notion of ethics prefer to lead employees with force and violence and often act as tyrants depending on the use of intimidation and threats. Such a negative attitude rips the talented workforce off of motivation, dedication, and work commitment and business ethics work to just reverse this condition. Much research has been done to evaluate the nature of influence exerted by authoritativeness on ethics and it is revealed that negative leading styles tend to kill the function of ethics in every business area. Unhealthy use of power in a business settlement not based on ethics leads to corrupting the workforce most