Business Ethics

Introduction

From the beginning of 1970s, ethical practices in business gained more importance, and since then corporations have tackled this aspect in their businesses in different ways (Wood, 691). A close examination reveals that ethics and social responsibility within corporations, in this period of conscience focused business environment of the 21st century, is more important for corporations than ever before.

An ethical situation

Indeed, there are many ethical dilemmas that corporations face; for instance if they should compromise their quality to cut on price or if they should retrench some workers to improve on their earnings. A good example that this paper examines is the ethical dilemma that some corporations face, whether to employ very lowly paid foreign employers particularly in labor extensive organizations.

Essay Help on Business Ethics

Essay Help on Business Ethics

How do you think it relates to ethics?

This issue relates to ethics because it involves morality and profitability of an organization.  As noted by Smith ethical dilemma arises from the observed clash emanating from conventional corporate goals of profit maximization  by employing lowly paid employees, against the general wish for ethical conduct of not employing foreigners (55).

Why do you believe it is an ethical issue?

This is an ethical issue because if the corporation employees lowly paid foreign employees as a response to price competition, the corporation may be able to retain its market share, allowing it not to retrench its American employees; maybe the corporation could as well manage to increase the pay of its American employees.  One the other hand, if the corporation declines to employ lowly paid foreign workers in spite of the prevailing competition, it may end up losing its market share. This in the end could lead to retrenchment of its American employees as well as its foreign employees, who may be depending on the low payments as their basic income.  Yet again, employing lowly paid foreign workers could lower the wages of many employees and as a result affect the living standards of a lot of people in a negative way, leaving the company’s potential customers without purchasing power (Sims, 29).

Conclusion

Certainly as observed by Wood, in this current 21st business environment that is characterized by conscience focused business (696), corporations will only survive if they adopt genuine ethical and social responsibility practices.

Works Cited:

Sims, Ronald: “Ethics and corporate social responsibility: Why giants fall”: Westport, CT: Praeger. 2003.

Smith, Craig: “Corporate social responsibility: Whether or how?” California Management Review; 45 (4), 2003. 52-76.

Wood Donna: “Corporate Social Performance Revisited”: The Academy of Management Review; Vol. 16, No. 4, 1991. 691-718.

CustomEssayPapers.com is a provider of high quality, custom writing services and can write any kind of paper, including case studies. CustomEssayPapers.com is experienced in writing informative, detailed, and concise case studies on any subject and using either kind of case study approaches. If you need help with a case study, place your order for a case study and one of our professional writers will happily construct a case study for you or help you with any other writing assignment you may have: Essay, Research Paper, Thesis, Term Paper, etc.

Place your order now to get an excellent custom-written case study!

Comments are closed.