StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Meaning of Ethics Followed by Identifying the Ethical Dilemma - Essay Example

Cite this document
Summary
The paper "The Meaning of Ethics Followed by Identifying the Ethical Dilemma" focuses on the concept of ethics. It is mainly concerned with making a distinction between something morally good from the bad. This concept is at times controversial given that there are conflicting interests…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.9% of users find it useful
The Meaning of Ethics Followed by Identifying the Ethical Dilemma
Read Text Preview

Extract of sample "The Meaning of Ethics Followed by Identifying the Ethical Dilemma"

?The concept of ethics is very important in the day to day operations of any business. As such, this essay seeks to critically analyse the given casestudy involving Kaspa, a financial organisation to establish the ethical dilemma it is facing after a terrorist attack at the subway station near its office building. It starts by explaining the meaning of ethics followed by identifying the ethical dilemma being faced by the organisation. Ethical perspectives will be discussed in relation to this dilemma. 1. In order to explain the main ethical dilemma(s) presented in the given case study, it is imperative to begin by defining the meaning of the two key terms namely; ethics and ethical dilemma so as to gain a clear understanding of the whole concept. The term ethics loosely refers to a distinction that is made between something that is morally good from bad in the way individuals behave. On the other hand, business ethics refers to the values, principles and standards that operate within an organisation and these attempt to make a distinction between business practice that is morally good from bad (Rossouw 2004). From this assertion, it can be noted that the concept of business ethics mainly derives from the value system that is used by a particular organisation in its operations towards the attainment of its set goals. Thus, DesJardins (2006) defines values as “essential and enduring tenets that help define the company and are not to be compromised for financial gain or short term expediency,” (p. 5). In view of the above definition of ethics, it can however, be noted that at times there is no universal agreement on what constitutes something that is good or bad. Thus, certain incidences arise at times in business where some people are no longer certain whether some actions should be considered as right or wrong (Hiti, 1999). People may look at the same thing but some may view it as morally bad while others will have a different view. This constitutes an ethical dilemma in business when people have conflicting views over a particular issue. In as far as business is concerned, it can be noted that the main objective is to gain profits and at times the issue of ethics is compromised for financial gains. Against this background, the ethical dilemma facing Gerald Smarten, CEO of Kaspa Financial Services is making a decision whether or not to offer assistance through providing the lobby and cafeteria of their building as temporary shelter for the victims of the fatal subway bombing as requested by the police department which is disputed by Ben and others. Ben the general counsel could not imagine the first floor of the Kaspa Tower being transformed into a shelter of bleeding victims and bodies of the dead citing that the facilities will suffer bad damages and create a bad image to the investors who may pull out their money as there would be chances that they may link the firm to the terrorist attack. The dilemma here is whether they can be humane by offering the requested shelter against the need to safeguard the business interests of the firm with regards to the long term relations with the investors. Of notable concern is that the bombing has taken place very close to their office building and 23 of their employees are missing which entails that they may also have been caught up in the attack. Legally they may say no, but morally, they also ought to show a humane face by offering assistance during an unprecedented crisis. 2. The utilitarian, virtue, deontological and libertarian ethics perspectives will be used in this section to compare and contrast the dilemma(s) that have been identified in the given case study. According to the utilitarian theory, “the choice that yields the greatest benefit to the majority of people is ethically correct compared to the choice that only benefit the organisation as well as its financial gains,” (Rainbow, 2002). This ethical perspective actually encourages people to work towards the outcomes that will give an advantage to the majority of people likely to be affected by certain actions. Whilst this perspective may be somehow controversial, in this case, the majority of the people are the investors given that they are the ones who are directly involved with the operations of Kaspa. On the other hand, it can be noted that Kaspa is not responsible for the bombing of the subway hence it may not be held liable for refusing to offer temporary shelter to the victims of the terrorist attack. The utilitarian theory suggests that in as far as business interests are concerned, the organisation should be guided by its values which incline it to act in certain ways that will make it different from the others. As noted in the definition above, values include financial, political as well as religious factors and these must benefit the majority of the stakeholders that are affected by the operations of that particular organisation. These values shape the operations of the firm towards the attainment of its goals. Essentially, the main purpose of business is to make profits hence actions taken by the firm should be beneficial to the majority of the stakeholders. This perspective is applicable to the case of Kaspa given that it has a duty to protect the interests of the investors who are the majority in as far as its business interests are concerned. The virtue theory is mainly concerned with establishing what a “good person” will do in specific real situations. Details of this theory can be viewed at the Medindia Health Network website at . The theory takes into consideration the reputation, morals and motivation when something irregular has just happened. In this case, there has been an unprecedented terrorist attack and the department of police has asked the management of Kaspa for temporary shelter for the victims of the attack. Ethically, the responsible authorities at Kaspa should respond positively by offering the much needed assistance given that this attack is unusual and there is no one who was anticipating that it can happen. Indeed, this is an irregular occasion which calls for the cooperation of the organisation in question. Tackling this dilemma requires the management of Kaspa to focus on the common good and in doing so they can find the right way to value things. According to this perspective, a virtue is an action that shows morality and is effective in guiding the operations of the organisation. The organisation is likely to be rewarded in kind for showing goodwill to the needs of the victims of the terrorist attack. Right thinking people will appreciate the gesture by the organisation and this can create a positive image which can help it to attract more investors as it will be viewed as socially responsible. Though less applicable to this given case, the deontology perspective is of the view that there are certain moral rules that govern our lives and these may not be broken at any given time. What is more important in this perspective is that we should do the right thing for the good of everyone as suggested by the famous philosopher, Immanuel Kant. A good example is drawn from the Ten Commandments which are used as a manual in our lives to distinguish between something that is good from bad. However, in this case, it can be noted that there are no prescribed laws that can be attributed to the given scenario given that Kaspa has its own obligation to protect its business interests and it is not bound by any rule which may not be broken. Kaspa is also not responsible for the disaster such that it can be said to have broken some of the moral rules that govern our daily lives. The libertarian perspective to ethics holds that the basic moral concepts are individual human rights and that the rights to be respected are non interference rights (Garret, 2008). These rights include the following: rights to life, liberty as well as property and one has a duty to respect the similar rights of others in order for him or her to equally enjoy the same rights. The non interference right to life is not to be killed or injured, whilst the non interference right to liberty is a right not to be kidnapped or enslaved while the non interference right to property is a right not to have one's legitimately acquired possessions stolen or degraded by the deliberate or negligent actions of others (Garret, 2008). As aptly prescribed in this perspective, Kaspa as a legitimate firm has the right to ensure that its property is not degraded by the actions of the others in the name of upholding morality standards given that it is not responsible for the terrorist attack in the neighbourhood. 3. The libertarian perspective will work best in this given scenario. This perspective holds that the basic moral concepts are individual human rights and that the rights to be respected are non interference rights (Garret, 2008). Rights to ownership of property are also enshrined in this perspective and Kaspa has the legal right to refuse with their property to be used as temporary shelter for the injured victims in the bomb attack. They are not the ones who have caused this tragic incidence hence they may not be liable to satisfy the needs of everyone at the expense of their core business. Though it is morally good to assist in the event of tragic incidences like this, it is not mandatory for them to readily accept any request which may jeopardise their business. Legally, they have a duty to safeguard their interests since they are involved in a legitimate business. Property rights are protected by the supreme law of the land unless there is an enforceable contract which requires both parties to fulfil their duties. In this particular case, there is no such contact and the verdict lies in their hands. Though it has its own flaws, it can be noted that the utilitarian theory is applicable to this case. It is based on the notion that an action that yields the greatest benefit to the majority of people is ethically correct. In the case of Kaspa, the majority of the people are their shareholders and they must be considerate to their interests by any means necessary. Businesses operate in a dynamic environment that is characterised by stiff competition hence there is every need to put measures that ensure that the interests of the stakeholders are given prominence. It will be costly for the organisation if it loses its valuable investors if it gives precedence to other issues, though morally, which do not directly contribute to its well being. Philips (2004) suggests that the stakeholder theory puts more emphasis on property rights. He suggests that the stakeholders own the firm by virtue of owning equity shares which they wish to maximise and the firm has an obligation to unsure stakeholder fairness. Stakeholders are groups whom the organisation has accepted benefits and to whom the organisation has incurred obligations of fairness. According to this perspective, normatively legitimate stakeholders (those stakeholders to whom the organisation has an obligation) have precedence over the others and it is the duty of the managers to know their interests. In this particular case, priority should be given to the interests of the investors who are the majority stakeholders. If they are against the decision made, they may shun the organisation which may affect its viability. Thus, careful consideration has to be taken in the decision making process with regards to this issue given that there are mixed reactions especially on the action that can be taken with regards to the main issue raised in the case study. Basically, decision making is used to describe the act of seeking information, interpreting that information, and based on such perceptions arriving at a conclusion especially in relation to strategic issues (Schultz et al 2005). The diagram below illustrates the decision making process that can be used to help Kaspa to reach an amicable decision. Fig 1 Decision making model Over and above, it can be seen that the concept of ethics is mainly concerned with making a distinction between something that is morally good from bad. In as far as business is concerned, this concept is at times controversial given that there are conflicting interests with regards to the survival of business and the need to uphold moral principles. As discussed above, there is an ethical dilemma facing Kaspa with regards to offering temporary shelter to the victims of the terrorist attack. It has been noted that the libertarian, utilitarian and stakeholder perspectives to ethics are applicable to this case since the organisation in question is not responsible for the terrorist attack therefore cannot be held at ransom which can negatively impact on its business. References An introduction to biomedical ethics (25 February 2011). Medindia Health Network Retrieved fromhttp://www.medindia.net/education/familymedicine/biomedical-ethics-theories.htm. An introduction to biomedical ethics. 2011. Medindia Health Network. http://www.medindia.net/education/familymedicine/biomedical-ethics-theories.htm. Bugela, M.J., 1996. Living ethics. Developing values in mass communication. Boston. Allyn and Bacon. DesJardins, J., 2006. An introduction to business ethics. 2nd Edition. Boston. McGraw Hill international Edition. Garret, J. 16 January, 2008. Ethical theories. http://people.wku.edu/jan.garrett/320/320et.htm McNulty, E.J., ND, The CEO Can’t Afford to Panic Phillips, R., ‘Ethics and a manager's obligations under stakeholder theory.’ Ivey Business Journal Online; Mar/Apr 2004; ABI/INFORM Global Rossouw D. (2004). Business Ethics: 3rd Edition. Oxford. CT. Rainbow, C., 2002. Descriptions of Ethical Theories and Principles. Davidson College. http://www.bio.davidson.edu/people/kabernd/Indep/carainbow/Theories.htm. Schultz, H. et al 2005, Organisational behaviour. Van Schaick. Pretoria. Weiss, J.W., 1994. Business ethics: A managerial, stakeholder approach. California. International Thompson Publishing. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(The Meaning of Ethics Followed by Identifying the Ethical Dilemma Essay Example | Topics and Well Written Essays - 2000 words, n.d.)
The Meaning of Ethics Followed by Identifying the Ethical Dilemma Essay Example | Topics and Well Written Essays - 2000 words. https://studentshare.org/environmental-studies/1411697-the-meaning-of-ethics-followed-by-identifying-the-ethical-dilemma
(The Meaning of Ethics Followed by Identifying the Ethical Dilemma Essay Example | Topics and Well Written Essays - 2000 Words)
The Meaning of Ethics Followed by Identifying the Ethical Dilemma Essay Example | Topics and Well Written Essays - 2000 Words. https://studentshare.org/environmental-studies/1411697-the-meaning-of-ethics-followed-by-identifying-the-ethical-dilemma.
“The Meaning of Ethics Followed by Identifying the Ethical Dilemma Essay Example | Topics and Well Written Essays - 2000 Words”. https://studentshare.org/environmental-studies/1411697-the-meaning-of-ethics-followed-by-identifying-the-ethical-dilemma.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Meaning of Ethics Followed by Identifying the Ethical Dilemma

Ethical Decision Making in Arriving at a Caring Response

The first thing a healthcare professional does upon arriving at a caring response in the Memorial Medical Center is to collect the relevant information that clarifies the ethical conflict involving the basic principles of ethical dilemma that a patient is facing.... At Memorial Medical Center, all medical professionals involved in attending a patient at a caring response must succinctly and clearly articulate the ethical issue in question and answer all the questions that arise....
10 Pages (2500 words) Research Paper

Ethical Dilemmas in Pediatrics

Introduction This paper presents the clinical case, clearly outlining the ethical dilemma basing on virtue ethical theory and principles that are applicable to this situation.... Background The case study presents an ethical dilemma faced by healthcare providers in the course of their duty, especially when treating and caring for Jehovah Witnesses placed in a critical situation owing to medical life-threatening situations.... An ethical dilemma refers to the quandary in which people find themselves in circumstances where they have to choose the manner of acting that might aid another individual and, which is the correct thing to do, regardless of whether it might contradict their own self-interest....
10 Pages (2500 words) Essay

Ethics for the Accounting Professional

It is very easy for the accountant with ethical knowledge to deal with the ethical dilemma and felling comfortable to deal with the gray areas of accounting.... In case of fraud tracking, the ethical behaviour of the accountant influence to deal with the personal relationship.... the ethical reputation of the corporation is very important for its workers.... Keywords: ethical education, Accounting-Curriculum, Accounting profession, students Chapter 1: Introduction The accounting professional requires skill and sound ethical knowledge to a great extent....
40 Pages (10000 words) Dissertation

Ethical Issues between Managers and Employees

This paper ''ethical Issues between Managers and Employees'' talls that Contemporary business organizations have become more intricate given the factors that influence their operations.... These beliefs fall under ethical issues in business, defined as “the principles and standards that guide behavior in the world of business” (Ferrell, Fraedrich & Ferrell, 2009, 6).... n this regard, the current study aims to proffer a review of related literature on the subject of ethical issues between managers and employees....
8 Pages (2000 words) Essay

Business Ethics in the Business World

The codes of ethics are meant to measure the extent to which organizations can go in term of looking for money.... Business Ethics in the Business World Every business organization must have a code of ethics that it adheres to, to form a conducive surrounding for its employees and clients.... For business to be considered good business, it must adhere to the code of ethics that binds every field in the world.... As humans, it is easy to come by ethical dilemmas....
10 Pages (2500 words) Essay

Business Ethics in Global Coffee House

ethical dilemma Faced by Andy This study is based on the theme of business ethics in hospitality or tourism.... However, Andy was in an ethical dilemma after knowing the matter because they engaged a new supplier to offer hot cups and lids at low cost, so as to decrease cost and support the expense of refurbishment.... Possible Decisions and their Implications Andy was into an ethical dilemma because he cannot decide whether to dismiss thousands of cups and lids in storage and the contract with the new supplier, for protecting the goodwill of his coffee shop and the customers from accidents or to ignore it....
8 Pages (2000 words) Case Study

Ethical Dilemmas in Childcare

This essay explores the ethical dilemma and reflection.... hellip; The researcher states that ethical dilemma requires us to weigh our responsibilities, responsibilities to parents, children, our colleagues.... The professional knowledge has a vital role in resolving an ethical dilemma.... When childcare workers deal with an ethical dilemma, they must be guided by the essential values which underpin ethical framework, honesty, and trust....
7 Pages (1750 words) Essay

Ethical Challenges in the Nursing Care of Elderly People

It examines the ethical competence in nursing profession.... However, nursing cannot count only on external means such as laws and diplomas as well as just on self-reflection to give the profound guarantee of the ethical competence in care.... Nursing competency from the ethical point of view represents a complicated system that demands a great number of means.... This study analyzes the major ethical principles and ethical challenges in the nursing care of elderly people and examines correspondent ethical pros and cons in this area with the aim of stimulating and contributing to critical comprehending of ethics in nursing....
16 Pages (4000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us