Answer to Question #174111 in Management for Lucy

Question

Question 1 a) Using practical examples, discuss at least three main reasons why it is essential to act ethically in Business.

EV(10 Marks)

b) There are three forms of analysis that can assist us in reaching a decision on the proper balance between economic and social performance. In the midst of the ongoing COVID-19, how can you advice management of a company do in the bid to prevent work force reductions or company closure. AN(10 Marks)

Answer 1

 Importance of Acting Ethically in Business

 Practicing business ethics helps to improve reputation of an organization hence making customers, community and more people in forma of partners, etc. would want to do business with you.  Secondly,  business ethics enhance talent retention in an organization through attraction  of and retaining  talented and expertise employees due to how good they are treated This consequently  saves the organization  the cost of recruitment and training of employees. Last, practicing business ethics limits risks that may be incurred by an organization because it enables an organization to act within the confines of the law hence evading potential fines and law contravention penalties.

How to prevent work force reduction during Covid Pandemic  

Promotion of flexible temporary work arrangement like remote work to minimize physical meetings that could lead to the spread of the pandemic.  When most of the company’s operations go remote, there will be no fear of congestion at the work place hence no reason for layoffs.  Companies can also avoid workforce reduction in the midst of the pandemic by introducing staggering days or shifts in their work arrangements in order to accommodate as many employees as possible and abide by health protocols at the same time.