Question

in a globalizing world why is it so important for a business corporation to manage its ethical reputation from the ‘inside out’ as well as ‘in-theround’ (360 degrees)?

Answer 1

An organisation, since it must exist in the competitive environment, must be ethical in its behaviour. In behaviour, we can consider a variety of explanations for being ethical, some of which are listed below: most people try to be ethical in their business dealings. Values lend credibility to management of its staff. Just perceived moral justice and social responsibility carry with it respect for employees. Values help make better choices.

Ethical decision-making is a responsibility in business , government, education and in our everyday lives. Ethics has gained more popularity in the competitive business climate, as business has expanded and the economy has offered more customers and more opportunities, but there has also been duplication of goods, child labour, money laundering, environmental problems and many other business violations. The New Millennium faced a tsunami of business crimes to add to more of those unethical practices. Cyber fraud, workplace sexual assault, intellectual property and patent violations to name only a few. This age recognized the importance and significance of integrating Corporate Ethics as part of their strategic business strategies and partnerships to tackle such important issues.

Business ethics are principles for company executives to take ethical actions that impact society and the world positively. Trade has growing with the aid of globalization, and hence has the burden of ensuring equal practices when working with manufacturers , consumers and company employees. There are many facets of Globalization. Growth is one aspect of it, more markets, more clients and more profits. It opens up new work prospects, MNCs, in developed countries opened its doors to many small time suppliers and young employees there by growing the young generation's earning potential

Outsourcing, working standards and welfare, cultural diversity and equal opportunities, child labour, trust and honesty, supervisory control, human rights, morality, the political system, the environment, bribery and corruption are some of the most important ethical concerns in international business. Internationally trading companies are required to comply entirely with federal and state health rules, environmental legislation, tax and monetary reporting statutes and civil rights laws.

Cultural factors may also build or destroy an organization that operates internationally. Each nation and culture has its own history, customs , traditions, and code of ethics. Cultural barriers include language which often means that when talking to business contacts and customers, a company has to rely on translators. Sex can be a issue in countries where women do not enjoy equal rights with men. At certain times religious holidays and other cultural events can prohibit commerce. Acting in compliance with ethical and cultural principles is vital for a global corporation to gain the trust and investment of its consumers and achieve a competitive edge in a given market.