Ethics in the business world essay

Essay on Ethics and Morals Article shared by Moral and ethics are of high importance in determining the nature of a society or a culture. Morals and ethics are used as complimentary terms but they mean different in literal sense.

Ethics in the business world essay

How corporate gift-giving can be ethical By Judith Irwin on Dec 18, The ethics of giving and receiving corporate gifts can be confusing, and require care and attention to cultural sensitivities The end of year festive season can have an impact on business life beyond office parties and time off work.

Ethics and compliance specialists may dread this time of year, as the subject of gifts and hospitality bring up a number of Ethics in the business world essay challenges.

You may feel like the office Grinch dictating that gifts and hospitality cannot be given or accepted.

Ethics and writing

There is no doubt that the giving and accepting of gifts and hospitality has an important role in facilitating business relationships and practice. At times however, the line between what constitutes a gift or hospitality and what constitutes a bribe, can be unclear and the acceptance of gifts, services and hospitality can leave an organisation vulnerable to accusations of unethical, or even unlawful conduct.

When is a gift not a gift? First, consider what the point of the gift or hospitality is. Is it to influence a relationship or induce improper conduct? Or is it simply a token of thanks?

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Timing is also of key importance. Are you on the brink of closing a large deal with a customer that if secured, would increase your end of year bonus by a not insignificant amount? Or are you being offered a gift shortly before or during a tendering process?

It is not just giving but also the accepting of gifts and hospitality that is punishable under the UK Bribery Act. Consider the appropriateness of the gift and whether it is proportional to the level of the recipient.

If a middle manager seeking a new job offers centre court Wimbledon tickets to a senior manager in another company, would that be considered appropriate or proportional?

Common sense would suggest not. For example, the duties of senior staff may require them to attend or sponsor events where hospitality is generous. What may seem minor to a senior manager could be significantly more valuable to a junior employee.

Sometimes, the exact value of a gift or hospitality can be hard to determine. Pick the person Who is the gift for? Giving gifts or hospitality to certain persons, for example public officials, is often construed as a facilitation payment and arouses suspicions.

However, definitions of what constitutes a public official can vary. In many countries, it can be difficult to tell the difference between an employee in a state owned enterprise and a member of the government who is also working within the state owned company.

A principle sometimes applied to determine what is an appropriate level of gift giving or hospitality is that of reciprocity, ie if I accept an offer, am I able to offer the equivalent in value in return? How can companies support staff? Many companies take a zero tolerance approach to gift and hospitality giving and receiving.

This is particularly true for employees of multinational companies operating in countries where gift giving is an important cultural tradition and instrumental in building professional relationships such as the giving of red envelopes for Chinese new year.

Business Ethics (Stanford Encyclopedia of Philosophy)

Some companies have opted not to implement a global blanket ban, but rather they have set out locally determined limits for the value of gifts and hospitality that may be given or received. This includes seeking approval from their line manager or someone more senior, recording it in a gifts and hospitality register.

Sometimes gifts of a high value might be required be donated to charity or to the company.Nov 09,  · Business ethics is the behavior that a business adheres to in its daily dealings with the world.

Ethics in the business world essay

The ethics of a particular business can be diverse. They apply not only to how the business interacts with the world at large, but also to their one-on-one dealings with a single customer. Consistency and Ethics Consistency—the absence of contradictions—has sometimes been called the hallmark of ethics.

Ethics is supposed to provide us with a guide for moral living, and to do so it must be rational, and to be rational it must be free of contradictions.

This essay has been submitted by a law student. This is not an example of the work written by our professional essay writers. Insider Trading and Business Ethics.

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