Business Ethics

eth·ics

/ˈeTHiks/

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noun

1          moral principle that governs a person's behaviour or the conducting of an activity.

"medical ethics also, enter into the question"

Similar:

moral code  morals  morality  moral stand  moral principles  moral values  rights and wrongs  principles  ideals  creed  credo  ethos  rules of conduct  standards (of behaviour)  virtues  dictates of conscience

o     

2          the branch of knowledge that deals with moral principles.

Elizabeth Luckman, Gies Business Institute Illinois, offered an interesting look at the effect of the virus and various business/commerce responses.  How to respond in an ethical way.

How do we approach this topic in view of today's Global view?  With the economy in a downfall and many businesses changing how they are working/producing, you cannot give one answer. 

Is this a time of either / or?  Do we just shut down and wait or do we just keep moving as though nothing has changed?

As you can see in the diagram above, there is an overlap.

Let's look at some ethical perspectives to see the effect of the 3 options.

 

1)    The UN Universal Declaration of Human Rights – gives everyone to right to work, be paid a fair salary,

2)    Fairness – people are treated fairly

3)    Cost-Benefit

a.    Basic rights + obligations – the role of business to respect Human Rights and freedoms within business

b.    Treat everyone as an equal – in Healthcare triage is used to assess, the sickest get dealt with first – in Commerce – there is an equal opportunity but the best are hired first.

Do we have to work to be considered worthy?

Thought:  Cost-Benefit finds economic well being outweighs the health of workers.  In a Utilitarian Moral, humans must always be brought into the equation. 

We need global commerce to continue living to the standards we have established.  Are we ready to sacrifice by changing that path?  Are we willing to do the jobs that we bring others into the country to do? 

On one side we say we must shut down to contain the virus and maintain health.  But if you are out of work statistically your personal health suffers; you spend less; long term financial health suffers.

On the other side, we say we need to keep business going.  No spending equals no production.  But it also puts people's health in jeopardy.

Are we willing to sacrifice going back to work or do we invest in healthcare?

 

The third option is the middle ground. 

 

In this option, we look at testing everyone; wear protective gear; and restart commerce.  Health is the main focus!!  If health is prioritized then the economy will follow. 

Paul Romer, Nobel Prize Economist has really advocated this third option.  This step back from the either / or allows for a possible solution.  If anyone of the aspects (sides) are ignored, then disaster! 

So many of these factors are showing up in today's world, where do you stand?  Post your reply, and follow the Blog to see where others stand.