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The main forces for unethical commercial activity include intense target pressure, a corporate culture prioritizing profitability over moral behavior, and egotistical personal goals in pursuing riches and personal gain. As a result, businesses with unethical strategies will eventually see their stock prices plummet, their reputations suffer, they will have to pay significant fines, and their top management may even face criminal charges and be found guilty at organizations like Volkswagen and FIFA, among other unfavorable outcomes (Gamble et al., 2018),
The shareholders of a corporation suffer severe losses when unethical behavior is exposed and punished. Making amends for unethical corporate activity is expensive, and it may take years to rebuild a damaged company’s reputation.
Efficient corporate governance affects business ethics (Ugoani, 2019). Business ethics demand that actions made by organizations be assessed in light of generally held beliefs about what is right and wrong in society, much like basic ethical standards. For instance, since dishonesty is immoral and unethical, dishonest business action is also immoral and unethical, whether it involves clients, partners, employees, or shareholders. Since ethics must come from within a person and cannot be imposed by the organization’s rules, managers need to know how to foster an environment where it is appreciated and aspire to Integrity.
Businesses should also consider the ethical universalism theory since it provides them with universal ethical standards that can assess employee behavior across various situations and marketplaces, irrespective of regional traditions and cultural norms.