Name: Devang Rao

Enrolment No.: 312020L001

Corporate ethics' applicability in today's cutthroat

business environment

Submitted By:

Yash Pandey,

AURO University
ABSTRACT:

Moral principles must be taken into account along with the organization's goal in order for it
to flourish and thrive in the market. Businesses nowadays are expanding as a result of meeting
customer demands for technology, after-sale services, etc. These take place as a result of
organisations acting in accordance with their desire to gain the first mover advantage. Every
firm is working on the ethics to be followed by caring for its consumers and the environment,
as most are doing these days. In this aspect, the organization's growth is greatly influenced by
the alignment between business ethics with the organization's goal. The area of ethics has a key
role in the improvement of the organization's earnings and reputation. The purpose of this essay
is to emphasise the value of ethics in the workplace. The investigation is exploratory and
includes analysis.

INTRODUCTION:

Business ethics outlines the standards by which a person should morally assess whether a
choice is right or wrong. Today's consumer-focused businesses should place the highest
premium on ethics. The phrase "consumer focused business" in this context refers to a company
that offers increased satisfaction in both qualitative and quantitative parameters. The company
that excels in both areas will be able to remain in business. For instance, a pharmaceutical
business named XYZ manufactures paracetamol that contains norflex but does not include a
warning about it, making a person who is allergic to norlfex uncomfortable and making his
suffering worse. Additionally, in this instance, it is lawful for pharmaceutical businesses to
provide a disclaimer and a list of the ingredients in their products.

In addition to legal considerations, business ethics also involves additional obligations a

company should follow. It might be related to the environment, a decrease in pollution, or
anything else that benefits society. For instance, a company that ensures that the pollution from
its production won't rise and harm the locals. Despite this, they make sure that their industrial
waste is recycled wherever feasible and appropriately disposed of otherwise.

In this case, the company is abiding by all moral standards, which will enhance their operations
and boost their reputation. In the twenty-first century, working on ethics is crucial and is given
top importance, regardless of whether it involves moral or legal obligation. As work is typically
divided up and carried out by many departments within an organisation, each department will
make its own decisions. Anyone making decisions will do so in accordance with the corporate
culture. It might be challenging to maintain one more important priority in the cutthroat
business environment of today, when there are several aspects to be taken into account in terms
of technological breakthroughs, strengths, weaknesses, opportunities, threats, what their rivals
are doing, etc. However, prioritising it will protect their standing with the general public and
shield them from unfavourable media reports, helping businesses to retain clients by meeting
their demands. Not only will clients continue doing business with us, but the firm will
undoubtedly gain as well. However, the company will also gain benefits in terms of the number
of employees since the workers will be paid adequately for the work they perform, allowing
them to stay with the company, and more people will be interested in applying for jobs there.

Therefore, with effective personnel, goodwill, and ultimately increased sales, will ultimately
lead to growth in future economic advantages in the business and therefore it will aid in
accomplishing the organization's objective. When management (top level) operates ethically,
they can direct their employees to work ethically in a way that benefits both their personal
needs and the needs of the company, ultimately realising the company's vision. This is similar
to how management guides other employees regarding the affairs of the company. The staff
will then consider the best course of action.

The proper way might require more work because it may be longer; yet, one can choose an
unethical shortcut in order to make great gains in the short term. When management and
employees conduct themselves ethically, it fosters positive relationships that boost their
profitability and market share. One additional aspect that has to be considered, in addition to
how essential ethics are to a firm, is corporate culture. Corporate culture is essential for
preventing unethical behaviour in the workplace and minimising the likelihood of scandals
occurring. The relationship between the employer and the employee will become stronger if
there are casual meetings. Leaving aside the informal meeting that was held, the official portion
will benefit the business as a whole if the organization's goal is in line with moral leadership,
a positive corporate culture, and environmental obligations. This may be accomplished by
promising employees that their salaries would be increased as and when necessary and
warranted and by praising their participation in the organization's official meetings. This all
contributes to the organization's strong ethical culture. Ethical standards are always evolving
and never remain consistent. A behaviour that is immoral in one nation might not be in another.
As an illustration, although cows are revered as goddesses in India, people in other nations
consume their meat. They used to make hamburgers and buns with the beef before eating it.
Technology, culture, religion, and politics in that nation all have an impact on ethical standards.
In light of these considerations, decisions on what is morally correct to do or refrain from doing
are made.

All employees in a business must be aware of what ethics are, how they will benefit them
personally, if adhering to an ethical path would enable them to realise their own goals, and
other information if they are to conduct in an ethical manner. This may all be accomplished by
holding numerous training sessions where employees are assured that serving as stewards for
the firm would benefit them personally as well. It will be demonstrated that these kinds of
claims are true by increasing the salaries of deserving workers.

EROISON OF ETHICS:

Ethics can be seen from two perspectives, universalist and relativist, according to Donaldson
(1994). Being a universalist, one believes that wrong and right should be determined by some
fixed standards, ignoring the factor of the situation and whether or not culture supports it. Being
a relativist, one believes that wrong and right are judged on the basis of what is the situation
prevailing there and what the culture tells us to do. There is a tension between the two as a
result, and this conflict causes uncertainty in the minds of those who wish to maintain their
business. In the end, it will be challenging for organisations to make moral judgments when
there is dispute within the society. Economic globalisation, particularly in developing nations,
is a factor that contributes to the degradation of ethics. It is nothing more than a community
that views geographic limits as only an annoyance.

This is carried out in developing nations since these are the nations that have a low level of
bargaining power among themselves and are in need of foreign investment. And this draws an
unhealthy culture to participate, and this is all done by a bidder who is absolutely capable of
completing a project by whatever means necessary. However, whether this technique succeeds
or fails entirely depends on the investors. If they refrain from engaging in that corruption
activity, the economies won't have any corruption at all, and everyone will operate ethically.
CONCLUSION:

Companies that behave ethically enjoy a stable future from the standpoint of social esteem, and
they endure in the market throughout time. Their clients remain loyal to the business, which
helps it achieve its goals and ensures that its staff members are happy. Employees are an
organization's most valuable resource since they enable market survival. If they can keep their
workers happy. Internal stakeholders will put in more effort if their needs are met to a greater
extent. The company will have greater goodwill if they put forth more effort. More goodwill
will increase sales, which will increase profitability and help the organisation realise its
mission. To boost their profitability in today's environment of fiercer competition, every firm
must be able to stay in business. Customers' trust is something they must have if they want to
increase their profitability.