The History Of Business Ethics And Stakeholder Theory Assignment
The History Of Business Ethics And Stakeholder Theory Assignment
One nice thing about this course is that you will find your background reading page rather short but there will still be a respectable amount of reading to do. The reason is that you will be using a textbook for your Case Assignments. Well, it’s actually more of a narrative of the history of Lockheed Martins (LM) ethics program than an actual textbook. The History Of Business Ethics And Stakeholder Theory Assignment
The first part of the text provides a general history of the company and also provides the setting for the creation of the companys ethics program. Military contractors like LM tend to find themselves in the unique position of manufacturing weapons of war which they sell for a profit. But those weapons also provide a military superiority that helps to protect our troops in the field.
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With this said, please read pages 1-48 for this module from the following book in the Trident Online Library:
Terris, D. (2013)The History Of Business Ethics And Stakeholder Theory Assignment. Ethics at work: Creating virtue at an American corporation. Brandeis University Press. Available in the Trident Online Library.
Please disregard the SLP assignment portion on the Background and Reference attachment. Use the references I have attached and add one more external reference. Disregard drafting the cover page and reference page on the SAMPLE PAPER attachment. I will go through the paper and edit the front page and reference page as well.
In the day-to-day life, we encounter situations where we have two options and neither of them seems to be right. But still, we have to make a decision and at some point, we get to realize that none of the options was wrong. One of the options might be favorable for you and the other favor another person. Understanding this situation allows us to expound our knowledge on a phenomenon called ethics. Ethics refer to the moral principles that govern behavior or the conduct of an activity by an individual. Ethics also refer to the discipline that entails what is good or bad alongside moral duties and obligations. The purpose of ethics is to promote the greater good of people. One of the most important forms of ethics in the current world is the business ethics. The History Of Business Ethics And Stakeholder Theory Assignment
Business ethics is a professional form of ethics aimed at highlighting ethical problems that affect the business world. Business ethics refer to the practices that may be part of an organizational culture that positively or negatively influences the performance of an organization 9 Ferrell et al., 2019). For this paper, on the history of business ethics and stakeholder theory in America, I will analyze “Ethics at Work” by Daniel Terris with a focus on the responsibilities of organizational leaders in terms of achieving a balance between profits and stakeholder concerns. I will as well compare the dynamics of business between the present day and the late 1800 to establish if things are better or worse. Lastly, I will discuss the ideas posted by Howard Bowen on the evolution of social responsibility of businesses. The History Of Business Ethics And Stakeholder Theory Assignment
Balance Between Profits and Stakeholder Concerns
One of the subjects in business ethics will be a balance between profits and stakeholders concerns from a leadership standpoint. The top leadership in an organization has several responsibilities of ensuring that the interests of the company and other stakeholders are met with an emphasis on a balance between profits and stakeholder concerns. The leaders for instance must establish the involvement of stakeholders to the betterment of a company. The leaders can as well establish if employees are suitable in the various roles within the organization.
The leaders in general have several responsibilities that include a balance between the big and small shareholders as they have varied contributions to the profits of an organization. Further, the leaders must involve stakeholders in the company’s goals while disregarding their prejudice. The leaders must encourage the various stakeholders to embrace an appropriate ethical behavior because it has a direct implication towards the success of an organization. Also, the leaders must ensure that both external and internal stakeholders work in harmony with great regard on ethics. In addition, the leaders must ensure that the voices and grievances of small shareholders are respected while making sure that this does not disrespect the autonomy, interest and values of other stakeholders. In general, the purpose of leaders in a big organization is to develop an ethical system that helps achieve internal and external stakeholder’s interests while ensuring the organization gets profits. The History Of Business Ethics And Stakeholder Theory Assignment
A notable example of a company that has held a balance between profits and interest is Google Inc an international company that is remarkable in its generosity with its employees an attribute that has given credit the company and given it an opportunity to have the best employees. On the contrary, Wal-Mart has been accused of poor treatment of its employees by paying men and women different salaries for the same jobs, hence, lack of balance between interest of employees and profits.
Better Or Worse for Present Day Business
In the business world, present day things are much better in several ways. For instance, business laws have been enacted in the United States that are aimed at promoting free trade as well as protecting young business competitors. Some of these laws are aimed at prohibiting malpractices that can hinder business competition. These laws have axed out business cartels and also abolished abusive behaviors including hoarding of basic commodities in a bid to cause an artificial shortage and hence hike the prices for personal gains. The laws also protect consumers as well as ensuring that all business entrepreneurs have equal opportunities in a free-market economy and these laws are related to but not limited to state subsidies. The History Of Business Ethics And Stakeholder Theory Assignment
As of 2008, at least 100 countries had enacted competition laws. The Soviet Union had for instance monopolized a significant portion of the market but since its collapse, the European Union has enacted several competition laws. In the present-day business, competitive authorities work to ensure that all people adhere to the set laws to ensure fairness in business. In India and other developing countries, they perceive completion laws are essential in fostering economic growth.
Welfare Capitalism
Welfare capitalism is a form of capitalism which involves welfare practices of businesses to provide welfare services to their employees. It is an American paternalism aimed at safeguarding the interest of employees against industrial strain. The main aim of paternalism was to put at bay, third parties and hence create more positive responses as opposed to third parties like unions. According to Terris (2013), welfare capitalism was aimed at representing the convictions of the American corporate leaders. Terris further argued that the welfare enhanced several benefits that improved satisfaction among employees as well as encouraging business ethics. For instance, notable companies like ford motors violated its employees’ rights by discriminating them as they did not have a say. Ford Motor allowed manager and other high-ranking employees to monitor their employees. Welfare capitalism thereby became an essential tool that helped preserve the rights of employees by examining vulnerability to exploitation thereby remove inequalities and mistreatment within the employment sector. The History Of Business Ethics And Stakeholder Theory Assignment
Howard Bowen’s predictions from 1953 to today
Bowen believed that all corporate functions should be direct at improving the wellness of the society. He further argued that American prosperity was held towards creating generous and new ideas to the society. Bowen further argued that by 1953, companies had moved from profit-oriented ventures to societal improvement because he believed that some of the injustices such as blunder issues, exploitation of workers and financial deception had ceased within the private sector. Bowen insisted on societal welfare and highlighted that the success of an organization was not merely based on the amount of profits but the ability to promote societal welfare within their environment of operation. After 1953, all organizations that were introduced emphasized on social responsibility regardless of the interests of the corporations. The rights and freedoms of employees have since them been appreciated in almost all organizations as employees are involved in the organizational decision making. The idea of social responsibility has since impacted the corporate world up to date. The History Of Business Ethics And Stakeholder Theory Assignment
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References
Ferrell, O. C., Harrison, D. E., Ferrell, L., & Hair, J. F. (2019). Business ethics, corporate social responsibility, and brand attitudes: An exploratory study. Journal of Business Research, 95, 491-501.
Terris, D. (2013). Ethics at work: Creating virtue at an American corporation. Waltham, MA: Brandeis University Press. Retrieved from the Trident Online Library The History Of Business Ethics And Stakeholder Theory Assignment