There are many ethical dilemmas in business. This is a fact of life. No matter what your field of endeavour is, you will encounter ethical dilemmas. They come in conflict with other companies, ethical dilemmas in personal relationships, ethical dilemmas in the workplace, and ethical dilemmas in decision making. In every situation, there are several different ethical issues to consider and resolve.
- Some of the more common ethical dilemmas in business include discrimination, harassment, unhealthy working conditions, unsafe working environments, compensation, and pollution. Examples of Ethical Dilemmas within Business, Unsafe Working Environments:
- In an ideal society, all companies would have safe working environments, protection, and safety measures in place. But it is only part of any companies’ responsibility to offer the most optimal working environment to their staff.
- Harassment is another of many ethical dilemmas in business. There is very little recourse in many companies when a current or former employee faces such a dilemma. For example, a lawsuit brought against a company due to a sexual harassment charge would likely never have happened if the company’s human resources did not fail to handle the situation appropriately.
Likewise, the same goes for an employee who is suing for discrimination. Even if the court rules in the employee’s favour, there is no guarantee that the company will stop using a discriminatory attitude in the future.
Valuation Analysis and Conflict Resolution:
- There are ethical dilemmas in business due to valuation analysis failures. An example of this can be found within the realm of mortgage lending. Many mortgage brokers have been caught in the past by surprise, not doing proper valuation analysis and therefore overcharging homeowners. This overcharging has cost American consumers thousands of dollars and has created a furor. As a result of this situation, the government has introduced new regulations regarding how home mortgage loans are analyzed and priced.
- Staying on the straight and narrow with regards to an ethical dilemma in business is important. If an employee discovers inappropriate behavior within the workplace, it is important that the employee first report the activity to the human resource department. The HR department should then do its investigation to verify if the reported activity occurred. Only when the investigations confirm that the activity did occur should the company put steps into place to reprimand the employee.
A recent example of this situation:
It involved a restaurant in New York that refused to serve a customer who requested black beans and no rice. After the diner complained to the manager about the lack of items on the menu, he drew up the items the restaurant had recently provided and informed the customer that it did not meet the restaurant’s guidelines for providing a particular dish.
When it comes to ethical dilemmas in business, various potential consequences could result. For instance, failing to document a product or service properly could lead to litigation or potential repercussions such as withdrawal of services. Also, a company must remain diligent in its efforts to protect intellectual property. In the world of technology, the value of an idea can be measured in terms of how valuable a patent can be.
As technology advances, companies will likely face Ethical Dilemmas situations more frequently:
As such, they must take steps to ensure that their business approach does not alienate a key customer. The best way to do this is to be sure that you can stand by your product or service clearly and convincingly. While you may come across as a jerk at first, if you cannot back up your actions with a clear explanation, then you have failed at your ethical dilemma.
Graduate Programs in Business Law and Ethics Offer Numerous Research Opportunities:
Business Law and Ethics are a course offered by Michigan State University that examines all areas of business management and ownership. Students examine business contracts, torts, civil law, intellectual property law, corporate law, landlord’s law, and estate law throughout the entire course. The main areas of business law and ethics are corporate law and entrepreneurship, taxation, and marketing. Students will be taught business law and ethics to begin at the college level, while they also learn the core business skills necessary for running a successful business.
One of the major focuses of business law and ethics:
It is to develop an awareness of the societal impacts of business decisions. In addition to this, business law and ethics also examine the legal costs of business decisions. Therefore, these courses are important in providing students with a solid foundation of legal principles and practices. In addition, business law and ethics help students understand complex issues such as human rights, environmental policy, environmental protection, intellectual property, corporate finance, and strategic and risk management. This program also helps students determine the relationship between business law and ethics, reviewing various texts and articles.
Business law and ethics:
It requires an overall understanding of business operations and the legal environment in which business decisions make. To accomplish this task, business law and ethics educate students about how different business areas influence each other. And form a comprehensive legal environment. For instance, a company’s decision to establish a factory in a rural area may cause certain environmental and social issues. In addition, the decision to go into business negotiations with government officials to build a nuclear plant. It may have unforeseen consequences for the local and national economies.
- A strong background in business law and ethics is necessary for those entering law schools. And those interested in attaining higher positions in government or the private sector. Graduates of an ideal business law and ethics program should be able to demonstrate.
- That they commit to the study and application of ethical principles and interact effectively with a variety of people. This combination of interpersonal skills and technical knowledge creates an excellent workforce in which managers can thrive.
Graduate students may also consider taking a business law and ethics elective:
An elective offers the graduate student the chance. To explore an aspect of business law and ethics that they are unsure of. Students in business law and ethics may also want to consider earning a master’s degree. If they satisfy with the area of study in which they enrol. A master’s degree typically focuses on the area of business law and ethics. A doctoral degree requires more research and a more involved application of knowledge of business law and ethics.
Graduate programs in business law and ethics offer many professional research opportunities. Many graduate schools offer several workshops and seminars that allow students to network with one another. The ability to the network allows graduates to expand their professional networks and build new ones. Graduate programs in business law and ethics also provide students with opportunities to complete internships. Internships allow students to get firsthand experience using business law and ethics. And serve as a stepping stone to more advanced positions.