Question

After reviewing “There’s No Such Thing as Business Ethics”, discuss what type of business organization might best succeed with a “Golden Rule” philosophy in its leadership.

What do you believe to be the most significant ethical issues facing business today, and what would you suggest as a general approach to dealing with those issues?

Which ethical principle, concept, or theory you learned about will be the most useful to your future ethical decision-making as a business professional?

Answer 1

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1. The organization that might best succeed with a golden rule philosophy in its leadership can be considered to be in a highly competitive market with the presence of a lot of competition, product variety and high level of price elasticity.

In order to achieve customer satisfaction, companies in this market need to be able to build a solid ethical foundation with which direction can be given to the daily business processes and essentially allow businesses to build customer satisfaction.

2. The most significant ethical issues facing businesses are:-

1. Bribery

2. Exploitation of workforce

3. Discrimination.

4. Practising unfair means of business conduction.

To deal with such problems, a company must form a separate HR department that will have the complete authority over the decisions that will be made on the basis of ethical misconduct. This will save the issues, mandate the policies that are developed in the business and most importantly, allow the business to enforce policies so that their workforce behaves in an ethical manner and not tarnish the reputation of the company.

3. The theory I am most in favour of is non-consequential theory. According to this theory, the decisions that are made in the company will be made on the basis of the reason and the motives behind the actions rather than focusing on the outcome. This will allow people to understand the value of practising ethics without the need to worry about the consequences which will allow them to develop the good working habit as well as ethical conduct in their work.