The Pros And Cons Of Business Ethics In A Business

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CONCLUSION Sources mainly state that ethics or acting ethically is all about knowing the difference between right and wrong and making the right choices. It is also greatly emphasised that ethical acts are supposed to be done from of utmost good faith. Ethics should be an automatic consideration instead of being something you think about. A business that acts ethically will reap benefits and enjoy the rewards in the long-term. Corporate governance is the reporting on the social, environmental and economic environment (triple bottom line reporting) that the business operates in. A business that practices good corporate governance will be accountable, independent, honest, discipline, transparent and will act with fairness, integrity and considers…show more content…
Both TIC & MEND and BROLL PROPERTY GROUP are yet to become well-established brands and organisations as a whole, the organisations should be aware of the unethical and illegal influences internally and externally. The organisations should ensure that thorough research is done before engaging in any form of agreement. It would be pointless to have policies that the employees do not find a feasible reason to follow; thus the ethics policy would be more effective if the employees understand how it is at their benefit, so time should be invested in educating the employees about ethics. These organisations should consider decision making and problem solving techniques before making final judgements. They may draw a Pros and Cons chart. It will allow them to weigh their options using more detailed information that has been collected. A Scenario analysis is also suitable, as it allows the organisations to analyse possible future outcomes. Making ethical and reasonable business decisions would be easier if the organisations used the RIMS, DECISION TREE, DRILL DOWN ANALYSIS, DRIVE TECHNIQUE, BENCHMARKING and QUALITY CIRCLES. These strategies will allow the organisations to make best decisions based on the interest of the organisation and its…show more content…
Stakeholders usually continuously place demands and it I the responsibility of the organisation to meet those demands. As both organisations are developing, they still need to earn the trust of the broader market. Thus it would be wise to ensure that all operations are conducted in a legal, ethical manner and made transparent were possible. Leadership should demonstrated through discipline, be it self, market or regulatory discipline. Both organisations exist within the parameters of the social environment. They should both strive for social sustainability as the people are the integral pillar a business. Fair treatment of society should be portrayed internally and externally. The organisations should try to contribute to fair income distribution, access to income and education, fair trade and fair access to prices between all social, gender and cultural groups. With the fact that both companies are still developing, it is only just to say that they have fair ethics and corporate governance policies. There is not a clear and obvious difference between the companies’ policies and practices. However, there is a major improvement that needs to be done in order for the companies to compete with the best. Which company implements Corporate Governance and Ethics best? I cannot say which on is better than the

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