Effective Ethics in Contemporary Business and Decision Making

Question: Discuss about the Effective Ethics in Contemporary Business and Decision Making. Answer: Introduction Ethical principles include moral conduct and behavior for an activity. Globalization and expansion of businesses have led businesses to become desirous of acquiring more market share and revenues by often overlooking ethical consideration in businesses(Clegg, 2007). Hence, the scope of effective ethics is necessary to be incorporated into overall business decision making in order to create a sustainable impact on the society and environment. Literature Review The scope of business ethics can be drawn from theoretical and conceptual models and applied in businesses. L.P. Christensen article, Ethics, CSR, and sustainability education in the Financial Times top 50 global business schools: Baseline data and future research directions. In the Journal of Business Ethics, volume 73(4), pages 347 to 368 highlights the various ways in which buisnesses can incorporate ethical consideations into their decision making processes(Christensen, 2007). N.W. Cornelius (2007) article, An analysis of corporate social responsibility, corporate identity and ethics teaching in business schools. In the Journal of Business Ethics, volume 76(1), pages 117 to 135 provides a step by step guideline into ethical decision making models(Cornelius, 2007). Analysis In order to apply ethical decision making into businesses, the challenge needs to be understood. Thereafter, relevant ethical framework needs to be identified and adopted to get desired course of action post which the outcome can be evaluated. The below diagram is a representation of a ten step ethical framework for decision making within corporations. Figure 1 : Ten Step Ethical Decision-Making Model Source: (www.slideshare.net, Retrieved on 2nd April 2017) Strengths of effective ethics in contemporary business decision making: Better brand recognition by customers Creating sustainable impacts of business Protecting integrity of stakeholders Weaknesses of effective ethics in contemporary business decision making: Often higher costs of decision implementation Low competitiveness initially Conclusion The above frameworks provide capacity for quality guideline that constitutes reflexive and a pragmatic approach towards ethical and moral issues. Consultative approach in adopting ethical framework will provide better decision making. Reference Lists Carroll, A. B. (2014). Business and society: Ethics, sustainability, and stakeholder management. Nelson Education. Christensen, L. P. (2007). Ethics, CSR, and sustainability education in the Financial Times top 50 global business schools: Baseline data and future research directions. Journal of Business Ethics, 73(4), 347-368. Clegg, S. K. (2007). Business ethics as practice. British Journal of Management, 18(2), 107-122. Cornelius, N. W. (2007). An analysis of corporate social responsibility, corporate identity and ethics teaching in business schools. . Journal of Business Ethics, 76(1), 117-135. www.slideshare.net. (Retrieved on 2nd April 2017). Ethical Decision Making Model. https://www.slideshare.net/kevins299/lecture-9-ethical-decision-making.