Picture taken from FTI Journal’s “Is “Business Ethics” an Oxymoron?”[1]
How does one know whether an action is considered ethical, whether it has to do with school, daily life, or in this case – business activity? For instance, when a company has to make employees redundant. It may be ethical for the success of the company by allocating costs more efficiently, but could also be unethical for those made jobless. Two questions are raised in these scenarios: do all business decisions have to be ethical to succeed, and can businesses be ethical towards all stakeholders when making decisions?
It is important for businesses to consider their associated parties to succeed in any industry. This is why every business must conduct a code of practice. Executives have to keep in mind of ethical principles, such as honesty, integrity, and loyalty, to maintain and sustain performance. Otherwise, the fate of the business could be at stake.
American network Nickelodeon’s parent company, Viacom International Media Networks, announced their plans to build a 100 hectare underwater theme park in El Nido, Philippines. Although proposing to prioritize “ocean conservation focus”[2], immediate backlash from those of Greenpeace, and Philippine environmental activist Grizelda Mayo-Anda have thought otherwise, regarding the project as “sad and alarming”[3]
One must be aware of the unethical harm that this could cause towards marine life in the Philippines. With this comes a relevant discussion: environment versus profit.
From the perspective of Filipino, building a theme park would disrupt the distinct and natural features that contribute towards the environmental beauty of the Philippines. This disappoints not only environmentalists, but also the residents of Palawan. Thus, this can be considered unethical, right?
Think about other stakeholders: employees, the local community and the government. Wouldn’t this development create thousands of job opportunities in a third world country that is the Philippines? The answer to that is, certainly. Boosting Philippines’ tourism rates and increasing revenue sounds like an ego-booster for the Philippine economy. Unfortunately, with every ethical decision, comes unethical consequences.
The possibilities of being ethical whilst simultaneously satisfying the needs and wants of all stakeholders in any business are minute. A beneficial choice does not necessarily mean that it is ethical. Achieving success requires the ability to take risks and be spontaneous, some that could be immoral. In fact, 24% of Wall Street executives from the US and UK think that it is essential “to engage in unethical or illegal conduct in order to be successful.” [4]
Everyone has the opportunity and need to be unethical, selfish, or immodest. In today’s society, competition is shooting, and with this change, comes the need for greed. It is not about being either ethical or successful, but instead sacrificing ethical values to succeed, and sacrificing success to be ethical.
Written by Marga Chan
Works Cited
[1] Holder, Frank L. “Green Stop Sight with the Quote ‘Is ‘Business Ethics’ an Oxymoron?”.” FTI Journal, FTI Consulting Inc., Feb. 2014, www.ftijournal.com/article/is-business-ethics-an-oxymoron.
[2] Affairs, G. N. (2017, January 10). Nickelodeon to build underwater theme park in Palawan. Retrieved September 12, 2017, from http://www.gmanetwork.com/news/lifestyle/travel/595288/nickelodeon-to-build-underwater-theme-park-in-palawan/story/
[3] Manila, A. F. (2017, August 23). Nickelodeon abandons Philippine resort plan after backlash. Retrieved September 12, 2017, from https://www.theguardian.com/world/2017/aug/23/nickelodeon-abandons-philippine-resort-plan-after-backlash
[4] Plaue, N. (2012, July 10). A Quarter Of Wall Street Executives Say You Have To Be Unethical To Succeed. Retrieved September 12, 2017, from
http://www.businessinsider.com/a-quarter-of-wall-street-executives-think-unethical-activity-is-required-to-succeed-2012-7