The Relevancy of Ethics for Business Decision

In business content ethical decisions are an approach to identify and resolve all issues. These issues are seen in many other contexts rather than other factors. Managers and company could apply this discipline in making various decisions if it regularly practiced that are based on the principles of ethics. Ethical behaviour brings important benefits to a business. For example,. To attract customers, they can increase the sales as well as inclined the products variety so, in this way the organisation can achieve the success.

. If the business follows the ethics then, more employees are attracted to work the helps the company for the reduction in costs of products and with this company become enable to get more talented and experienced employees. If behaviour is unethical or corporate social responsibilities are less, it may damage a reputation of firms. As a result, profits could decline with good ethical behaviour or good corporate is an inherent part of everything. As important part of company success is seen that treat the stakeholders fairly.

Get quality help now
Doctor Jennifer
Doctor Jennifer
checked Verified writer

Proficient in: Business Ethics

star star star star 5 (893)

“ Thank you so much for accepting my assignment the night before it was due. I look forward to working with you moving forward ”

avatar avatar avatar
+84 relevant experts are online
Hire writer

Ethics are not essential to the organisation of business but also as the whole community.

When ethical management implement with successful, efficiency of organisation can enhance automatically. Due to the nature of human, some organisations can not perform ethical managements. These organisations never achieve successful or superior performance because they can not attract high quality staff members and investors (Zig- Ziglar 1926). Time and efforts are much needed to establish ethical organisation. Also, without the enough training of ethics, the culture of trust with in the staff can not be established with success in business organisation.

Get to Know The Price Estimate For Your Paper
Topic
Number of pages
Email Invalid email

By clicking “Check Writers’ Offers”, you agree to our terms of service and privacy policy. We’ll occasionally send you promo and account related email

"You must agree to out terms of services and privacy policy"
Write my paper

You won’t be charged yet!

In specific organisation, if communication system is inappropriate those illicit and immoral conducts can never be reported suddenly and then managed carefully without the moral hiring system will corrupt an organisation because employees are hire with unethical systems(Accapr 24-nov-2014). On the other side, during the time of hiring new employees based on discrimination on their colour, caste, religion, disabilities (physical and mental) could be wrong against the discrimination law.

Good qualities performance outcomes can generate with the help of moral leadership conduct by the staff members of management. It inclines to win, grow, encourage hardworking, kind hearted, and virtuous employees who produce performance with high quality. Employees take less time to make decisions as a guiding all the principles. With ethics of business, this will incline the productivity and overall morale of employees. Organisation achieve benefits when employees work on the base of honest and morality. Long - lasting positive future will create for a company with the of foundation of behaviour ethical. Company can make stronger bonds between individual and members of management team and further create stability within in the company.

Companies with own ethical rules has less problems for poor behaviour. Lack of business ethics also disturb the normal world. With the help of ethics businesses can inclines sales and it will increase their reputation. Company will achieve profits when it is built on sound business ideals then a company working on unethical practices.

How ethics is relevant for business decisions in common wealth bank

The financial planning industry climax the virtuous problems due to the shortage of ethical and socially behaviour. These problems are occurred due to the collision of the global financial crisis (GFC). Banking sector or financial planners find the various or unique methods to meet their targets of sales. First and the foremost point is that main workers for banks are sales people, that are camouflage as mentor and have certain conflicts of interest. 80 percent of share accounted by financial planners of industry. On the other hand, there are some advisers which are trying to help savers. All advisers are independent.

Most financial planners of Australia employed by planners. This majority is employed to distribute their products of wealth management rather than to give an actual idea. From the above information in the conditions of common wealth bank, it is understandable that payment structure also including work have an impact of making planners of financial system in the decisions of ethics. The ethical culture of an institution is a section of an association culture (Smith, 2010). Specially in the division of financial planning, according to the common wealth bank case (GFC, 2008). With in the company had an impact on the ethical climate.

Values of banks are strength with the help of ethics (CEO Ian Narrev). Common wealth bank also mainly encouraged (David twiner, July 2014). It is a key point for the company that ethics and prioritise are relevant to lead Australia's banks (long staff ,2014). Australian agencies have been opposing to accept actuality that ethical leadership is that foundation on which resonate corporate culture is built. Rather than investment in values and principles of active management (2014, long staff). In conclusion, it can be said that from the case of common wealth bank and its issues that are related to financial planning, it is noticed that financial organisation for example, banks also provide services of financial planning are open to challenges of ethics (smith, 2012).Rules and policies of common wealth bank for ethics in business decision making:Group policies, guidelines and code of conduct helps CBA to give a positive outcome for all stakeholders.

Human rights policy

Common wealth bank have good approach to make secure and inclined the financial wellbeing of people over the world also businesses and various communities with the value of accountability and integrity. Human right policy states the responsibilities to respect the rights of humans in all operations. This policy helps the humans to meets their financial goals and investments. It also provides the different tools to clients and customers which helps to make their own choices with investment products and services. Fair works are also organising for all employees and services persons. CBA also try hard to create a workplace that is humble rights regardless of a caste, crease, colour, age, sexual, religion and culture. CBA also make a supplier community to encourage the importance of civil rights through their supply chains.

Environment policy

Common wealth bank of Australia is faithful to reliable and inclined the status of people financially. The decisions of CBA also put some impacts on environment both directly and indirectly. CBA have a goal that they want to achieve the success by making the environment safe and support the growth of economics and development. CBA attracts with the customers, service men's, collaborator to incline the understanding of management effectively and issues of environment. They try to do business in that sector or area in which environmental management practices are well established. Customers and clients will meet their financial goals easily if CBA have integrated environment consideration. Staff members and employees must have an ability to understand all the risks and opportunities of environment policy.

Counter terrorism

This policy checks the precept and rules that common wealth bank must bind un their recognition, discussion, and directions of financing risks of terrorism. With this policy authorities receive the important information to investigate all the illegal activities.. Scam policy " Scam policy of common wealth bank is to control the concept and compulsory requirements. It is crystal clear from this policy that the group can never accept the scam because it also disturbs the sound of ethical culture. All the permanent and temporary staff and service persons must assure that they are aware about all their rules, responsibilities honestly about the awareness and the authority of scam. All employs in a group must required to maintain their risks to save the customers and reputation.

Pay off and corruption

Common wealth bank try to make a zero-appetence culture towards payoff, depravity and collaboration payments all over the levels of business and areas.Decisions or cases of common wealth bank how they use the ethics in its business decision making:Common wealth bank faces many changes in policies due to growing competition day by day. CBA has some hopes that ethics can help to stand rather than from other banks. With the help of the trust and gain high profit from customers (Mr Narev, 2015). Businessman in Sydney also have a point that strong ethics is strong advantage of success in coming days (David turner). Banks looks up with honesty, kindly, respectability, clarity with ethics. Many indicators are seen in a great quantity that take the ethics seriously.

Mr Narev said that if banks have trust in their organisations and good ethics exist it is impossible that banks cannot achieve success in future. Ethics also strengthen the values, responsibilities among all the stakeholders (St james, 2105). Reoccur theme put a question from business about the bank posture on climate change, the temperature was moves to 2 degree and global rise in temperature. One of the massive investors was to project of fossil fuel. Common wealth bank did not announce any stopper for carbon " intensive businesses. Fossil fuel submission may be decline moderately and board have a strong approach to lead the project with major impacts of environment. Last year, common wealth bank said eight thousand purchasers had appeal a review of their monetary advice file, but it was seen that only fifteen hundred of files are opened from eight thousand. Now, it is expected that it will be finished at the end of next year (Mr Narrev).

Relevancy of ethics in small business

Strong product and new service will help to succeed the business. During running a business, many issues may challenge morality and employees of company. To overcome these types of problems and challenges. Company must have professional conduct. It is widely seen that many organisations sometime break rules, they do not follow the specific prescription and put bad effects on marketing advertisements to mislead the customers. Ethics help the owners and managers to make their company successful. Development a statement institution idea as an example, employs can provide in the company with a certain framework. These types of statement will provide employees and larger community in a company with its professional beliefs. Business accept many ethical problems day to day and yearly. These dilemmas arrive from individual leadership and managerial approach. The different situation create confusion and it become much difficult for managers to take decision or to choose right thing. Sometimes it appears to company loss also short profit period. Small business will achieve success quickly if it has clear and understandable ethics. For example, if a company have a software start-up, if ethics are failed it can hurt the bottom line (Shante Roddy, 2108).

Treat the employees ethically, make good or strong relations with the public and always provide the right information from time to time to stakeholders are all duty of the top leaders and it will put great impact on the universal extension of the company (Roddy,2018). Ethical behaviour provides reputation and profitability in a business. Management thinks ethics are important to invest resource in workplace. The companies which have right formula of ethics achieve success in future. It not only provides money in a business but also give many other benefits. Ethics provide a reasonable environment, make partnerships for its employees also make honest behaviour among employs.

References

Relevancy of ethics in business decisions: for business decisions in CBA: and policies of CBA for ethics in business decision making: or cases of common wealth bank how they use ethics in its business decision making: of ethics in small business:

Updated: Aug 10, 2020
Cite this page

The Relevancy of Ethics for Business Decision. (2019, Aug 20). Retrieved from https://studymoose.com/the-relevancy-of-ethics-for-business-decision-essay

The Relevancy of Ethics for Business Decision essay
Live chat  with support 24/7

👋 Hi! I’m your smart assistant Amy!

Don’t know where to start? Type your requirements and I’ll connect you to an academic expert within 3 minutes.

get help with your assignment