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Business Ethics in bangladesh

Business Ethics in bangladesh

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Published by Abrar Kamal Ami

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Published by: Abrar Kamal Ami on Jun 28, 2012
Copyright:Attribution Non-commercial


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Business Ethics
Social responsibility requires individuals engaging in business endeavors to behave in anethical manner.
Ethics are principles of behavior that distinguish between right and wrong.
 Ethical conduct conforms to what a group or society as a whole considers right behavior.People working in business frequently face ethical questions.
Business ethics is theevaluation of business activities and behavior as right or wrong.
Ethical standards inbusiness are based on commonly accepted principles of behavior established by the
expectations of society, the firm, the industry, and an individual’s personal values.
"Business Ethics"
can be defined as the critical, structured examination of howpeople & institutions should behave in the world of commerce. In particular, it involvesexamining appropriate constraints on the pursuit of self-interest, or (for firms) profits,when the actions of individuals or firms affects others.
(9)With unethical business practices often receiving publicity, the public sometimes believethat people in business are less ethical than others in society. But ethical problemschallenge all segments of our society, including government, churches, and highereducation.Most business leaders realize their firms cannot succeed without the trust of customers andthe goodwill of society. A violation of ethics makes trust and goodwill difficult to maintain.In thousands of companies, executives and employees act according to the highest ethicalstandards. Unfortunately managers in some firms behave unethically, and these instancesare often highly publicized. Personnel executive say the major reason managers behaveunethically is to obtain power and money.
Business ethics
is a wider term that includes many other sub ethics that are relevant to therespective field. For example there is marketing ethics for marketing, ethics in HR for HumanResource Department and the like. Business ethics itself is a part of applied ethics; the lattertakes care of ethical questions in the technical, social, legal and business ethics.
Origin of Business Ethics
When we trace the origin of business ethics we start with a period where profitmaximization was seen as the only purpose of existence for a business. There was noconsideration whatsoever for non-economic values, be it the people who worked withorganizations or the society that allowed the business to flourish. It was only in late
’s that both intelligentsia and the academics as well a
s the corporate began toshow interest in the same.
Nowadays almost all organizations lay due emphasis on their responsibilities towards thesociety and the nature and they call it by different names like corporate social responsibility,corporate governance or social responsibility charter.
Primary and Important Sources of Business ethics
Ethics in general refers to a system of good and bad, moral and immoral, fair and unfair. It isa code of conduct that is supposed to align behaviors within an organization and the socialframework. But the question that remains is, where and when did business ethics come intobeing?Primarily ethics in business is affected by the following sources
family, religion, culture,legal system, codes of conduct, and personal experience. It is for this reason we do not haveuniform or completely similar standards across the globe. These factors exert influences tovarying degrees on humans which ultimately get reflected in the ethics of the organization.For example, ethics followed by Grameen Phone Ltd. are different from those followed bySquare Group or Unilever for that matter. Again ethical procedures vary across geographicboundaries.
A person’s values is the source of their ethics, and it is their philosophy, spiritual or religious
beliefs that usually help mold and shape those values, but most of all it is how a person israised by his family that sets the foundation for his ethics in later life.
It’s the basic source of 
business ethics.
 It is one of the oldest foundations of ethical standards. Religion wields varying influencesacross various sects of people. It is believed that ethics is a manifestation of the divine andso it draws a line between the good and the bad in the society. Depending upon the degreeof religious influence we have different sects of people; we have sects, those who arereferred to as orthodox or fundamentalists and those who are called as moderates.Needless to mention, religion exerts itself to a greater degree among the orthodox and tolesser extent in case of moderates. Fundamentally however all the religions operate on theprinciple of reciprocity towards ones fellow beings!
Culture is a pattern of behaviors and values that are transferred from one generation toanother, those that are considered as ideal or within the acceptable limits. No wondertherefore that it is the culture that predominantly determines what is wrong and what isright. It is the culture that defines certain behavior as acceptable and others asunacceptable.Human civilization is fact has passed through various cultures, wherein the moral code wasredrafted depending upon the epoch that was. What was immortal or unacceptable incertain culture became acceptable later on and vice versa.During the early years of human development where ones who were the strongest were theones who survived! Violence, hostility and ferocity were thus the acceptable. Approximately10,000 year ago when human civilization entered the settlement phase, hard work, patienceand peace were seen as virtues and the earlier ones were considered otherwise. Thesevalues are still in practice by the managers of today.Still further, when human civilization witnessed the industrial revolution, the ethics of agrarian economy was replaced by the law pertaining to technology, property rights etc.Ever since a tussle has ensued between the values of the agrarian and the industrialeconomy!
Laws or Legal System of a Country
 Laws are procedures and code of conduct that are laid down by the legal system of thestate. They are meant to guide human behavior within the social fabric. The major problemwith the law is that all the ethical expectations cannot be covered by the law and speciallywith ever changing outer environment the law and specially with ever changing outerenvironment the law keeps on changing but often fails to keep pace. In business, complyingwith the rule of law is taken as ethical behavior, but organizations often break laws byevading taxes, compromising on quality, service norms etc.
Business Codes of Conduct
A business code of ethics is a series of established principles an organization uses whenoperating in business or society. Organizations often develop these codes to ensure that allindividuals working in the company operate according to the same standards. Mostindividuals have an internal code of ethics or moral principles they follow in life. A situationone individual finds ethically reprehensible may not seem so to another individual. Using acode of ethics in business attempts to create a basic understanding of acceptable ethical

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