Business Ethics Ethical Decision Making and Cases

Question: Discuss about the Business Ethics : Ethical Decision Making and Cases. Answer: Introduction: A professional is a person who has gained training and knowledge on a particular field of education. This knowledge and training helps the professional to perform a particular profession, a specified role within the particular profession. Professional is said to be a person who belongs to a community of a particular profession who performs his duty in order to earn his living from that. The professionals who engaged in particular profession owes a certain level of code of conduct, ethics and morality towards his profession. There are Professional Associations that maintain the professional standards of ethics and standards. The key element which comprises a profession is a following a strict code of conduct. All the professionals and agencies who need to follow a strict code of conduct must comply themselves to honesty, integrity, personal values and competence (Kauchak Eggen, 2016). Thus, an accountant has knowledge, skill and training in particular field of knowledge adheres to a strict code of conduct whereas a hair-dresser does not have professional training on their particular field and does not adhere to a strict code of conduct which is the key element as to professionalism (Levin Nolan, 2013). Professionals being member of a particular profession, who owes a certain level of obligations, code of conduct as to their profession. This criterion is important for the professionals to follow because they are given training and knowledge on the particular profession and they are to act ethically as being a part of that particular business. The professionals owe a sense of conduct towards the particular business. The non-professionals are not bound by a level of standard of conduct because they are not given formal training and knowledge on their particular profession. Doctors, Lawyers, teachers and others engaged in a particular profession are bound by both a professional code of conduct and also contracts containing standards of contract. Some of the obligations of a professional are (Pershing, 2016): Code of conduct- rules which forms the basis of social norms, the rules and duties that a person or business is supposed to abide by. It encompasses moral values, ethics, and honesty. Statutory obligations- a person engaged in a particular business or an organization is bound by certain statutory obligation. Bound by professional standards- level of diligence, skill, care practiced by a professional towards his particular profession. Professional development- the duty of the professional is to ensure development towards the particular profession. A person who does not abide by their professional obligations are held liable to be incompetent (Mintz, 2016). Understanding of ethics is important in business to ensure the professional to judge between what is right and wrong and act accordingly for the welfare of the business. It helps a person have a sense of moral judgment. The professionals working in a particular business or organization must have a certain level of ethical value to know what is right or wrong. Every business or organization has certain sets of standard of ethics. Globalization has lead to a lot of fraudulent behavior and professional issues at workplace (Ferrell Fraedrich, 2015). Ethical behavior in carrying out a business helps the goodwill of a company. When a company deals with another company, based on morals and ethical values it gives the investors a peace of mind. When moral values of the person in a particular profession are high it makes the business run in a good way without any unethical practices. Thus, it is important to follow or run a business based on ethical values to make the business run smoothly. The business which runs on ethical values attract investors makes the share pricing of the company high that in turn increases the sales and profits in the market (Halinen Jokela, 2016). The companies running their business abroad often face many legal and ethical issues in the course of their business. The multi-national companies face legal issue due to difference in the home country laws, host country laws, regional directives and regulations, certifications and international standards. The MNCs even face ethical complexities based on the local norms and customs. Failure to abide by the ethical and legal norms can result in reputational effect. The crux of International law puts forth that MNCs are bound by multilateral and bilateral treaties and by the laws of the host countries. The MNCs often find the laws of the host countries much easier to abide by than that of the home country. Even when the companies are doing business in host countries, they are required to abide by the laws of the home countries. For example if a U.S based company do business internationally there are bound by the laws of the host countrys like the ones based on human rights, labor stand ards, health etc (Ferrell Fraedrich, 2015). Here we can apply the theory of Deontology applies. The Theory of Deontology was established by Immanuel Kant that was based on morals, science and history. According to this Theory a particular State is to act in accordance with the set of rules and principles without taking into consideration the outcome. Any person or organization is to base their conduct on morality in the way it seems right to us (Marossi, 2015). References: Ferrell, O. C., Fraedrich, J. (2015).Business ethics: Ethical decision making cases. Nelson Education. Halinen, A., Jokela, P. (2016). Exploring Ethics in Business Networks: Propositions for Future Research. InExtending the Business Network Approach(pp. 333-356). Palgrave Macmillan UK. Kauchak, D., Eggen, P. (2016).Introduction to teaching: Becoming a professional. Pearson. Levin, J., Nolan, J. F. (2013).Principles of classroom management: A professional decision-making model. Pearson Higher Ed. Marossi, A. Z. (2015). Unilateralism and Power of Revision. InEconomic Sanctions under International Law(pp. 165-177). TMC Asser Press. Mintz, S. (2016).Ethical obligations and decision-making in accounting: text and cases. McGraw-Hill Higher Education. Pershing, J. A. (2016). Publishing: A Professional's Obligation.Performance Improvement,55(5), 2-3.