Term Paper: Business Ethics 9224 the Waiter

Pages: 8 (2566 words)  ·  Bibliography Sources: 1+  ·  Level: Master's  ·  Topic: Economics  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] In case the professor had told them about these experiments, the results would not have been shocking like this. From an ethical stand point, the professor has not done anything wrong (Trevin-o & Nelson, 2011). It was just an experiment which was done to obtain a specific kind of results.

Current Article on Ethical Dilemma

"A Critical Analysis of the U.S. Causes of the Global Financial Crisis of 2007-2008"

By Morrow Rose (2011)

Summary of the Article:

In this article, Morrow has comprehensively explained the major causes of the most recent financial crisis which hit the U.S. And the world economy in the late 2000s. This financial crisis was also considered a big ethical dilemma on the part of the banking and financial sector of the United States. The crisis started from the financial market and then spread across the industrial and household sector in a couple of years.

This crisis can be called an ethical dilemma because banks and financial institutions used unethical ways to generate greater revenues from the general public (household sector). They offered attractive household mortgage loan products on quite easy interest rates. The general consumers found it an attractive option to buy homes and availed this facility without taking into account their repaying abilities. The banks made their rules and regulations so lenient and relaxed that majority of general consumers from middle and upper middle income groups rushed to avail this facility (Morrow, 2011).

After a lapse of one and a half year, when these consumers failed to pay-off their liabilities, the banking and financial sector came in trouble. They had to sale out their assets to pay off their own liabilities with the large investors. When their bad debts increased beyond the set limits; many of the financial institutions and large scale banks went bankrupt (Morrow, 2011).

Therefore, economists, business analysts, and researchers state that the reason behind this huge financial crisis was basically the unfair and unethical policies of the banking and financial sector which persuaded the general public to avail loan facilities without assessing their repaying abilities. The best alternative would have been to evaluate the creditworthiness and repaying ability of each individual client before sanctioning any kind of loan of banking services. In contrast, the banks and financial institutions rushed to make superior revenues by attracting more and more customers towards their mortgage loans (Morrow, 2011).

From "utilitarianism" approach to ethics, it can be said that the banking and financial institutions did not think of making the welfare of the general public or the U.S. economy as a whole; rather, they were just concerned with their own benefits which they wanted to realize in the form of interests payments from a large number of customers worldwide.

Personal Ethics Quiz (Practical Assignment)

Situation:

Equal employment opportunity has always been a big ethical issue in the business world. Many organizations do not give equal rights to minorities like females, disabled individuals, and foreigners. We faced a similar ethical issue last year when we had to recruit new staff for our newly opened office in the city. There were hundreds of applications for only 10 posts; most of which were male candidates. Therefore, the probability for females and disabled individuals to be hired on these seats was quite low as compared to male candidates. This was quite unfair for these minorities.

Action Plan:

The HR manager, after consultation with other staff members, planned to divide these 10 seats equally among male and female employee so as to give an equal chance to everyone. After detailed discussion, 4 seats were decided for males and females each while reserving 2 seats for the disabled. The disabled individuals were also allowed to apply on the open merit as well. In this way, the company proved that it has given equal employment opportunity to all individuals irrespective of their gender and physical conditions (Trevin-o & Nelson, 2011).

The following table depicts evaluation of the ethical situation faced by the company using different parameters:

Appendix A

Use the following guide to evaluate ethical situations in the business environment.

8 Question

Ethical Checklist

Circle the appropriate answer on the scale; "1" = not at all; "5" = totally yes

1.

Relevant Information Test. Have I obtained as much information as possible to make an informed decision and action plan for this situation?

1

2

3

4

5

2.

Involvement Test. Have I involved all who have a right to have input and/or to be involved in making this decision and action plan?

1

2

3

4

5

3.

Consequential Test. Have I anticipated and attempted to accommodate for the consequences of this decision and action plan on any who are significantly affected by it?

1

2

3

4

5

4.

Fairness Test. If I were assigned to take the place of any one of the stakeholders in this situation, would I perceive this decision and action plan to be essentially fair, given all of the circumstances?

1

2

3

4

5

5.

Enduring Values Test. Does this decision and action plan uphold my priority enduring values that are relevant to this situation?

1

2

3

4

5

6.

Universality Test. Would I want this decision and action plan to become a universal law applicable to all similar situation, even to myself/ourselves?

1

2

3

4

5

7.

Light-of-Day Test. How would I feel and be regarded by others (working associates, family, etc.) if the details of this decision and action plan were disclosed for all to know?

1

2

3

4

5

8.

Total Ethical Analysis Confidence Score. Place the total of all circled numbers here.

28

How confident can you be that you have done a good job of practicing personal ethics?

After giving equal employment opportunity to males and female candidates and reserving 2 seats for disabled individuals, we proved that we have made a fair decision for all (Trevin-o & Nelson, 2011). In this way, the male employees will not take over the seats which are allocated for females and disabled. The action plan also complies with the local Equal Employment Opportunity (EEO) law.

References

Carroll, A.B. & Buchholtz, A.K. (2012). Business Ethics, 1st Edition. Mason, OH: Cengage Learning.

Del, J. (2006). "CEO Vouch for Waiter… [END OF PREVIEW]

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