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Ethical Reflection Paper

714 words - 3 pages

Ethics reflection paper
Ethics is the fundamental principles of an individual or a group. Business ethics refers to the study of business policies and practices. Social responsibility refers to how a business performs its activities to meet its wider obligations toward the society and environment. Strategic planning in the corporate world is considered to be a very important step. Social responsibility as well as ethical values in the strategic plan process are deemed to serve as an important role. The paper will explore the role of social responsibility and ethics in the business world.
The role of ethics
According to www.investopedia business ethics refers to the study ...view middle of the document...

(3) Businesses are generally frowned upon if there is little or worst, no social responsibility. This in essence creates a big problem for the stakeholders of the business, which in the past the keyword was profit. Stakeholders include suppliers, customers, governments, unions, competitors, local communities, and the general public. According to a socially responsible company treats stakeholders equally. In the past companies simply looked for the cheapest way, when it came to the financing the work force. These days’ companies have to employ workers who are treated fairly, and who are paid with a minimum wage that would be considered fair. Transparency enhances the company’s credibility towards its stakeholders. It is important that management provide information transparently and honestly to help all involved discuss, debate, and promote better decision making efforts.
Strategic planning in the corporate world is considered to be a very important step. in the corporate world where senior management defines the organization’s strategy, direction and decision making. Ethical values and social responsibility serve as an important role in the strategic planning process. (1)
It has been seen that the role of...

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