The Four Pillars of Ethical Business Decision Making

What are the four major components of Business ethical decision making? These components include Common good, Moral character, Organizational and social forces, and Dilemmas. The following is a brief overview of the four pillars of Business ethical decision making. The authors of these pillars describe how they contribute to the ethical behavior of a business. This is a foundation for all business ethics and moral behavior. To learn more, read their respective articles.

Common good

Many philosophers have proposed the idea of the common good to guide ethical decision making. However, the definition of the common good differs depending on the perspective used. One perspective focuses on innate talents, while the other focuses on sectional interests. Ultimately, the common good should come first, rather than profit. The common good may encompass more than profit, but it does include many different aspects of human life. Here are some examples of situations where common sense rules the day:

For example, public libraries are part of the common good, because they serve a privileged class of citizens who share a common interest. This interest is guaranteed access to the storehouse of human knowledge. If bakery owner X does not have access to library cookbooks, his bakery would be less profitable than it is today. In this case, the bakery owner's interest in the library's cookbooks is both the common good and his own profitability.

Another common good approach is called the distributive conception of the common good. This viewpoint is useful when the ethical dilemma concerns the bigger picture or environment. A distributive conception emphasizes the benefits of the common good for the community as a whole. It argues that a business should act in a way that benefits the public good by improving the quality of life for everyone. However, the common good is elusive in many situations.

As a philosophical concept, the common good has many applications in business and society. It is an integral part of a society, and it refers to the facilities that all community members share. These facilities are maintained for the common good of the community. This concept also encompasses rights, laws, and property systems. The common good has a broad range of applications and has been argued in various philosophical traditions. It has proven to be an important ethical guide in decision making.

Moral character

While the role of moral character in ethical decision-making is not new, its application in business is not as common as one might think. Unlike other aspects of character, moral behavior is based on our actions. And the more we do, the more our actions reflect our moral character. Moral actions are the result of a good character; bad actions are the result of a bad character. However, the moral character of a person is not fixed in one situation, so it is possible that an individual is a virtuous person by nature, but that he or she needs to learn to develop and exercise it.

The role of moral character in business ethical decision-making has been a subject of considerable interest in recent years, and it has recently been recognized as a key factor in the promotion of ethical behavior within organizations. Researchers at Carnegie Mellon University, the Massachusetts Institute of Technology, and the Naval Postgraduate School have developed a character lens perspective, which explains the patterns of ethical decision-making and their moral implications. This perspective is relevant for business ethical decision-making because it acknowledges that professional duties do not override conscience.

Benjamin Franklin wrote in his autobiography that he aimed to improve his moral character. Similarly, business ethics study controversies and issues concerning the moral status of corporations and the rights of employees. Other topics that are addressed by business ethics include the issues of job discrimination, affirmative action, and drug testing. In addition, the Stanford Encyclopedia of Philosophy presents an historical overview of the development of philosophical views on moral character.

Organizational and social forces

In order to promote ethics, companies need to implement values and principles that are credible inside and outside the organization. Employees must see their company's actions as consistent with their own values and be willing to commit to the common ethical framework. Employees also need to feel that a business's culture is ethical, which requires that they revisit and commit to following the ethical framework over time. The ethical culture of a company also must be perceived as such by political and social agents.

In addition to these social and organizational factors, ethical deliberation may also be influenced by personal characteristics. A company's culture, management, and peers are all possible sources of ethical guidance. In addition to these factors, ethical training, social responsibility, and corporate culture can influence employees' decision-making. The presence of such factors, however, should not be a substitute for personal or social values. The purpose of ethics training and social responsibility programs is to enhance employee morality, not replace them.

In addition to social forces, a company's profits and brand reputation can also be affected by its ethical behavior. In fact, three-fifths of consumers support companies that promote ethical behavior on social media. The presence of ethics in business is a good way to boost customer loyalty and build trust. It may also reduce the costs of fraud. It is important to remember that a company's social role is changing, and incorporating new values is essential to dealing with a changing and uncertain environment.

Many studies have found that the primary source of internal pressures that push individuals to make unethical decisions is culture. However, employees operating under top pressure often exert pressure on each other. In Enron, for example, heavy internal competition and strong pressure on results led employees to stretch the boundaries of the ethical rules and standards. At Barclays, mid-level employees pushed each other to submit untrue rates.

Dilemmas

An ethical dilemma in business decision-making can occur when a company needs to allocate limited resources to different tasks. For instance, in the case of a promotion, two equally qualified candidates may face a moral dilemma: one employee has more seniority and a better attitude, and the other needs the promotion to provide for a large family. Choosing between the two isn't an easy decision, but it is a necessary one.

Once you identify an ethical dilemma, you can decide on the best course of action. Then you must weigh the pros and cons of each option, which may require a collective analysis of the options. You should consider the long-term and short-term implications of each decision. For instance, what is best for the business's financial future? Would the company's reputation be damaged if it violated its core values?

There are many ethical dilemmas in business. When two options are similar, one is a better choice. When there is a conflict between the two, however, the choice will compromise an ethical principle. This type of ethical dilemma can arise in situations of false accounting, data privacy, nepotism, and discrimination. Regardless of the situation, business owners will encounter ethical dilemmas at some point in their career. Having a code of ethics and adherence to the rules and regulations of your industry will protect you from such situations.

Decision trees are a great tool for analyzing complex ethical dilemmas. They allow you to visualize possible outcomes and build a compelling case for an alternative. Decision trees also make it possible to consider competing interests, where two values are at odds with each other. When you use this tool, you'll be able to make more informed decisions that will help you achieve your goals. The right decision is always the best choice, and a decision tree can help you get started.

Sophie's choice

'Sophie's Choice' was a best-selling novel by William Styron, adapted into a movie starring Meryl Streep. In the novel, a young woman must decide which of two children she will save, and which will die. She must make the impossible decision, and weigh the consequences of making the wrong choice. The film has many applications to business ethical decision making.

While the film was painful to watch, many lessons can be learned from Sophie's story. For example, she could have been a good Christian or offered her life to a German soldier, or she could have held her children as they died. In the end, Sophie made the wrong choice. She could have saved both of them and still saved the children's lives. But she chose the soldiers' lives. And the consequences of her decisions stayed with her.

The novel's title, 'Sophie's Choice,' implicitly critiques utilitarianism. Sophie chooses Jan because he is older and stronger than her and, 'because I think he will survive,' even though he doesn't. Utilitarianism assumes that ends justify the means. In a situation like this, people make decisions with the expectation that they will benefit, and in such cases, the actions may not be moral.

A moral dilemma involving hard choices and negative consequences and sacrificial trade-offs is called a Sophie's Choice. In business, similar situations require employees to make difficult decisions. In a situation such as Sophie's Choice, employees may feel a sense of personal agency that will motivate them to act. But how can managers foster a strong sense of ethical decision making? Here are some ways to encourage employees to make ethical choices.