ETHICS & BANGLADESH BUSINESS
7th Batch, Department of Accounting & Information Systems, Jahangirnagar University
No. Name ID
- Asaduzzaman Ripon 1779
- Fardeen Rahman 1781
- Akik Kamal 1787
- MD. Atiqul Islam 1788
- Wasif Anwar 1789
Ethics: An overviewMorals characterize all points of view of human conduct which is a piece of reasoning. In the event that we notice it hypothetically some of the time it is considered regulating morals that stands between what is correct or wrong. It legitimizes the conduct of individuals by taking the judgment of truth and untruth.
So as to create guidelines and rules that help judgment and basic leadership process morals is a fundamental.
Business EthicsBusiness ethics are otherwise called corporate morals. It is a period of applied morals or expert morals that manages the moral and good standards and issues fused at the business and partnerships. It can likewise be portrayed as a rulebook of principles and qualities that manages association’s culture basic leadership techniques and activities inside that association.
It is relevant to every one of the parts that lead in the interest of the two people and the whole organization. Essentially business morals allude to the judgment among good and bad and choosing what to do. Business ethics can be classified into three parts:
Personal (micro scale)
Professional (intermediate scale)
Corporate (macro scale)
Each of them are different from each other and applicable for different fields but all of them are intricately related.
Advantages of Ethical BehaviorThe development and growth of an organization depends on the ethical practices and actions within that organization. The impacts of practicing ethical behavior in the business are shown below:
Customer Loyalty: A loyal customer base is one of the keys to long-range business success. If consumers or customers believe they have been treated unfairly, such as being overcharged, they will not be repeat customers. Also, a company’s reputation for ethical behavior can help it create a more positive image in the marketplace, which can bring in new customers through word-of-mouth referrals. On the other hand, unethical practices results in the decreasing number of new customers. Dissatisfied customers can quickly disseminate information about their negative experiences with the company.
Retain good employees: Talented individuals at all levels of an organization want to be compensated fairly for work and dedication. Companies who maintain transparency in their actions with the employees have a higher chance of retaining talented workforce.
Positive work environment: Being ethical is one of the major responsibilities of an employee. They have to be fair and honest with their job and duties. Ethical employees are considered as core members rather than just an employee. They develop positive relationships with coworkers. Their supervisors trust them with confidential information.
Avoid legal problems: It can be tempting for a company’s management to cut corners in pursuit of profit, such as not fully complying with environmental regulations or labor laws, ignoring worker safety hazards or using sub-standard materials in their products. The penalties if caught can be severe, including legal fees and fines or sanctions by governmental agencies. The resulting negative publicity can cause long-range damage to the company’s reputation that can even be more costly than the legal fees or fines.
Business Ethics in Bangladesh TodayBusiness ethics is the orders that develop our insight into business behavior. It effectively causes us to discover what is correct and what’s going on. The day by day adventure of business ought to be pursued by business morals. Most importantly, here are some significant foundation of business morals in Bangladesh. Morals of Bangladesh is influenced for the most part by, I. Family, ii. Culture, iii. Religion iv. Laws of this nation and so on.
From the outset, family is the center point for the wellspring of business morals. Since, an individual impacts his presentation of business which he really gain from family. Next center point is religion. Individuals of various religions has distinctive thoughts and business gets affected by it. Culture of a nation make sway on business conduct. In any case, an issue culture now a days, is getting blended with another societies that changing the business. Be that as it may, in Bangladesh, the two occasions are going on. Moral issues are going on simultaneously unscrupulous occasions as well. Presently we give a model about the unscrupulous exercises accordingly we can exhibit Bangladesh morals appropriately.
Concoction Enterprises or in short ACI is the best combinations in Bangladesh. It produces nourishments, gadgets, cars and uniquely pharma and synthetic concoctions. They attempt their best to adhere to the global standard. In The center the requests of the shoppers to fulfil. Other than they are additionally working for social duty. Presently here are some moral methodologies of ACI instructive projects to develop the earth of society.
Instructive Projects: ACI has been organizing instructive projects to develop the state of the general public. Propelled Concoction Ventures has presented Proceeded with Restorative Training (CME) for the therapeutic officials and the projects dependent on instruction for the youngsters. Furthermore, they orchestrated a program dependent on English in the provincial territory of Bangladesh named Faridpur. Leading all, it helped kids to learn English and made them anxious to learn English and go to class. By creating kids instruction, they are building up the general public.
Condition Cordial Works: ACI has been masterminding instructive projects dependent on poultry firms and horticulture. Their projects is for preparing and showing the ranchers the contaminations of the earth and securing nature. For instance, they train the ranchers comprehend the harness of the synthetic substances and how to develop the corns normally instead of unsafe synthetic compounds.
Aside from the moral conduct. There are a ton of dishonest practices occurring in Bangladesh. What’s more, it is said that, the measure of exploitative exercises in Bangladesh is path greater than the moral practices.Some Unethical Issues in BangladeshUnfair Competition
In the corporate world, there are many competitions and competitors. But doing something unfair to defame a company or misappropriate their trade secrets are not an ethical behavior. There is also an activity of copying the trademarks of the other companies. By this, customers get confused. In Bangladesh, many business companies try to defame the competitors. This happens mostly in the small businesses, they use the name of their competitor’s product name to make the customers buy their products. Well, it’s not wrong to use a competitor’s name within the selling material, but it shouldn’t deplore the corporate or its product.
Offering bribes to influence a business isn’t uncommon even in the entire business world. Illegally giving cash or something valuable to get some favor in return is called bribery. In Bangladesh, the amount of such problem is huge. Because of this, many normal people are suffering.
Misleading Product Information
Promoting injurious and harmful products with misleading information is another big problem in business. Consumers as well as the environment get harmed because of these products. From cloths to foods, all corporations are blatantly tricking the customers by providing deceptive information. Sometimes there are problems of fraud, providing the customers fake products or the products that are not qualified enough. Especially in Bangladesh, this problem arises in the online businesses.
Discrimination and Harassment
This problem may sound rare in this country but it happens almost in all business companies. It is not only unethical but also illegal if discrimination and harassment happens because of race, ethnicity, gender, incapacity or age. In our country, the lower level workers are facing this problem mostly. Many workers are getting forced for work for long hours but they are not getting paid properly, and the lady workers are getting sexually harassed by the other employees and even by the bosses.
Failure of DutyA company is at a big risk if the employees are not loyal and don’t complete their duties properly. If there isn’t any sense of responsibility in the workers, the business is not ethical. But generally in the business companies, the workers misuse the time of the company, don’t complete their task properly and they simply lie to the managers about their work. Sometimes, workers blame the others for the failures they make.
Why Bangladesh business should be ethicalEthics of business isn’t required, yet a decision that gives organizations a significant position. Following a business arrangement is an ethical choice. With the augmentation of business, the select market circumstance or state sponsorship of a business association is a relic of times gone by. Bangladesh Business Organization needs to go after it’s inside quality, particularly its HR and the ability of its partners to take an interest in the worldwide market.
Bangladesh business should be ethical for many reasons:
- To protect its own interest
- To make the business public acceptance
- To protect the interest of its community
- To meet stakeholder expectation
- To build trust with the major stakeholder group
- To create an environment in which the worker can work friendly
- To build its own reputation
- To attract investor
- To capture the world market
- To keep the customer satisfied
Importance of Business Ethics in BangladeshCorresponds to Basic Human Needs:The essential need of each person is that they need to be a piece of an association that they can regard and pride in, in light of the fact that they comprehend it as good. Everybody likes to identify with associations that the general public regards as an earnest and socially mindful association. Organization supervisor like HR Manager needs to assume the liability to satisfy the interest of the workers. The fundamental needs of workers and administrators make the association morally arranged.
Credibility in the Public:Moral estimations of an association make believability in the open eye. On the off chance that the organization offer great item with top notch, they will purchase the item. The organization will achievement in maintaining the business. Due to this explanation just the cola organizations are spending colossal wholes of cash on the commercials now-a-days to persuade the open that their items are protected and free from pesticides of any sort.
Credibility with the Employees:
On the off chance that the representatives realize they work for a moral business they will work for their best for causing the organization to succeed. It makes shared objectives, qualities and language. Representatives will accept the HR director since they realize that their association is moral. Seen social uprightness and virtues can win the representatives more than some other motivation plans.
Better Decision Making:Regard for ethical will compel an administration to take different monetary, social and moral viewpoints into thought while taking the choices. Basic leadership will be better if the choices are in light of a legitimate concern for the general population, representatives and friends’ very own long haul great.
Profitability:Being ethical doesn’t mean not making any benefits. Each association has a duty towards itself likewise i.e., to procure benefits. Moral organizations will undoubtedly be fruitful and increasingly gainful over the long haul however in the short run they can lose cash.
Protection of Society:Ethics can secure the general public in a superior manner than even the lawful arrangement of the nation. Where law falls flat, morals consistently succeed. The administration can’t manage every one of the exercises that are destructive to the general public. A HR administrator, who is morally stable, can connect with upset representatives, more adequately than the police.
Ensure a Good Reputation for the Company:
In addition to the fact that it feels great to be a piece of an organization with an extraordinary notoriety, however it’s incredible for business. At the point when you have a notoriety for reliably being moral by they way you source and manufacture items, and treat representatives, clients and the network, more individuals will need to work with you. This means you’ll appeal to a variety of people and organizations that will be great for boosting your business such as:
- Clients and customers who believe in your company and want to support it
- Trade and community organizations who want you as a member
- investors who want to help your business grow
- Communities that want to host your business or events
- Other businesses that want to partner with you
Attract and Retain Top Talent:
Great ethics at a business start at the top. In case you’re an entrepreneur or chief, it’s essential to show others how it’s done. At the point when representatives see you settle on moral decisions, it tells them that they can believe in the organization; they realize that you’ll make them proud and your clients. This lifts resolve and as word spreads about how you treat representatives well, you’ll attract great laborers. Having solid representative standards for dependability will enable you to set aside cash after some time on enlistment expenses and preparing.
Summary6453003840001Business ethics are the standards or the rule that demonstrates the right business conduct. Each business organizations must pursue the business morals. Business morals brings a correlation among good and bad. Also, in a creating nation like Bangladesh, business moral practices influences legitimately on the ventures. Here, we attempted to clarify the moral and unscrupulous acts of Bangladesh and its results. As a matter of first importance we attempted to examine about the idea of the capital market of this nation, and improvement of the capital market. At that point there some short portrayals of the moral and dishonest works on happening in this nation and the explanations for the exploitative practices. Lastly there is a clarification concerning for what reason should the organizations of Bangladesh be moral.
Cite this essay
Group 10 Ethics & Bangladesh Business. (2019, Nov 22). Retrieved from https://studymoose.com/group-10-ethics-bangladesh-business-example-essay