KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY

BSc BBA MANAGEMENT OPTION

COURSE MAS 461: CONTEMPORARY ISSUES IN MANAGEMENT.

ASSIGNMENT

IDL ACCRA CENTERS

YEAR FOUR

SEMESTER ONE

ANSWER ALL QUESTIONS

1. As a manager of a multi-national company, what would you consider as the most

critical yet common

ethical issues facing businesses in 2024? (10 marks).

NOTE: NOT MORE THAN 2 PAGES.

2. Discuss five ethical dilemmas in business and suggest measures to help curtail
them? (10 marks).

NOTE: NOT MORE THAN 2 PAGES.

3. In what ways does diversity management enhance the competitive advantage for a
company?

Note: not more than 2 pages.

STUDENT: DELA A. R. DONKOR-ZONU

STUDENT ID: 20916766

STUDENT INDEX NUMBER: 3790122

LECTURER: DR. S.A. AZINGA

DATE: 25TH FEBRUARY, 2024

QUESTION 1

Introduction

As a manager of a multi-national company, it is essential to anticipate and address the

most critical ethical issues that businesses may face in the future. By identifying these
issues, companies can proactively develop strategies to mitigate risks, maintain their
reputation, and ensure sustainable growth. In 2024, some critical ethical issues that
are likely to be faced by businesses in 2024 are: Data Privacy and Security,
Artificial Intelligence (AI) Ethics, Environmental Sustainability, Social
Responsibility, Ethical Use of Technology: Advancements in technology,
Corporate Governance and Transparency, Ethical Supply Chain Management
and Intellectual Property Rights.

Before going any further, it’s important to understand what we mean by ethical issues
in business today.

What Is Business Ethics?

Business ethics is the moral principles, policies, and values that govern the way
companies and individuals engage in business activity. It goes beyond legal
requirements to establish a code of conduct that drives employee behavior at all levels
and helps build trust between a business and its customers. Twin, A. (no date)

1. Data Privacy and Security: With the increasing reliance on data-driven

technologies, businesses will face ethical dilemmas related to the collection, storage,
and use of personal and sensitive data. Ensuring the privacy and security of customer
and employee data will be a significant concern.

2. Artificial Intelligence (AI) Ethics: As AI becomes more prevalent,

businesses will grapple with ethical questions surrounding transparency, bias,
accountability, and the potential impact of AI on employment and social equity.
Ensuring AI systems are fair, unbiased, and respectful of human values will be
crucial.

3. Environmental Sustainability: As climate change and environmental

concerns continue to escalate, businesses will face ethical dilemmas related to their
environmental impact. Balancing economic growth with sustainable practices,
reducing carbon footprints, and addressing supply chain sustainability will be critical.

4. Social Responsibility: Stakeholders increasingly expect businesses to

contribute positively to society. Ethical issues may arise around fair labor practices,
diversity and inclusion, community engagement, and responsible sourcing. Businesses
will need to demonstrate social responsibility beyond profit-making.

5. Ethical Use of Technology: Advancements in technology, such as

automation, robotics, and genetic engineering, may raise ethical concerns. Businesses
will need to navigate issues related to job displacement, potential misuse of
technology, and the ethical boundaries of scientific advancements.

6. Corporate Governance and Transparency: Maintaining high standards of

corporate governance, ensuring transparency in financial reporting, and combating
corruption will remain critical ethical issues. Upholding integrity and accountability
within organizations will be essential for maintaining trust.

7. Ethical Supply Chain Management: Businesses with complex global

supply chains may face ethical challenges related to labor rights violations, child
labor, environmental degradation, and unsafe working conditions. Ensuring ethical
sourcing and responsible supply chain management will be crucial.

8. Intellectual Property Rights: With the rapid pace of innovation, protecting

intellectual property rights and avoiding infringement will be an ongoing ethical issue.
Balancing the need for innovation with respect for intellectual property rights will be
a challenge for businesses.

In conclusion, as a manager of a multi-national company, it is crucial to anticipate

and address the most critical ethical issues facing businesses in 2024. Data Privacy
and Security, Artificial Intelligence (AI) Ethics, Environmental Sustainability, Social
Responsibility, Ethical Use of Technology: Advancements in technology, Corporate
Governance and Transparency, Ethical Supply Chain Management and Intellectual
Property Rights are likely to be the most common and significant ethical challenges.
By proactively addressing these issues, my company can cross the evolving business
landscape, maintain their competitive edge, and contribute to a more ethical and
sustainable future in 2024
QUESTION 2

Introduction

Addressing ethical dilemmas in business isn’t the same as your day-to-day decision-
making. Beefing up your inventory with extra products ahead of a busy season won’t
impact your workplace culture. However, how you handle ethical issues can have a
powerful influence on team members and their interactions. Deborah (2022)

What Are Ethical Dilemmas?

Ethical dilemmas are problems for which there are no obvious right or wrong
answers. Instead, the solutions are determined by how they align with one’s morals
and principles

In the world of business, an ethical dilemma is a situation in which a company must

choose between conduct that is most beneficial to them and behavior that is just, fair,
and ethically correct for their employees, stakeholders, and customers. When a
business, or an individual within the business, does not behave ethically, it’s often due
to a desire for personal or business gain. Ethical Dilemmas in Business and How to
Address Them (no date)

Your co-workers aren’t the only ones who’ll experience consequences based on the
workplace ethics you establish and put into practice. Key stakeholders may
experience the benefits or fallout reaped by your decisions regarding ethical issues.
These include your customers, board members, and business partners, like your
vendors. Your company policies on ethical issues may even influence your
organization’s ability to survive.

Ethical dilemmas in business are complex situations that involve conflicting moral
principles and values. These dilemmas can arise in various aspects of business, such
as finance, marketing, human resources, and operations. It is crucial for businesses to
address these dilemmas to maintain their reputation, build trust with stakeholders, and
ensure long-term success.

Here are five common ethical dilemmas in business and measures to help curtail them

1. Unfair labor practices

One ethical dilemma in business is the exploitation of workers through unfair labor
practices, such as low wages, long working hours, and unsafe working conditions. To
curtail this dilemma, businesses should:

a. Implement fair labor policies: Establish policies that ensure fair wages,
reasonable working hours, and safe working conditions for all employees.
 b Conduct regular audits: Regularly audit labor practices to identify any
violations and take corrective actions promptly.

c Encourage transparency: Maintain open lines of communication with

employees, allowing them to voice concerns and report any unethical labor practices
anonymously.

2. Environmental pollution

Businesses often face ethical dilemmas related to environmental pollution caused by

their operations. To address this dilemma, businesses should:

a. Adopt sustainable practices: Implement environmentally friendly practices,

such as reducing waste, conserving energy, and using renewable resources.

b. Comply with regulations: Ensure compliance with environmental regulations

and standards set by governmental bodies.

c. Invest in research and development: Invest in research and development to

develop eco-friendly technologies and processes.

3. Deceptive marketing

Deceptive marketing practices can mislead consumers and harm their interests. To
combat this dilemma, businesses should:

a. Practice truth in advertising: Ensure that all marketing communications are

accurate, transparent, and do not mislead consumers.

b. Educate employees: Train employees on ethical marketing practices and the

importance of honesty and transparency.

c. Engage in responsible advertising: Avoid using manipulative tactics or

making false claims about products or services.

4. Bribery and corruption

Bribery and corruption are significant ethical dilemmas in business, particularly in

international operations. To prevent these practices, businesses should:

a. Establish a code of conduct: Develop a comprehensive code of conduct that

explicitly prohibits bribery and corruption.

b. Provide training and awareness: Conduct regular training programs to

educate employees about the consequences of bribery and corruption and the
importance of ethical behavior.

c. Encourage whistleblowing: Create a safe and anonymous reporting

mechanism for employees to report any suspected bribery or corruption.

5. Data privacy and security

Businesses often face ethical dilemmas related to data privacy and security, especially
in the digital age. To address this dilemma, businesses should:

a. Implement robust security measures: Invest in secure systems and

technologies to protect customer data from unauthorized access or breaches.

b. Obtain informed consent: Obtain explicit consent from individuals before

collecting and using their personal data.

c. Comply with privacy regulations: Ensure compliance with privacy laws and
regulations, such as the General Data Protection Regulation (GDPR) in the European
Union.

In conclusion, ethical dilemmas in business can have severe consequences for

organizations and their stakeholders. By implementing measures like fair labor
policies, sustainable practices, truth in advertising, anti-bribery policies, and data
privacy measures, businesses can curtail these dilemmas and establish a reputation for
ethical conduct.

QUESTION 3
Introduction

Diversity management is an organizational approach that companies take to promote

diversion, inclusivity, and equality among their workforce. It aims to utilize diverse
backgrounds, perspectives, and talents in individuals to create a dynamic and enriched
environment. It involves fostering an inclusive culture where all employees feel
valued, heard, and empowered to contribute their unique insights. Ghosal, S. (2023)

It also refers to the practice of creating and maintaining a diverse workforce within an
organization. This involves valuing and leveraging the differences in individuals’
backgrounds, experiences, skills, and perspectives to drive innovation, creativity, and
overall organizational success. When implemented effectively, diversity management
can enhance the competitive advantage of a company in several ways:

1. Increased innovation and creativity: A diverse workforce brings together

individuals with different perspectives, ideas, and ways of thinking. This diversity of
thought can lead to increased innovation and creativity within the organization. When
employees from various backgrounds collaborate, they are more likely to generate
new ideas, challenge existing norms, and find unique solutions to problems. This can
give the company a competitive edge by enabling it to develop new products,
services, and processes that meet the changing needs and preferences of customers.

2. Enhanced problem-solving and decision-making: Diversity in the workplace

can lead to better problem-solving and decision-making. When teams consist of
individuals with diverse backgrounds and perspectives, they are more likely to
consider a wider range of options and alternatives. This can help in identifying
potential risks, evaluating different scenarios, and making more informed decisions.
By leveraging the collective intelligence of a diverse workforce, companies can make
better strategic choices, adapt to market changes more effectively, and gain a
competitive advantage over their rivals.

3. Improved customer understanding and market penetration: A diverse

workforce can help companies better understand and connect with their diverse
customer base. When employees from different backgrounds interact with customers,
they bring unique insights and cultural understanding that can help in tailoring
products, services, and marketing strategies to specific customer segments. This can
lead to increased customer satisfaction, loyalty, and market penetration. By effectively
managing diversity, companies can tap into new markets, expand their customer base,
and gain a competitive advantage over competitors who may not have a similar level
of cultural understanding.

4. Attraction and retention of top talent: In today’s globalized and

interconnected world, talented individuals have diverse backgrounds and seek
inclusive work environments. By actively promoting diversity and inclusion,
companies can attract and retain top talent from a wide range of backgrounds. This
can give them a competitive advantage by ensuring access to a diverse pool of skills,
knowledge, and experiences. Additionally, a diverse and inclusive workplace can
enhance employee engagement, morale, and productivity, leading to higher retention
rates and reduced recruitment costs.

5. Enhanced reputation and brand image: Companies that prioritize diversity

and inclusion can build a positive reputation and brand image. In an increasingly
socially conscious world, customers, investors, and other stakeholders value
companies that embrace diversity and promote equal opportunities. By actively
managing diversity, companies can enhance their reputation as inclusive and socially
responsible organizations. This can attract more customers, investors, and partners,
and differentiate the company from competitors, ultimately leading to a competitive
advantage.

In conclusion, diversity management can enhance the competitive advantage of a

company by fostering innovation, improving problem-solving and decision-making,
enhancing customer understanding, attracting top talent, and building a positive
reputation. By valuing and leveraging diversity, companies can create a more
inclusive and dynamic work environment that drives organizational success in today’s
diverse and rapidly changing business landscape.
References:

Twin, A. (no date) What Is Business Ethics? Definition, Principles, and Importance,
Investopedia. Available at: https://www.investopedia.com/terms/b/business-ethics.asp
(Accessed: 12 February 2024).

New York University Stern Center for Sustainable Business. "ESG and Financial
Performance: Uncovering the Relationship By Aggregating Evidence From 1,000 Plus
Studies Published Between 2015 – 2020."

Ethics & Compliance Initiative (ECI). "The State of Ethics & Compliance in the
Workplace," Pages 16-22.

Ethics & Compliance Initiative (ECI). "2021 Global Business Ethics Survey Report
The State of Ethics & Compliance in the Workplace: A Look at Global Trends

Deborah (2022) Common Ethical Dilemmas in Business and How to Address

Them, Let’s Roam Team-Building Blog. Available at: https://www.letsroam.com/team-
building/resources/ethical-dilemmas-in-business/ (Accessed: 12 February 2024).

Ethical Dilemmas in Business and How to Address Them (no

date) Suffolk.edu. Available at: https://sites.suffolk.edu/ccpe/ethical-
dilemmas-in-business/ (Accessed: 12 February 2024)

Sources:

American Management Association, “The Latest on Workplace Monitoring and

Surveillance”

CCAB, “CCAB Ethics Survey 2021”

Chron, “What Causes an Ethical Dilemma in Conducting Business?”

EEOC, “EEOC Data Highlight April 2022”

Ethics and Compliance Initiative, “2021 Global Business Ethics Survey”

Federal Trade Commission, “Truth In Advertising”

Forbes, “Eight Common Ethical Dilemmas Business Owners Face (And How To
Overcome Them)”

Frontiers in Psychology, “How Do Nepotism and Favouritism Affect Organisational

Climate?”

Glassdoor, “Glassdoor Survey Finds Three In Five U.S. Employees Have Experienced
Or Witnessed

Discrimination Based On Age, Race, Gender Or LGBTQ Identity At Work”

Glassdoor, “How To Calculate Cost-Per-Hire (CPH)”

Investopedia, “The Importance of Business Ethics”

National Safety Council Injury Facts, Work Injury Costs

Occupational Safety and Health Administration, “Top 10 Most Frequently Cited

Standards”

PwC, “The Complexity of Trust: PwC’s Trust in US Business Survey”

Seyfarth Shaw, “18th Annual Workplace Class Action Report – 2022 Edition”

Ten Spot. “New Survey Reveals GenZ Holds the Key to the Evolution of Company
Culture, with Social Issues, Workforce Engagement, and Treatment of Others at Work
Top of Mind”

Vault Platform, “The High Costs of Misconduct: A Closer Look”

Vault Platform, “The Trust Gap: Expectation vs Reality in Workplace Misconduct and
Speak Up Culture”

Ghosal, S. (2023) Diversity Management, WallStreetMojo. Available at:

https://www.wallstreetmojo.com/diversity-management/ (Accessed: 12
February 2024).