Putting,Ethics,Before,Business business, insurance Putting Ethics Before Business
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Thisleads to the development of a schizophrenic professional personality, with themanager striving for professional excellence and high ethical standards for hisown self, but resorting to unethical practices to achieve business success forhis organization at all costs. Indeed this Dr. Jekyll and Mr. Hyde approach isat the heart of many ethical dilemmas in managerial decision-making. Ethicsis the discipline that examines ones moral standards or the moral standards ofa society. It asks how these standards apply to our lives and whether thesestandards are reasonable or unreasonable that is whether they are supported bygood reasons or poor ones. Businessethics is a specialized study of moral right and wrong. It concentrates onmoral standards as they apply to business policies, institutions and behaviorthrough which modern societies produce and distribute goods and services, andto the people who work within these organizations. Business ethics in otherwords is a form of applied ethics. It includes not only the analysis of moralnorms and moral values, but also attempts to apply the conclusions of thisanalysis to that assortment of institutions, technologies, transactions,activities, and pursuits that is called business. Businessis a cooperative activity whose very existence requires ethical behavior.First, any individual business will collapse if all of its managers, employeesand customers come to think that it is morally permissible o steal from, lie toor break their agreements with the company. Because no business can existentirely without ethics, the pursuit of business requires at least a minimaladherence to ethics. Second, all businesses require a stable society in whichto carry on their business dealings. Yet the stability of any society requiresthat its members adhere to some minimal standards of ethics. Businesscannot strive without ethics; it is in the best interest of business to promoteethical behavior both among its own members as well as within its largersociety. There are many difficulties involved in trying to study whetherethical companies are more profitable than unethical ones. The results have been mixed. Although,several studies have found a positive relationship between socially responsiblebehavior and profitability, some have found no such relationship. Other studieshave looked at how socially responsible firms perform on the stock market andhave concluded that ethical companies provide higher returns than othercompanies. Together, all these studies suggest that, by and large, ethics doesnot detract from profit and seems to contribute to profits. When employeesbelieve an organization is just, they are more willing to follow theorganizations managers, do what managers say and see managers leadership aslegitimate. In short ethics is the key component for any business.
Putting,Ethics,Before,Business