Ethics in Business/Why do ethics matter?

In the past, various companies only thought that ethical issues in business are only a term used to define administrative rules and regulations that everyone must adhere or a standard that must be followed. However today, top level management and small business owners have now realized that it is more than that. Big and small companies are now slowly realizing the importance of ethics that is crucial for them to succeed. A successful company must learn that confidence and respect of its customers are vital to its business.

Business people are now held accountable for their own actions, as more and more people are now demanding that they meet their social duty not just for their country but most especially to their customers, which are considered as their life and blood. An unsatisfied customer can definitely hurt any company, something that no one would want to happen.

A discussion of ethics is actually a subjective issue. Everyone will always have their own concept of righteousness; therefore a one definition of business ethics can be difficult. Moral standards are created by home environment, religious beliefs and traditions and thus making ethics hard to define, but not impossible to make. So just as an ethical relativist would say “there are no morals because there is no universal code” that no longer applies to the business world today. Consequences matter, and employees are held directly accountable for their actions based on each act, this would be reflective of Act Utilitarianism, vs., the Rule system. It also rules out Kant, and the categorical imperative, because these standards are not universal, and rational thinking isn’t presumed to be inherent to all people. Still, this ask the most basic ethical questions that humans are confronted with daily, such as; what is my responsibility to others, To myself, And so the environment in which I’m a part of? If you can answer any, or all of these questions, then you will surely be closer to understanding exactly why ethics matters in the world today.

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