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importance of ethical decision making in business

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importance of ethical decision making in business

If you set a clear standard for ethical business practices, you’re sure to inspire confidence in your potential investors. Our team has a rich depth of knowledge, holding advanced degrees in areas such as business management, psychology, communication, human resource management, organizational development, and sociology. The company will forever be known for how it handles business transactions and how it treats people. HSC Information Processing and Technology/Project Management. Integrated databases, polling and purchasing data pose serious questions about the rights of an individual regarding personal information. Catching the eye of potential investors and valuable prospects is just one of the payoffs of ethical leadership. Consider an ethical dilemma involving a colleague. On the flip side, immoral practices will likely attract immoral partners and suppliers, which won’t end well for you (or anyone else). Being an ethical leader means inspiring, motivating, and holding employees to a certain standard of integrity and accountability. For one thing, making a conscious effort to be an ethical leader will surely carry over into other parts of your life, helping you to build great habits that last over time. CC licensed content, Specific attribution, http://en.wikipedia.org/wiki/Business_ethics, http://en.wikibooks.org/wiki/Introduction_to_Sociology/Organizational_Behavior%23Attitudes.2C_Values.2C_and_Ethics, http://en.wikipedia.org/wiki/Organizational_Ethics, http://en.wikipedia.org/wiki/Ethics%23Business_ethics, http://en.wikibooks.org/wiki/Ethics_for_IT_Professionals/What_Is_Ethics%23Ethics_Within_Business, http://en.wiktionary.org/wiki/decision_tree, http://en.wikibooks.org/wiki/HSC_Information_Processing_and_Technology/Project_Management%23Decision_Trees, http://en.wikipedia.org/wiki/Decision_tree, http://commons.wikimedia.org/wiki/File:Wikipedia_article-creation-2.svg, https://www.flickr.com/photos/jeanlouis_zimmermann/3203572717/sizes/o/in/photostream/. An organization needs a professional code of ethics. Decision trees can be applied to ethical matters as well. Decision tree analysis provides a visual tool to help individuals quantify and weigh options against one another when making a decision. In recent decades there has been widespread attention to business ethics due to highly visible cases of corporate malfeasance, such as the WorldCom, Enron, and Tyco scandals. Business ethics play an important role in a company's success or failure. A company’s ethical practices can thus have an effect on the recruitment and retention of employees. Business ethics applies to all aspects of business conduct by individuals and organizations as a whole. Ethics Vary by Industry. Decision tree analysis can be a useful tool for evaluating ethical decisions. Organizations and individuals often use decision trees as part of their decision-making process because they are a means for adding formal structure to information about a decision. Decision trees are graphical representations of alternatives and possible outcomes. By refusing to engage in immoral behavior and practicing moral and ethical leadership, you can create a strong basis of good behavior that will influence the rest of the decisions you make throughout your life. Recently, there has been a lot of media attention given to ethics in decision making; particularly in the workplace. By setting a high standard for yourself and how you conduct your business, you’ll avoid causing legal complications for yourself down the road. This data is easily collected, exchanged and even sold. Conducting e-commerce has particular ethical and legal considerations, especially in the area of marketing. Businesses are dependent on their reputations, so it is important for them to have clear and consistent expectations regarding ethical standards to guide employee behavior. Define the concept of a decision tree as it applies to the ethical dimensions of a decision. Why is ethical leadership so important? Management must set the example of a company's core values. Managers and leaders need to be aware of their own ethical and moral beliefs so they can draw on them when they face decisions. Ethical issues include the obligations a company has to its employees, suppliers, customers and neighbors. Ethical leadership is certainly centered around uplifting others and making decisions that can benefit the greater good, but this selfless behavior can also be incredibly personally satisfying. To protect their reputations, companies have begun to form more comprehensive corporate policies concerning ethics. It is a particularly useful tool for considering stakeholders such as employees, customers, shareholders, and communities. Decision nodes are used when a decision needs to be made between at least two alternatives. Morality (from the Latin moralitas, meaning “manner, character, proper behavior”) is the differentiation of intentions, decisions, and actions between those that are good (or right) and those that are bad (or wrong). These policies generally offer guidance to employees and state the expectations of the company. Management must set the example of a company's core values. The next three nodes would then read: “Report colleague to superiors,” “Confront colleague,” and “Ignore situation. For example, when a companys product is found to be faulty and the company takes full responsibility, consumers are bound to trust that it was just a mistake. Manage your team the right way and feel good doing it—what could be better? Factors that influence your business ethics include your personal belief system, environmental factors such as "our schools, families, friends and religious organizations" (Trevino and Nelson, Page 9), and the business code of your place of employment. Violating this code of professional ethics subjects the accountant to disciplinary action.

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