Application Of Business Ethics

Application Of Business Ethics
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APPLICATION OF BUSINESS ETHICS
Business ethics are usually the leading moral principles applied by businesses. These moral principles determine the behavior of the business. When a business is considered ethical, it should be able to distinguish between what is right and wrong, and opt for the right choice. It takes a great sacrifice for any business or company to attain good ethical practice, since it requires competitive return for the shareholders as well as providing fair treatment for employees (Svensson & Wood, 2008). Application of business ethics within a company comes with greater responsibilities such as minimizing possibilities of damage to both work and environment in manners that cannot harm the communities around it. Companies such as Anglo-American and Primark have registered great development due to practice of business ethics. There is need to assess the ethics of the business practices between the two organizations, and discuss the costs as well as benefits of companies that operate ethically.
Ethical business behavior is the act of practicing the right things within an organization or business. When an organization decides to engage in ethical business behavior, it chooses to focus on the wider community that is engaged in the process of the business, including employees all around the world. Application of ethical business behaviors are among the best practices for any organization, acting as the key to global development and efficiency. In the process of making this to happen, organizations follow the right channel where the law is usually the beginning point for all businesses. In addition, the developing businesses are also aware that making their statement of business principles would be very significant. The business principles assist in setting the core standards and values, which serve as directory of the business (Arnold, 2009). Companies such as Anglo-American and Primark are successful in global market because of their persistence in applying ethical business behaviors. Both the companies believe that even though their prime aim is to offer strong returns to their shareholders, it cannot be achieved at the expense of moral, social and environmental considerations. The two organizations mutually declare that to attain a long-term business needs taking into account the requirements of the other stakeholders like the suppliers, employees, communities, governments as well as customers. Moreover, Anglo-American organization has taken further measures of ensuring that their ethical business behaviors are effective, where they involve the stakeholders in the process.
Anglo-American and Primark have applied ethics in various ways of their practice. They have a realization that companies ought to be alert constantly, to the challenges accompanied with ethical operation. Therefore, companies require development of ethical principles and practices which are adopted and supported throughout the organization. There is also a need to work as partners with the numerous industries as well as international bodies that seek to have ethical practices plus defend the employees’ rights. Primark focuses it’s Code of Conduct upon the Code of the International Labor Organization abbreviated ILO. Being an agency of the United Nations, International Labor Organization, focuses on bringing together the representatives of governments, workers and employers in shaping programmes and policies. The exclusive arrangement allows the ILO in incorporating the knowledge of the real world that regards employment and work. More so, the code of ILO describes a set of values for the international labor, promoting opportunities for men and women to work in equity, freedom, dignity and security. The Code of Conduct for Primark is translated in around twenty-six languages, which are published on the company’s website. The translation is for ensuring clear and efficient communication regarding the standards. Primark also work closely with factories and suppliers that produce its products, providing training to factories, suppliers as well as buyers to enable them understand the ethical issues. Primark focuses on working in collaboration with its suppliers in case the auditors recognize non-compliance issues in opposition to the code of conduct. The Anglo-American organization has been effective in applying ethics in practice, such as occasions where it has involvement in supporting the government to reduce inequality and poverty. The organization has faith that it is capable of supporting governments in improving welfare and health. For instance, the company has become one of the chief campaigners of...