The Ethics of Modern Business Practices
Pain management specialist Dr. Jordan Sudberg explains why new ethical breaches in business practices will continue to exist and how they can be prevented. He also presents an overview of the ethics that companies should adhere to maintain integrity, receive a moral license, and avoid getting tainted by accusations of immoral behavior. Dr. Sudberg’s critique is outlined in ethics of modern business practices which highlights the issue that going beyond ethical boundaries can lead a company into trouble.
Most people use these words interchangeably, but there’s a significant difference. Moral corporations may have noble intentions, such as keeping their employees safe (for example, by providing them with protective equipment), but they’re usually not legally obliged to do so. Ethical corporations are required to adhere to specific standards of conduct. Ethical practices are only sometimes allowed by law, while ethical practices are.
This distinction extends beyond the law and into the culture of modern business. A corporation can be moral but not ethical, while it’s much harder for a company to earn high marks in moral conduct if they make an effort to be virtuous.
The difference between the two is that ethical businesses are required by law to maintain specific standards. This means they may be more closely monitored and scrutinized by regulatory authorities. In some cases, corporations may not even be able to sell their products or services if they don’t meet regulatory standards. This is why ethical business practices are legal in most countries, while moral ones are only sometimes.
Dr. Jordan Sudberg believes that while ethical business practices are only sometimes required by law, they still need to provide value to an organization. An honest corporation researches its customer’s needs, adds value through its products or services, and demonstrates integrity in how it conducts itself as a company. He also explains that “It’s not as easy to be ethical. You have to make decisions, and you have to operate within the law.” Ethical business practices happen in many forms, from simple business transactions to fair wage standards. This is why it’s so crucial for businesses to make ethical choices for themselves and learn about the differences between moral and ethical practices.
To be ethical, corporations must understand the relationship between the social and legal implications of their actions. This means they must make decisions based on what is right. What is right may change depending on a particular situation, but generally, it is an action that will keep the moral value of the business thriving positively. Ethical business practices begin with a well-informed decision-making process and intelligent action. We should remember that we can only sometimes get what we want regarding ethical business practices. It’s okay, though, as long as the corporation’s ethics don’t come at the cost of the public’s interest.
We are social creatures. We depend on each other for food and shelter, which means corporations must also consider their impact on society to maintain positive ethical business practices.
It’s important to note that ethical business practices also come with certain disadvantages. The main one is that if a company is not moral, it will have difficulty maintaining the integrity and being perceived as a “good” one.