With the rate at which technology is currently growing and the number of competitors available in markets also increasing, responsibilities by firms is obligatory. With all this, it is of great importance to observe issues relating to business ethics with a very keen eye. For businesses to be valued in terms of ethics, they must observe principles related to ethics. This value attached to business ethics can make a business boost its performance and achieve set objectives and goals (Donaldson & Werhane 34). Customers, employees and employer satisfactions will dictate the type of ethics to be followed in a business.
The responsibility of acting ethically lies on the hands of each single person in the organization. Acting ethically means more than adhering to company rules, policies or laws. Everything done counts and constitutes of visibility concerns that must be held high. Some of the business’ responsibilities expected to be practiced include the following. Legal Systems It is argued that the law binds the business to its ethics. Milton Friedman the view’s pioneer said that as long as businesses are faced with the obligation of making profits, all its activities should be inline with the country’s legal system.
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Friedman says that businesses should conform to core rules of both the country of operation and the ethics of the location where the business is located (Donaldson, & Werhane123) The legal system of a country ensure that firms are regulated from engaging in activities that can prove detrimental to the broader perspective of social good including its citizens and environment. It’s the responsibility of the firm to ensure that all these regulations are complied with as far as running its activities.
This is despite the inability of government laws being unable to cover all perspectives of business operations. Business Practices and Priorities Businesses are expected to be responsible in performing their activities. This is because the most crucial stakeholders of the firm dictate them to be. For instance it is the obligation of the business to carry out activities that are in agreement with their employees views. This is due to the benefits that accompany increased engagements and cooperation of employees. Other key stakeholders include customers, investors and consumers.
The community of operation and regulators all require their needs to be satisfied by the corporations. It’s upon the organization to determine the degree of importance of each stakeholder and how to satisfy their different needs. Community Expectations It is the responsibility of the firm to work hand in hand with the local community. This in turn will prevent conflicts that are bound to take place when disagreements regarding some actions taken or not taken by one of the parties involved. The community will hold the corporation responsible for its actions.
The community expects so much from the business and it’s of great importance if the firm fulfills this expectation. This can be in form of employment creation, participation in community activities and provision of better and improved living standard due to the other amenities attracted to the region. Education and Crisis Management It’s the responsibility of the organization to ensure that the society is educated regarding its operations. The society and the corporation should be able to work collectively with the society to tackle pressures that are taking place due to constant changes.
If the company is involved in activities that can lead to crises, the duty of taking up cleaning measures lies on it. This is to avoid the effects that may result from the actions taken. The business has the responsibility of creating awareness to its customers and consumers regarding the side effects of their operations in the region and the products it’s selling. References Donaldson, Thomas& Patricia, Werhane. Ethical Issues in Business: A Philosophical Approach. New Jersey: Pearson/Prentice Hall, 2008.
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