Recently, the corporate world has witnessed various ethical cases some of which have detrimentally affected the progress of specific multinational organizations. The media has been on the frontline highlighting intriguing yet perturbing ethical issues in business. Thus, it has been made a realization that organizations should not only dwell on profit maximization but also their responsibility to society. There are immeasurable ethical issues in the business world, but one of the most common problems is the overestimation or underestimation of the net income. While there is no shortage of ethical dilemmas, organizations are recommended to uphold a more principled and moral mode of operations to ensure a productive and respectful coexistence.
The concept of globalization has brought not only myriads of advantages but also a fair share of demerits to businesses. The most pertinent issue propagated by globalization is the widely yet transparently poor practice of child labor. Child labor is the act of using children to provide cheap labor in organizations (Baker & Comer, 2011). The dilemma facing most companies globally is whether to acquire cheap labor at the expense of the freedoms and rights of children. Labor has in the recent decades become an expensive factor of production and has a result compelled various organizations to venture into the malpractice. Globalization has made it impeccably easy for the violation of children’s rights. Consequently, numerous nations have implemented policies that support child labor in the excuse of keeping young minds engaged. However, child labor is perceived as a wrong approach to production. Thus, children should be allowed sufficient and conducive conditions to grow and develop.
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There is an apparent variance between an ethical dilemma and a temptation. From the standard definition, moral dilemma refers to a situation where an individual experiences two conflicting values concerning a particular scenario. Goel & Ramanathan (2014) assert that a temptation, on the other hand, is when a person feels compelled to get something but is held back by the fact that they are required to take immoral actions. The fine line between finding oneself between an ethical dilemma and a temptation is defined by the clear comprehension of what is wrong and right. Hence, it is rather unfortunate that I found myself in an ethical predicament. Once when doing an assessment, I experienced a pressing need to apply fraudulent means to ensure a higher grade. Nonetheless, I weighed the repercussion of my intentions and was drawn back by reality. The temptation of cheating in my exams would have resulted in many grave implications such as incompetence in the job market which would be detrimental to the economy. Individuals encounter temptations during their daily engagements, but they are mandated to rely on their sense of what is wrong or right to make both corporate and personal decisions.
Upon watching the video “Business Problems/Ethics,” it is perceivable that the newly established markets are problematic. As a result, there is a need for ethics to be implemented into the market to maintain some level of normalcy (Baker & Comer, 2011). Organizations are, therefore, accredited to adhere to the standard business principles that would guarantee not only a profitable but a moral basis of operations. The perception of business success has shifted from the conventional profit maximization theory to practical ethical management theory.
Ethics is a relevant topic in the business realm. Not only is it profitable to observe morality in one’s organization but also satisfying to conduct business appropriately. Owing to the scarcity of resources, organizations have been faced with a dilemma of incorporating child labor. Although some nations concur with the employment of children, business owners should be keen not to deprive children of their rights and freedoms. In some instances, the temptation to transverse ethical borderlines for financial gains proves to be a real struggle. The modern business environment dwells more on the social responsibility and moral consideration of businesses than on the profit-making aspect. Business ethics is necessary for peaceful and remunerative corporate society.
References
Baker, S. D., & Comer, D. R. (2011). “Business Ethics Everywhere”. Journal of Management Education , 36 (1), 95-125. doi:10.1177/1052562911408071
Goel, M., & Ramanathan, M. P. (2014). Business Ethics and Corporate Social Responsibility – Is there a Dividing Line? Procedia Economics and Finance , 11 , 49-59. doi:10.1016/s2212-5671(14)00175-0
