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Example Of Ethical Dilemma In Business Today
Sound ethics is crucial for all business, large or small, to survive. If you want to prosper, you need to conduct you business in a way that speaks of sound business practices and ethical values. Sometimes though, there arises a situation when you may be confronted with an ethical dilemma, which may not exactly be a breach of ethics. |
There may not be a ‘right’ or ‘wrong’ thing to do, but you want to make sure that you are conducting your business in an appropriate manner. Authors of the book ‘The Power of Ethical Management’ Kenneth Blanchard and Norman Vincent Peale suggest that you ask yourself three questions when faced with such a situation. First, is this legal? You must find out whether acting on your thoughts would make you violate any law and eventually put you behind bars.
Next, you need to ask yourself if the act would be a balanced one. Would it be just to all concerned, and result in situation where everybody involved ends up benefiting? The third and most important question is, is this the right thing to do? We all know deep down how an act makes us feel, so it is important you look inwards and pay attention to how the decision makes you feel. Sometimes it may not be easy to answer this one, and under such circumstances you need to dwell on all three questions for a while, and eventually the correct answer will show up.
Most businesses today have what is called an ‘Ethics Policy’ in place, which clearly outlines what is important to them, and in turn what customers and employees can expect. Research shows that integrity in business affects productivity in a positive manner. When people are assured that your business is trustworthy and is built on ethical principles, the outcome cannot be anything else but good.
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