Express your opinion on relationship between ‘business’ and ‘ethics’ (80-120 words)
Business – profit motive
Ethics – Doing good to all stakeholders
Why they are opposite to each other… can it be aligned with each other?
Provide some suggestions to align them (20-30 words)
Conclusion (20-30 words)
“Ethics is knowing the difference between what you have a right to do and what is right to do”. It is true that morals and values differs for an individual, concerns come in our professional lives. When people at work pressurize you to things, often we ignore our ethics.
‘Business’ and ‘Ethics’ do not go together
In today’s situation with immense pressure and competition, business and ethics can’t go together.
A couple of times because we follow ethics, it hinders us from succeeding because it squanders time.
Ethics are usually bound and nurtured by religion, family values etc. Such forms cannot work well in business where you are expected to be professional and practical.
A businessman should know how to handle pressure, stress and competition and not how to be ethical.
Ethics unlike a balance sheet don’t have visibility. People today judge an organisation based on money and not ethics.
To be ethical costs money. And business is about making profit.
Ethics makes organisation stronger and independent.
There is nothing wrong in making profit. But, making profit by unethical means could cost the company lot of money on a long run. Example litigation cost, cost of acquiring new customers every time.
Customer’s perspective is to link with a company with ethics and values. They know that will never be cheated. Ethical company have to spend less on marketing, their work speaks
They are more sustainable on long run
Ethical company Don’t have to fear the law of the land.
With growth of media, assertive government, Proactive role played by judiciary, Alert citizenry , unethical business cannot survive for long. Ex- Nirav Modi, Harshad Mehta, Vijay Malya.
Being ethical in business creates a sense of responsibility towards society.
The government regulation regarding whistle blower protection needs to improve.
Society, including the parents and schools, need to inculcate the importance of standing up for the right thing even in the face of adversity.
The framework of laws regulating government and private businesses need to be clearer and be implemented more strongly – thereby taking away the lure of illegal business practices.
Morals and values are extremely individualistic. It’s incorrect to say that you can’t succeed if you are ethical in business.