Ethics is a body of values or ideals of human conduct that govern the behavior of individuals and group
Ethics in the modern-day business can be quite tricky, especially when trying to close a deal. It is for this reason that modern day business leaders must make the effort to educate themselves in the field of ethical decision making and conflict management. According to the course reading, “Ethics is a body of values or ideals of human conduct that govern the behavior of individuals and groups” (Editorial Board, 2015). “The course reading went on to say that ethics originate from human nature itself, making it a natural law from which one’s governing body can institute societal rules” (Editorial Board, 2015). While this explanation may appear to be clear cut, many scenarios such as the one presented during this discussion operate in a gray area and can be considered unethical for numerous reasons.
Bill and Joe/ Conflict of interest?
In short, yes. A conflict of interest can be observed when a person has a conflicting private or professional interest in the result of a matter. The conflict of interest exists even if no immoral or inappropriate results are due to the conflict (Editorial Board, 2015). The relationship between Joe and Bill is a great example of conflict of interest within a business environment. Would Joe have been able to secure the contract to supply Bill with uniforms? Possibly. However, even the appearance of wrongdoing can be detrimental to a company. The course reading reveals that conflicts of interest create the appearance of fraudulent behavior that in and of itself can be destructive to a party (Editorial Board, 2015). This is especially true with publicly owned organizations where public speculation plays a pivotal factor in the value of the company’s stock.
Are Bill’s gifts a form of bribery?
The term ‘bribery’ may be defined as the giving or receiving of something of value to influence a transaction (Giles, 2015). In the case of Joe and Bill, I would also argue yes. It appears that Bill understands the value of Joe’s ability to provide uniforms at a significantly cheaper price. It also seems a bit suspicious that Bill provides Joe with lavish gifts and provides his hotel to be used for business meeting as a form of reparation for said price.
The Virtue Theory and how it supports this claim.
The ethical theory that supports my stance is virtue theory. Virtue theory or virtue ethics is described as grouping within normative ethics that tries to identify and classify relationships when considering moral character and how it can relate the moral character as a disproportionally high rate. It alters markets, stifles economic growth, destabilizes democracy and the rule of law and creates an unfair advantage in the international manner of business (Giles, 2015). Bill and Joe’s relationship has likely influenced local markets in a negative manner. If Bill allows Joe to undercut other uniform manufacturers, the price for other businesses will have to drop. This could result in other companies having to lay off workers to eliminate overhead and achieve a competitive price.
Conclusion
In conclusion, while relationships like the one we covered are quite common in modern day business practice, there needs to be some importance placed on the training and education of business leaders. While bribery and corruption are not likely going to disappear from the market completely, we can all begin to understand the consequences and eventual outcomes by taking time to learn basic business ethics.
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I have learned that a conflict of interest exists whether or not the consequences are immoral. Moreover, I can’t help but ask; what specific training and education will business leaders need considering they know…………………
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