Introduction
Ethics is one of the fundamental aspects of a business organization. The same moral codes that govern a person’s deeds also regulate commercial activities. Behaving in an ethical manner includes differentiating between right and incorrect and then choosing the right option. This paper defines business ethics. It also identifies bribery as one of the most serious unethical issues in business and proposes solutions to overcome it.
Definition of Business Ethics
Business ethics is defined as the moral standards that regulate business activities. The law is an important feature of business ethics. Most countries have laws that regulate business activities. For instance, there are legal procedures that must be followed when registering a company in the US. Furthermore, a company should carry out its activities within the legal framework. Majority of multinational companies have elaborate business principles, which guide their activities.
The business principles of a company are often formulated in close consultation with workers, government institutions, and local communities. Business ethics is significant because it enables a company to create a good relationship with consumers, government, and other organizations. For instance, a company should ensure that its activities do not contravene human rights and business principles.
Unethical business practices are numerous. Some of the common unethical business practices include abuse of labour laws, corruption, discrimination, and environmental degradation. More often than not, developed countries have clear-cut business ethics, which must be followed by all companies. On the other hand, many developing nations lack business ethics. Hence, some companies engage in unethical practices in developing counties.
For example, corruption is rampant in many developing counties because they lack stringent business laws. Thus, some multinational companies often engage in fraudulent activities in developing countries due to lack of stringent laws. Indeed, multinational companies that engage in fraudulent activities are unethical because they take advantage of loopholes in developing nations.
Unethical Practice
Bribery is the most serious offense because it encourages other immoral activities in business. Bribery is an intricate malpractice that can be carried out in various ways. Some companies bribe government officials to support their business interests. A corrupt company is likely to violate ethical codes in business. For example, a corrupt company that violates legal procedures can easily circumvent punishment by bribing government officials and magistrates. Thus, bribery is the most serious unethical behaviour in business.
Although bribery is an intricate challenge in business, it can be solved through the following mechanisms. First, proper legislations should be enacted to regulate business activities. For example, some companies engage in corruption due to ambiguous business laws. Second, law enforcement should be executed properly to mitigate corruption.
Companies that violate business ethics should be penalized to deter others from going against the law. Third, ethics should be emphasized in social, economic, and political institutions because corruption is widespread. Thus, corruption can be mitigated through a concerted effort of workers, employees, consumers, and government officers.
Conclusion
The essay has demonstrated that business ethics is significant because it regulates commercial activities. Business ethics prevents violation of workers’ rights. In addition, it fosters good relationship between organizations and consumers.
Consequently, unethical business activities such as bribery and abuse of labour laws should be discouraged because they create many challenges in the business environment. Unethical business practices such as corruption and childe labour can be discouraged through enactment and proper implementation of laws.