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SBM3204 - SUSTAINABILITY AND ETHICS
INDIVIDUAL ASSIGNMENT
Table of Contents
Regulations, the Law and Business Ethics in Organisations    3
Organisational Values that Support Ethical Decision Making    3
Implications of Social and Public Pressure for Ethical Behaviour in Organisations    4
Identifying and Responding to Ethical Dilemmas that Threaten the Organisation and Industry    5
Promoting CSR through Values Internally and to Stakeholders in the Media    6
References    7
Regulations, the Law and Business Ethics in Organisations
Business regulations or laws can be simply referred to as a system of guidelines and rules enforced by social institutions that businesses must abide by while carrying out their functions and operations. Ethics, on the other hand, can be defined as moral philosophy. Business ethics constitutes the moral parameter or guideline for organisations in regards to how they behave or conduct their operations. In this regards, I could understand that the values, decisions, as well as, behaviours of firms and the members associated with the firm are driven by business ethics. In a majority of cases, business laws and regulations are developed in order to prevent or rectify unethical actions performed by organisations (Trevino & Nelson, 2016). In simpler terms, I analysed that the ethical parameters enable organisations in terms of establishing organisational standards while abiding by some key principles, norms and value.
On the other hand, business laws and regulations are created based on the morals shared by specific societies. Laws define the manner, in which humans are expected to follow a minimal standard of ethical behaviour. Despite such great similarities, it can be said that business ethics are often vague and not well defined. On the contrary, business laws, as well as, regulations are precise and defined. Business ethics, laws and regulations are of paramount importance for organisations as they allow the organisations to follow and abide by strict guidelines of which behaviours are expected and which are not (Besley, 2015). Additionally, a full and appropriate comprehension of these three elements allows organisations in terms of achieving an excellent reputation among the stakeholders by showing that the organisations are able to be socially responsible.
Organisational Values that Support Ethical Decision Making
Ethical decision-making can be referred to as the procedure of assessing and selecting between several alternatives in an organisation, which are consistent with the organisational ethical principles. Organisational values, on the other hand, refer to the key principles that are followed by businesses at all times. I believe that ethical decision-making is directly influenced and shaped by the values that an organisation abides by.
In this regards, it may be said that there are five most important organisational values that must be abided by businesses at all times. These include commitment, transparency, integrity, consciousness and competency. Commitment refers to the desire of the organisations in terms of performing only appropriate actions regardless of the consequences. If a decision can do potential harm, it must not be made.
Transparency refers to openness among the organisation, its employees and customers. Employees are the most important asset to businesses and therefore, businesses must keep a certain level of transparency among themselves and their employees at all times (Ferrell, 2016). Both integrity and transparency are crucial parts of an ethical decision-making process. Consciousness is the awareness of the...