Answer to Question #203869 in Management for Prabhdeep Singh

Question

Subject : Business Ethics and Corporate Governance

Examine the significance of Morals, values and ethics in dealing with conflicting business decisions? ( Please give at least 8 points for this with elaboration)

Answer 1

Compliance

The three virtues that is morals, ethics and values help to make sure that the company remains compliant to the rules and regulations as well as the law in case there is a conflicting decision regarding the business.

Reducing Harm and Promoting Good

The three virtues will help the organization to ensure that it is promoting good and reducing harm when a decision is being made in the organization regarding conflicting business decisions.

Ensuring Responsibility

The three virtues will be at the forefront to ensure that the staff will take responsibility even if the conflicting business decision to be made does not go their way.

Rights Accordance

Employee’s rights will be upheld by the three virtues in the organization even when the organization is faced with conflicting business decision (Ferrell et al, 2016).

Trust Promotion

The three virtues will ensure that the trust that the company has with its employees is upheld even at the time when there are conflicting business decisions to be made.

Reputation Building

The three virtues will ensure that the reputation that the company has is upheld even at the time of conflicting decisions.

Witness Protection

The three virtues will help to protect the employees who may be called upon as witnesses to aid in decision making.

Upholding Rules and Regulations

The three virtues will ensure that the organizations set policies are followed as well as the regulations and rules.

References

Ferrell, O.C. and Fraedrich, J., 2016. Business ethics: Ethical decision making & cases. Cengage learning.