Decision Making Dilemma Managers Face: How to Grow Companies in a Time of Crisis?
In the previous articles, we discussed how decision making in these times is fraught with risk, uncertainty, and ambiguity. In this article, we examine a key dilemma facing managers in these times when economic conditions are gloomy. For starters, managers face the unenviable task of returning high profits in a time of inflationary pressures. This […]
Network Society – Rise of Digital Networks
Introduction A network society refers to the phenomenon related to the social, political, economic and cultural changes that have occurred due to the spread of the networks of digital and information technologies that have engendered the changes in the areas mentioned above. The rise of the network society has brought in its wake newer modes […]
Need to Develop Network Thinking and Seventh Sense for Success in the 21st Century
The Age of Networks We live in the Age of Networks. Networks are everywhere and anywhere and real-time connectivity and mobile communications mean that we just cannot be without developing the ability to think in terms of network thinking. Indeed, given the fact that we live in a globalized world where events in one part […]
Essential Steps Involved in Building High-Performance Teams
High-Performance teams ensure the long-term success of an organization by delivering excellence in business outcomes through collaborative teamwork. Such teams rarely are formed naturally, rather they are formed and managed with certain strategic intent. Given below are some of the crucial steps involved in the formation of High-Performance teams: Fostering Collaboration amongst the team members […]
Reinsurance vs. Double Insurance
In the previous article, we understood what reinsurance is. We also studied the various types of reinsurance contracts that are commonly signed by insurance companies. The problem is that many a times people get confused between reinsurance and double insurance, since there are more than one insurance companies involved in both the cases. However, it […]
Practically business ethics at the workplace connotes an alignment between what the organization values and how to go about it. It means that the all the day to day operations or activities carried out by employees are in tandem with the organizational policies without any deviations. There are however lots of myths that surround business ethics and their relevance and effectiveness.
Many management thinkers and philosophers believe that business ethics alters people’s values. They cease to be what they are, which comes in way of realization of their full potential. Instead business ethics should be about managing values and conflict resolution. Conflict management is what they stress the most upon.
There is a continuous tension between individual and organizational ethics. Many organizations believe that most of their human resources are ethical already and need not be trained upon. When such an ethical dilemma arises, it arises because there is a clash of principles that differ in their result priorities. Again there ethics to counter that are equally reasonable! So what do you choose?
One more myth that surrounds business ethics is that it is well managed and the prerogative of philosophers and theologians. They say that there is no such term as business ethics that can decide how organizations go about their day to day activities. Most of this may be attributed to lack of participation of business leaders in ethical decision making process and their interest in the same.
Business ethics is also criticized as being nothing new. It is believed to something that only avows what is good and which is logical and known to everyone. But when we look at the same from the perspective of stakeholders, the society and employees who work at the bottom of the pyramid, it safeguards the interests of all these groups. Organizations cannot function in a programmed manner ensuring there is no breach of a certain code in the absence of ethics and values.
Business ethics in the context of corporations is recent, but it is fairly old if we talk of general business transactions. Cicero wrote about business ethics in his book ‘On Duties’. It looks recent because of the corporate social responsibility movement that started in early 1970’s.
Yet another myth that surrounds business ethics is that business ethics cannot be managed which is totally wrong. In reality business ethics is managed or exercised indirectly in some way. Organizations priorities can also be reflective of the ethics followed in the organizations. For example a sales driven organization is bound to be aggressive naturally, whereas one that is into the business of hospitality is bound to be different.
Certain other sections of people in management believe that business ethics and social responsibility are the same. They are not! In fact corporate social responsibility is only a small part of it. Corporate social responsibility concerns itself with managing business dealings and the interface with the society; it does not deal with ethics at the workplace. However both fall under the continuum of business ethics.
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