Sample Business Studies Essay Paper on Managing Business Ethics: Straight Talk About How To Do It Right

Chapter 2

One interesting thing noted in Chapter 2 is that the implementation of the various ethical approaches mostly depends on the situation at hand and also on the level of work ethic within the professional community. It is easy to implement the virtue ethics theory in a work environment where people have developed high standards of ethical conduct (Trevino and Nelson 35). The virtue ethics approach focuses more on the moral integrity of a person rather than the decision itself. In addition, one’s motivations and intentions will always play a role in guiding them into ethical decision-making. The chief financial officer in a certain company has been enhancing the company’s annual reported results to reflect growth. He then confides in a friend asking for guidance since he is set to move to another company. To begin with, the financial officer has gone against the virtue-ethics theory by lying about the company profits. In this case, the friend will be required to think on their own with guidance from the three approaches. This is because the various theories will guide him towards which direction to take. A consequentialist thinking will draw him to weigh both the benefits and dangers of keeping silent about the issue or urging the friend to own up and come clean (Trevino and Nelson 40). The consequential theory relies on utilitarianism which is the ultimate good to the wider society. Good ethical decision making is often guided by the fact that one can consider the impact of the decision on the wider society. Second, I have noted that according to the deontological ethics, some actions would be considered wrong even if the consequences are good (Trevino and Nelson 43). This is because the deontological approach depends on ethical values like compassion, loyalty fairness and even honesty rather than the result. In the above example, the financial officer’s friend will have to speak the truth when relying on deontological approach in decision-making. However, when relying on the consequentialist approach, he will look at the consequence of speaking the truth to the stakeholders first. Since the company image will be tainted, he will most probably compromise the truth.

It is evident that prioritizing one’s values and principles should be the first step in understanding and applying the various approaches. Ethical dilemmas in the business world when poorly solved can destroy one’s career. I can use the approaches learned in many ways. To begin with, there are instances when the business rights may differ with the rights of some individuals. In such an instance, the common good to the society should come first before my profit-making goals. This explains why many companies have a societal responsibility as one of their pillars. Most importantly, there are some instances when one cannot rely on professional communities alone to guide their thinking but also use their own thinking. I am aware that as a manager of my own business, I should be committed to the following; service to the public and the society, balance the stakeholders’ interests and adhere to the law. When asked to make a snap decision, it is important to ask for time to think it over and do my research before I arrive at the final decision. Sound ethical decisions are arrived at when one first gathers the facts before identifying the issue itself.

Work Cited

Trevino, Linda K., and Katherine A. Nelson. Managing business ethics: Straight talk about how to do it right. John Wiley & Sons, 2016., http://202.74.245.22:8080/xmlui/bitstream/handle/123456789/47/managing_business%20ethics-%20straight%20talk%20about%20how%20to%20do%20it%20right%201.pdf?sequence=1