To some it is fair to say, a successful business is one who generates the most profits, most returns to shareholders and employees hence everyone is happy. But the question is, is it really that simple?
Ethics
The word is ethics, as summer is coming near, many of us are actively finding internships and summer jobs however, it is easy to fall into the trap of unethical business practices. The article “The Unpaid Intern, Legal or Not” highlights just a small area on how businesses can be unethical. “Employers increasingly want experience for entry-level jobs, and many students see the only way to get that is through unpaid internships.” It may seem like a win-win situation however, students often find themselves cleaning toilets or wiping windows instead of the educational experience they are anticipating. Consequently, even if they file a complaint or lawsuit it may be unsuccessful as they are not protected by the “employment discrimination laws”.
Furthermore, conflicting interests in the general society gives rise to the issue of ethics.
Is it ethical to manipulate financial and accounting information? … but this will boost the attractiveness of the firm…
Is it ethical to choose your employees based on age, race, sex, attractiveness and weight? … but this will create a more unified workforce…
Is it ethical to produce with no regards to the environment? … but this will yield greatest profits…
Is it ethical to copy other people’s ideas? … simply just supplying what people demands…
It is common that firms faces conflicting interests, for example firms cannot maximize profits from going green as much of its budget is spent on sustainable developments.
Although this may be a long battle in determining the ‘right’ practice, firms should aim to take responsibility for the impact of their activities on “customers, suppliers, employees, shareholders, communities and other stakeholders, as well as the environment. This obligation is seen to extend beyond the statutory obligation to comply with legislation and sees organizations voluntarily taking further steps to improve the quality of life for employees and their families as well as for the local community and society at large.”
