Law assignment help essay on: Business Ethics & Sustainability

 Ethics is defined as a set of principles required for a good conduct. It helps to distinguish what is wrong and right with logical reasons. Business Ethics stands for the clear guidelines, behavior and culture followed by Corporate & its employees to serve the society (Times100   2012). Today there has been lots of discussion throughout the world regarding business ethics and the sustainability of the companies because one country is connected to the other country by the medium of business. Companies are trying to distinguish themselves from others in terms of certain ethical factors such as transparency in their business activities, their goodwill in the market, culture, standards followed by them, and contribution towards the society (About.com   2012). Some of the Admirable Business ethics Principles are explained below. Companies should manage their business activities by being trustful towards their stakeholders. There should be open forums for discussion of the problems faced by the companies & customers. Business Goals should be achieved without losing the honor. Financial reports must be transparent to the management, and its stakeholders. Funding of business should be in form of an appropriate channel. The companies should try to maintain their dignity by utilizing the resources efficiently and effectively and by protecting the environment from the various harmful activities.

Ethics not only explains to follow the standard practices within the organization but also explain some of the activities like using pollution control equipments to protect the environment, managing the waste of the Organizations, adapting Go Green Concept to reduce the use of the resources, afforestation, contributing donations to NGO’s for upliftment of the poor sections of the society .There should be an ethical culture followed by the companies. Managing ethics has become a challenging thing for everyone in the business (Community Relations Department, ICAC    2003).

Management must have efficacy to select the Leader who follows the ethical principles in the organization. True Successful Leaders can always provide the edge over others. Leaders must have good decision making power so that followers can easily be convinced. The upcoming challenges in terms of changing market situations, scarcity of resources, technological advancement, conflicts within and outside the organization should be taken positively and find solutions to solve it. Decisions taken at business should be beneficial to everyone. The objective of business should not be always to make the profit at any cost by hampering the interests of others. Management and employees often go out of their way and follow the wrong steps to manage & get their work done by any means for their promotion, and growth of the business. The more competitive is the business, it gives birth to corruption and unethical business practices in the environment (Business Ethics   2012).

Some of the unethical practices followed by companies to manage their business and maintain their poor stability are as follows (Hearst Communications Inc   2012).

• Offering Bribery to get the work done at any cost.
• Using Child labor in the industries to grow their business.
• Lack of transparency maintained by the management in their companies documents.
• Polluting and wasting the environmental resources.
• Cheating the stakeholders and following unlawful act.
• Manipulating the product prices & following unfair trade practices.
• Inappropriate behavior at the work place.
• Profits not been contributed to the social institutions of the society.
• Sexual Harassment and discrimination between employees in term of caste and religion.

There are many examples of the global companies who have followed the unethical business practices and faced the problems globally. There is an example of a FMCG company called nestle which came into limelight in the year 2003. Nestle adopted the practice of social irresponsibility in the developing nations. As per many of the health organizations statement, Nestle had once used a false marketing strategy by saying that their infant baby milk formula was better than the mother’s milk. There was also another case regarding the plantation and harvesting of cocoa beans by bonded labor & children. Some other cases of nestle was regarding selling the products without labeling it (IBS Center for Management Research   2003). Disney has been forcing small aged children to work in dangerous conditions with very little pay. Few years ago Procter and gamble killed many animals for the experiment process. Mc Donald’s the largest fast food chain restaurant of the world is using the animal meat for their products which is unethical. Wal-Mart has been creating a gender difference during the hiring process (Action for our planet    2012).These companies have being following the unethical practice by hampering the environmental resources to be the market leader and also to earn profits. Business never signifies to earn growth by ruining the life of others at any cost. Such exploitations of the lives of the animals have completely disturbed the ecosystem in the environment. Government should establish strict legal bodies to take the corrective actions for such misconduct of business. Surveys have also demonstrated that there is a rise in unethical business practices during poor economic situations. According to Ernst & Young report, 81% respondents said that companies have strict corruption policies at their place but out of them 42% said they have not received training regarding it. In 2008 the subprime crisis of Lehman Brothers affected the global economy. The Company gave credit to the customers without checking their credibility and maintained the falsified accounts of their customers without knowing their credibility. Since many countries business was connected with it due to which it affected globally and resulted in a global crisis (The Guardian   2012).

Business Ethics and sustainability are like two parts of a single coin and it has become a challenging task for the organizations to manage it properly. Sustainability is an external driven process of maintaining balance between economic, environmental and social impacts. To sustain in the competitive business environment companies must have check points to check fair practices of business activities, ethical leaders and employee’s performance, accountability towards the government and the society. Companies must broadly analyze the business and environmental aspects deeply (Krishna Anupam   2011). Companies must focus on using those technology which use less energy and resources and at the same time try to protect the environment by producing the output without carbon emission. The natural resources like air, land, water, animals, are being scarce and companies need to focus on protecting them to maintain the balance in the ecosystem (CIMA 2012).Sustainability can be maintained by the companies in these following ways.

• Companies should try to achieve success by fair means.
• Stake holders must be engaged by having proper discussion with them
• Issues must be taken seriously and mapped to find out the multiple solutions.
• The Going-Green concept should be used to prevent from various types of pollution.
• Appropriate recycling of products should be there in the environment.
• Collaboration with various research agencies should be there to check and maintain the old plant & machinery, vehicles, pollution control devices for providing a safe & harmless environment.

Ethics and sustainability both are required for the business stability. Unfair trade practices, Poor quality of products, Lack of Transparency in Company’s Accounts, will provide business for a shorter duration. In Long run there is no stability of such companies. The sustainable business development is the requirement of coming future for all the companies. Some of the factors which are required for maintaining ethical business & sustainability in the customer driven economy are Integrity, Good corporate image, Produce quality products that can be recycled easily, Corporate Philanthropy, Responsibility towards the environment. Human beings use everything from the environment but they forget to contribute after using it. Corporate Leaders need to be trained & educated to carry their business activities ethically throughout their career. The organization’s activities affect the customers, shareholders, employees, suppliers and the communities. A company can maintain its sustainability by retaining the best talented employees, and inculcating the good cultural practices within them. While marketing any product in the market the 7PS Concept of Marketing should be used ethically. Product must be reflect good qualities like (Brand, Quality, Design, Labeling, & Packaging).Unfair Price must not be charged from the customers by offering them discounts and allowances. Places like warehouses should be kept clean and no insecticides and pesticides must be used to pollute the land. The companies must not use false marketing strategy to push their sales in the market. Less carbon printing devices should be used for the promotion process. The People who are involved in marketing of the products should not cheat the customers and behave unethically. The process of carrying the business activity must be clear and positive related to the business growth. Physical evidence is something like ambiance that makes the customer feel special about the company (Pave your way to success  2008).Therefore it is very important for companies to maintain Business ethics and sustainability in the environment. 

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