Essay on business Ethics

ANSWER

Reflective Essay

Weiss (2014) describes business ethics, principles, decision-making, stakeholder issues, and the corporation in knowledgeable, compelling, and engaging ways. In chapter 1, Weiss demonstrates that teaching and training ethics should not focus on a singular perspective or way of thinking as a preferred way of solving ethical and business-related problems (Weiss, 2014, p. 27). This is a compelling idea as, being a debate, not many people remain objective on the extensive analysis of ethics. Some authors and trainers are grounded on subjectivity when teaching ethics, which is susceptible to biases and emotional influence. Weiss promotes objectivity if not relativism, as ethical and moral standards are relative; hence, all ethical standards are tolerable and acceptable. In chapter 2, Weiss argues that utilitarianism, as an ethical decision-making principle, is valuable in conducting stakeholder analysis in an organization. He further explains this argument by stating that the concept forces decision-makers to focus on mutual interests and the vaster good of the larger parties (Weiss, 2014, p. 59). This is an engaging idea in that it helps eliminate the individual conflict of interest in an organization (Shaw, 2016, p. 52). When all stakeholders know the integration of utilitarian concepts, they tailor or discuss their self-interests to meet those of the more massive party as it involves grasping maximum good of the more significant number. However, decision-makers must know the concept ignores justice, rights, there lacks a consensus on who to decide, and the agreed-upon interpretation of good never exists. Thus, they must be open to ethical relativism and objectivity personally and professionally.

In chapter 3, Weiss shows the ethical element of stakeholder theory stating that profit maximization, a fundamental purpose of business and duty to stockholders, is repressed and impeded by justice and individual rights (Weiss, 2014, p. 120). This is a noteworthy idea. When evaluating the CSR concept that has become popular and a sustainable strategy, in business ethics, companies have to act responsibly to all stakeholders, hence finding a balance of all stakeholder interests (Fontaine, 2013). For instance, as internal stakeholders, employees must be respected and justice, as well as individual rights, promoted. When treated responsibly, they are valuable assets, drivers, and determinants of the profits and corporate success. Hence, as much as firms must maintain their duty to stockholders by ensuring profit maximization, the planet and people must encounter justice and right promotion in their duties and operations, promoting the triple bottom line model. In chapter 4, in addition to the CSR concept discussed above, Weiss mentions that firms must effectively manage their CSR in the marketplace to harness the most effective benefits. This idea is engaging as it extends to showing the dyad relationship between businesses and society. A business cannot survive without society, as this society provides a ready market and labor force. On the other hand, a business benefits society economically, socially, and philanthropically (Carroll & Buchholtz, 2012). A primary source of the problem in CSR’s effective management is the maintenance of ethical principles and standards in decision-making and actions perpetrated by the company, which is what Weiss tries to describe (Weiss, 2014, p. 186).

In current business experiences, the maintenance of ethical standards and principles among companies as a consumer is difficult and failing. Many times, we hear of corporation role in environmental degradation, inferior quality products, and conspiracies in the quest for profit and bottom-line maximization. Before judging what we see in tabloids, it is recommended to understand why such decisions were made. Studying this course provides a rationale to navigate and evaluate these decisions made and enhance moral sensitivity and responsibility among firms.

References

Carroll, A. B., & Buchholtz, A. K. (2012). Business and Society: Ethics, Sustainability, and Stakeholder Management. New York: Cengage Learning.

Fontaine, M. (2013). Corporate Social Responsibility and Sustainability: The New Bottom Line? International Journal of Business and Social Science, Vol 4(4), pp: 111-119.

Shaw, W. H. (2016). Business Ethics: A Textbook with Cases. New York: Cengage Learning.

Weiss, J. W. (2014). Business Ethics: A Stakeholder and Issues Management. Berrett-Koehler Publishers.