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Business ethics is concerned with fundamental values that govern a company's conduct. Business ethics emerged in the 1960s as firms and enterprises become more mindful of the growing consumer-based culture. Economic ethics requires not only a moral code of right and wrong, but it also seeks to reconcile what companies would do morally in order to outperform those in a fair market. Firms demonstrate corporate integrity in a variety of areas, including respect for employee rights, equal competition, and properly paying employees, among others. Any of the ethical issues in the industry are mentioned below. Federal law requires that employers pay a minimum wage and pay over time, although some believe that the concept of a living wage is the more ethical standard. Explain and defend your position on whether you agree or disagree.
I disagree that the concept of a living wage is more of ethical standard. Overtime is the amount of money paid to an individual if he/she works past the time assigned to him/her. This is because some people with low wages hardly meet their need when most of their times are occupied with overtime jobs which doesn't pay. In this way, we realize that their life is compromised as a living also becomes challenging in meeting their needs.
Ethical theories that are based on laws are considered protected and given the highest priority (Larry, 1999)
Is it ethically permissible for an employer to do business with a supplier who acts legally but perhaps "unethically"? For example, many foreign countries do not have the health and safety regulations we consider standard for employees. Is it ethical to do business with those suppliers? Remember to use at least two theories to discuss.
This act is not ethically permissible since health and safety of workers are some of the benefits should be taken care of. All the employees of a workplace are supposed to be safe and free from accidents as they carry out their responsibilities towards achieving organization goals.
it is ethical for the company managers to mediate and look into concern some of the employee problems ( Mitchell, 2011)
Is it ethical for an employer to require as a condition of employment or use as a consideration for advancement promotion, that an employee participate in organizations apart from the business (i.e. community non-profit organizations)? Does the type or nature of the organization make a difference?
The act of participating in non business activities is not ethical. When employees are forced to or lured to engage in activities that do not relate to business, it could be due to favor or as result of threat. When employees gain promotion as a result of favor, they may not achieve full performance to meet the objectives of the company since they were promoted in unfair backgrounds (Fernando, 2009)
Finally, some opine that employee pay should be tied in part to the compensation of the owner/chief operating or executive officer of the business, with the lowest paid employee being paid no less than a certain percentage of the highest paid employee. Is this an ethical way of determining compensation?
This is not an ethical way of determining compensation as roles and responsibilities vary. In this way, different people have varied workloads in an organization and this should be the best way to determine salaries. It should focus on nature and complexity or simplicity of the work assigned to an individual in a company.
Bailey, R. (2015). Minimum wage and magical thinking: no one can defy the law of demand. Reason Magazine, 47
"Business Ethics (Stanford Encyclopedia of Philosophy)."Plato.stanford.edu. 2008-04-16. Retrieved 2013- 06-04.
Fernando Jaramillo (2009) Examining the impact of servant leadership on salesperson’s turnover intention
History of Business Ethics. Scu.edu (2005-02-19). Retrieved on 2010-09-02.
Larry C. (1999). Ethical Theories.
Mitchell J. (2008). Regulatory focus as a mediator of the influence of initiating structure and servant leadership on employee behavior.
Shaw W., Barry V. (2006). Moral Issues in business.
Sowell, T. (2015). Ruinous 'Compassion . Creators.
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