Before examining the reason why ethics is a topic that is studied across different business sectors, one has to understand the meaning first. There are many definitions that people use, however, they all come up with the same conclusion business ethics is the way a company chooses to behave. To give a more precise definition of business ethics refers to a company’s own set of rules based on what they considered morally right that each person within the company must follow. These rules differ from company to company because each one values different things but they all have these codes in place because they play a pivotal role in their day to day activities.
Over the past few years, business ethics has been making headlines. Most of the time is it not for a good reason. There has been an increase in the number of cases where companies have been found to be involved in many unethical practices. According to a study conducted by NBES, “ about 41% of employees have observed unethical behavior in their workplace (Ferrel, Fraedrich pg.06)”. Due to this fact, businesses are under surveillance to intercept unethical behavior within their company. Businesses are aware that being accused of unethical practices can create many complications. For example, a company who is seen by the public as unethical can create a negative impact on the company, such as consumers choosing not to engage with a company who they perceive as immoral. That is why companies are constantly developing ways to find solutions to this matter.
Unethical practices are occurring more frequently. Knowing what business ethics has many benefits. For example, bringing constant attention to what a company value builds trust and honesty within the workplace. Employees are more likely to make good choices in the workplace if the company emphasizes what they stand for. Not only does it have a positive impact on the company but also the individual, they will most likely make ethical choices outside of work as well. Companies who make ethical choices are more likely to attract workers and customers alike. Furthermore, businesses who practice ethics are less likely to get in trouble with the law. Lastly, studying ethics is essential because it can be used as a tool if a person ever encounters a situation where they have to make a tough decision.
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