There are two sections to this introspection:

In the first section, "Ethical Frameworks and Decision Making," you'll be exposed to various models for evaluating ethical dilemmas and invited to provide your own perspective. SECOND PART: YOUR ETHICAL PERSPECTIVE After reading about corporate ethics, you'll be asked to provide some thoughts on the topic in writing.

Part 2 of the Reflection will be covered in this topic.

ETHICS Despite the fact that most definitions of business emphasize Profit as the fundamental objective, it appears that significant socio-economic pressures are forcing organizations to reevaluate the significance of Ethics in the Business context.

Ninety-two percent of Millennials surveyed said they were more likely to buy from companies that demonstrated a commitment to ethical values, and eighty-two percent said they believed ethical brands outperformed similar companies that lacked a commitment to ethical principles. Many businesses today believe that by putting the greater good ahead of profits, they will experience a dramatic increase in customer interest and sales.

READINGS To learn about potential ethical issues in business and how Millennials and Gen Z view business and ethics, check out these two articles from Forbes: To what extent do ethical standards matter in today's business world? Young adults are pushing companies to engage in CSR.

Read the articles above, then think about the following questions. There's no need to jot down your thoughts before you reflect on them, but you should be prepared to do so.

How do the companies shown in these two articles feel about business ethics?

How Relevant Are a Company's Ethics in Today's Business Environment?

Attracting the best personnel is about more than just paying the best salaryor even the best benefitsbecause, more than ever, a company's success rests on the talent it is able to recruit. A business may provide a desirable salary and work environment for a candidate, but how do its morals compare to those of its rivals?

When hiring for a position, especially one that may not be directly affected by the actions of your corporation as a whole, this may not seem like the most important question to ask. However, the modern workplace is changing, and so are the values of American professionals.

What Exactly Constitutes "Ethics"

Just what do I mean when I talk about "ethics"? This is a wide and subjective category, but in general, I mean the following:

PROMOTED Deception and scheming. It should go without saying that honest businesses never resort to illegal or dishonest methods of making money, such as fraud, bribery, or insider trading. A member of your staff's unethical behavior could damage the firm's image because of the way in which individuals' activities are often linked to the organization as a whole. These consequences can be lessened by instituting zero-tolerance regulations and strictly enforcing them. Sustainability. The term "sustainability" is used to describe actions that won't have a negative impact on the environment if they're kept up indefinitely. Examples include switching to clean energy sources like solar and wind power and reducing pollution levels. Sustainability, however, can also apply to the consumption or use of other natural resources, such as water. Inclusion and diversity. Efforts to promote diversity and inclusion are also viewed as ethical, responsible business behavior. Among these initiatives are those that seek to increase the representation of underrepresented groups in the workplace. Forbes Daily: The day's top business, political, and cultural news, as well as in-depth profiles of the world's most influential businesspeople.

Phone number Join Us! If at any point you don't want to receive these, just say so. You are agreeing to the Terms and Conditions and Privacy Policy when you sign up for this newsletter. Exploitation. Especially in developing nations, large corporations can increase their profits by taking advantage of the local populace or by finding ways to legally avoid paying their fair share of taxes. Although your company may reap temporary benefits from these methods, the general public in the United States views them as unethical and frowns upon them. Money given or contributed. Finally, it's possible that a company's generosity to nonprofits, community groups, and good causes is an example of ethical and/or benevolent business practices. Is it therefore more crucial that a business prioritize and maybe even invest in these areas?

An Era of Abundant Data The industrial era is over, and the Information Age has begun. And no, that's not simply a phrase used by online advertisers; it's actually being researched and considered a giant step forward for humanity. Companies are now more open than ever before, giving prospective workers an unprecedented amount of information. A prospective employee need only conduct a Google search to learn everything there is to know about a company, from its history and public messages to its current workforce. Due to the increased visibility of both good and bad business practices, corporate ethics are more crucial now than they were in previous decades. A single ethical lapse or scandal can have a lasting impact on a company's reputation for years.

Gen Y Influence The millennial generation is the next wave of talent entering the workforce, and they are the ones setting the agenda for businesses. An overwhelming majority of millennials (86%) say that working for an ethical and responsible company is very important to them. Most millennials would even accept a pay decrease to work for this kind of company. What does this imply for the moral standards at your firm? That means you need to start acting responsibly if you want to attract promising newcomers to your field. If you don't do this, 86% of the young workforce will reject your offer out of hand.

Enhanced Rivalry The multiplicative effects of rivalry should also be taken into account. Businesses who don't invest in responsible and ethical processes will look worse in comparison as more and more companies grasp the necessity of such measures. To wit, between 2011 and 2015, the proportion of Fortune 500 businesses issuing sustainability reports rose from 20% to 81%. As rivals pour resources into their own initiatives, the importance of building a company ethically will only grow. The morality and social responsibility of a business are more important now than they were in previous decades. Employees nowadays are better informed than ever before and place a greater significance on sharing the company's core beliefs. Defining, refining, and advertising your company's commitment to ethics can help it attract and retain top talent in your industry. How does what you've seen in Forbes relate to what you've experienced, both personally and through your interactions with others? Consumers will reward ethical businesses with their patronage, according to repeated surveys. Do you think this is the case? Do you prefer to spend your money with businesses that put social and ethical concerns first? Take a look at this article to learn more about the Microsoft workers' strike over the company's alleged unethical treatment of the Global Climate. Microsoft workers are holding a demonstration to protest the company's "complicity in the climate crisis."Connects to another online resource.

Consider the following question while you read the preceding material. There's no need to jot down your thoughts before you reflect on them, but you should be prepared to do so.

What do you think is going on here? Do you agree that the workers had good cause for their actions? What part do morals play in the workplace? THINK ABOUT IT Please respond to the following questions in writing and send them in. Please respond to each question with a minimum of two full paragraphs.

Explain the moral dilemma faced by Thomas and Rose. When it comes to making moral choices, what did you learn about ethical frameworks and how you approach moral dilemmas in your own life? What have you learned as a customer about how you react to firms based on their ethical (or unethical) practices? How immoral can a firm get, using Amazon as an example, before you stop buying from them? If you decided to discontinue buying from a certain store, what considerations might play a role? What sort of morally questionable business would you refuse to work for? When would you consider quitting your job because of the company? If you were considering quitting your job, what considerations might play a role? Consider the role that your personal ethics might play as a business leader. How far would you go to compromise your morals in order to further your company's interests? If you wanted to be successful in business, what elements would you consider?