Thinking Ethically in Business

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THINKING ETHICALLY 1

ThinkingEthically in Business

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The conflict between ethics and profitability has been emphasizedthrough the actions of many firms. For example, companies thatpollute the environment have been shamed in the public domain (Dwyer,2008). Some entities find it challenging to remain competitive whilesatisfying the demands of regulating bodies and the local community.The pursuit of both ideals has been labeled as unattainable withinthe current market structures (Dwyer, 2008). Notwithstanding, it ispossible for an organization to seek profitability while adhering toethical practices.

Managers in entities are required to conduct the business in a mannerthat creates value for their shareholders. Such expectations aremanifested during annual general meetings, especially when businessowners anticipate the announcement of a dividend. On the other hand,an enterprise uses both human and physical resources from thecommunity to advance its interests. Hence, the initial step infulfilling ethical standards requires an organization to recognizeand cherish the importance of its environment. In this regard, acompany would provide employment to qualified members of the localcommunity. Besides, a conscientious organization would conductsurveys to determine the tastes and preferences of the surroundingpeople. Consequently, the firm would focus on producing goods thatsatisfy real rather than perceived needs.

The terms of engagement between an enterprise and its managers shouldstipulate various obligations. For instance, the salaries andcommissions awarded to corporate leaders must be made contingent tothe fulfillment of particular ethical requirements. Such contractsshould also demand the attainment of profit targets. Consequently,managers will devise innovative ways of accomplishing both goals.Stakeholders and employees also play a pivotal role in creating aculture of ethics and profits. Therefore, the difficulties associatedwith pursuing both ideals are minimized.

Reference

Dwyer, S, L. (2008). Thinking ethically in business. Penrith,UK: Humanities-Ebooks.

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