Ethics includes defending, systematizing and recommending wrong and right behaviour. These days’ philosophers divide such theories into general subject fields named as normative ethics, Meta ethics and applied ethics.
The significance of following ethics in business:
- To keep a positive image and reputation, the organisation should be committed to operating on an ethical foundation because it corresponds to better market practices, respecting the surrounding environment and treatment of employees.
- Employees feel comfortable and wish to stay in the organisation for the long term. It improves the productivity and decreases the labour turnover.
Leadership is the potential of organisation’s management to frame and acquire challenging objectives, take instant and decisive actions, motivates other to perform well and outperform the competition.
The significance of leadership:
Managers must be able to give meaningful advice and guidance to employees. Support is given to employees for growth and development by the managers.
It is crucial that leaders initiate activities by planning out who will execute what actions when task are finished and by which means the activities will be achieved.
Build morale and enhance satisfaction:
Best leaders drive the productivity of employee by generating confidence in the staff and building positive environment being conducive to the productivity.
Decision making is the phenomenon of making selections by evaluating a decision, collecting information and assessing substitute resolutions
Significance of decision making in business
Evaluation of managerial performance:
Decision making is essential to governing the performance of higher level management.
The accomplishment of objectives:
Decision making is essential to accomplish the organisational objectives within defined budget and time.
Choosing the best alternative:
Decision making is crucial to choose the excellent alternative by evaluating them individual with the help of statistical, financial and accounting techniques.
Concepts of managerial ethics
Four theoretical concepts that are to be involved in the managerial ethics are defined as:
Utilitarian ethical theory:
It is an ethical theory which identifies right from wrong by laying emphasize on the result. It describes that most ethical choice is one which products highest goods for the highest number. It is a common technique to moral reasoning involved in business due to manner through which is address for benefits and costs.
Virtue-based ethical theory:
Virtue ethics is a wide concept for theories that concentrates on the character role and virtue in the moral philosophy instead of doing one’s duty and acting to bring out best consequences.
Justice based ethical theory:
This theory is entirely focused to maintain fairness level, impartiality and quality within an enterprise. By implementing this theory in the enterprise, it becomes able to manage the unethical works in the enterprise.
Rights-based ethical theory:
The right-based theory defines that there exist some rights both positive and negative possessed by humans based on the facts that they are humans. These rights might be conventional or natural. Natural rights are moral rights where as conventional are developed by humans and reflect the values in society.
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