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The Importance of Ethics in Management

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The Importance of Ethics in Management

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  • November 2010
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The Importance of Ethics
In Management

Our book describes ethics as the code of moral principles and values that governs the behaviors of a person or group with respect to what is right, as well as what is wrong (Daft, and Marcic 118). But how important are ethics in modern business society? Do ethical concerns really have a governing factor in the behavior of American business elites today? Ethics is very important to the consumer as well as the worker because, in a sense, it is their protection. Ethical concerns in business range from avoiding monopolies (which hurt the consumer with high prices) to the hiring of, and advancement of, minorities in the workplace. I feel that one of the goals of ethics is to bring fairness to an unfair world. Where it not for ethics, what hope would a blind man have of finding a job? What would keep firms from laying off loyal, twenty-year employees during times of slow business, or simply firing them to avoid paying retirement? There are many excellent reasons for the practice of ethics in the workplace, but many firms still choose to ignore them. How can they get away with this? Simply because something is deemed unethical does not mean it is illegal. Therefore many unethical practices by firms today cannot be punished by law. For example, is it ethical to produce and distribute addictive substances (tobacco for ex.) to the public? Some say no, but it is completely legal if the correct licenses are acquired. I believe most people would prefer to have a job where management treats its workers with fairness and honesty, and has an overall concern for the wellbeing of its employees, than a higher paying job with few or no ethical standards. But I can’t help but feel that jobs of this caliber are becoming few and far between. It seems like everyday I hear of another company making massive job cuts, or pharmaceutical companies having to pull un-safe products of the market, because in their thirst for...

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