Essay Example on Having ethics in any given situation is Vital

Having ethics in any given situation is vital for the duality of man In layman terms ethics are one s superego one s moral code for which every decent being lives on Even those who live to disobey the law have their set of ethics on which to be guided Those without ethics get considered morally bankrupt therefore ones with no respect In the perspective of a business it is vital bearing in mind how valuable it is towards profits salaries and costs In the most simple of ways business ethics defined by Roger Miller and William Hollowell are ethics applied in the business world by business people 2011 Examples of business ethics include annual raises and the concern of reputation Reputation and image matter to businesses as they impact the spectrum from consumers to the suppliers to the employees Miller 2016 If any corporation makes an unethical decision it can negatively affect those part of the business An aspect to point out as to the impact of ethics is what ethics mean to employees If people want a business to succeed morality is crucial to the growth 

A company with a sense of morality attracts more people not just consume but to join Important India 2016 With ethic values employees build trust and integrity on both the employees and managers as well as the whole organization Kelchner n d It also enhances the quality of the work of the employees thus improving the product quality The second aspect is the partnerships that will happen between companies In the world of business there is an atmosphere of competition since inevitably each group wants to succeed Having a business with excellent ethical standards means not doing unethical and sometimes illegal practices such as spreading misinformation about its competition Important India 2016 When it comes to partnerships it all goes back to having a good reputation Good ethics lead to improving business relations and an expansion in the market Another point of going in depth over is the customer whose value is of great matter for some reasons For one it offers loyalty and creates a positive image Important India 2016 With the positive reputation in mind it brings a lot of benefits especially when it comes to profit Kelchner n d With profit maximization the business can focus on its strengths rather than on its weaknesses Miller 2016 In the short term profit maximization can help bring in revenue but in the long term it can cause lawsuits to occur 

A part of the reasons why ethics are vital to business involves the law Any situation where a company's life is on the line due to unethical behavior leads to a lawsuit Lawsuits for enterprises are time consuming and money wasting so for them to continue their business they'll need to exist a moral minimum Miller Hollowell 2011 The moral minimum is the minimally acceptable standard for ethical behavior in the business world Miller 2016 They help whenever businesses are uncertain of what is legal and what is ethical Moral minimums are not merely a matter of the law per se but also of pure ethics As stated by Roger Miller and William E Hollowell not all requirements in business ethics mean obeying the law 2011 With that in consideration there exist gray areas where they the businesses can predict the certainty of the legality of an action However thanks to the Internet it makes it difficult and doubtful just how ethical and lawful the practices of business are For this there needs to exist a sort of moral reasoning The crux of the importance of ethics lies within the compounds of ethical reasoning Ethical reasoning helps businesses by approaching two methods one determining duty and the other determining consequence Miller Hollowell 2011 The ones based on duty focus on religion philosophy and rights 

The principle of rights for example believes that the way or how a decision influences other people's rights determines whether or not how ethical a business choice is The ethics based on consequence or outcome uses utilitarianism a philosophy focused on the action s consequences rather than the action itself The final aspect but certainly not least is the of the company itself In more general terms a good morale leads to a positive environment and culture for the company Kelchner n d A sense of morale helps the business financially due to higher levels of productivity from the employees It also draws in more consumers with the positive appeal Lastly providing more point when it comes to employees it also reduces cost of employee replacement In conclusion in the perspective of a business it is vital bearing in mind how valuable it is towards profits salaries and costs For the company it means having more revenue as well as less lawsuits It also signifies better partnerships with other companies and healthy business competition Meanwhile for the employees it leads to better cooperation with other members of the business Finally for the customer it leads towards having a good trust between them and the company References Important India 2016 July 18 Business Ethics 25 Reasons Why Ethics are Important in Business Retrieved from Important India https www importantindia com 23325 business ethics importance Kelchner L n d The Importance of Ethics in Organizations Retrieved from Chron http smallbusiness chron com importance ethics organizations 20925 html Miller R L 2016 Fundamentals of Business Law Today Summarized Cases 10th ed Stamford Cengage Learning Miller R L Hollowell W E 2011 Business Law Text and Exercises 6th ed Mason Cengage Learning