Entrepreneurship and Ethics in the Workplace

Subject: Business Ethics
Pages: 10
Words: 2916
Reading time:
11 min
Study level: Bachelor

Abstract

Ethics in business practice is a pivotal quotient towards elevating professionalism and competence. The lack of clarity concerning guidelines within a workplace risk the development of a dysfunctional organizational culture. It is the responsibility of all stakeholders to develop measures that boost the trickle-down effect of accrued benefits. One of the morals entails enhancing customer relationships and the optimal purchasing value of products. In this case, entrepreneurs adhere to the competent standards of operations without compromising the lifestyle among consumers. The violation of the dynamic codes fosters intensification in controversial issues across the community. Wells Fargo and Goodrich are examples of companies that violated virtuous acts and incurred high costs and public image damage. Technological advancement fostered an increase in the rate of sharing information. Therefore, clients emerge like kings and queens in the market, determining the profit margin and the market share.

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Introduction

Ethical practice is an essential overview of an organization’s competence due to the interoperability of dynamic quotients. Different enterprises uphold distinctive morals and virtues towards the stakeholders. The key players in the entrepreneurial entity encompass clients and the owner. In this case, customers determine the profitability margin of a company based on the comparison to the pricing and purchasing value. It is the mandate of the workers to optimally render highly competent service experience (De Bakker, Rasche & Ponte, 2019). There is an interdependent relationship between consumer service, loyalty, and satisfaction. As a result, the core strategy entails adhering to functional ethical domains to boost the competitive advantage on buyer-seller relationships. The primary goal of ethics in the workplace enshrines the provision of effective measures attributing to proficient enterprise operations.

Business Ethics

Coordination amid employees is essential to an organization’s success, mainly due to influencing customer relationship-building. According to Agarwal et al. (2020), clients align their loyalties and make purchasing decisions depending on the consistency of the service they receive. Customers can find out about products quickly because of their available technology. This prompts businesses to look for new ways to be more competitive (Sroka & Szántó, 2018). Human resources significantly contribute to an organization’s performance, thus intensifying hiring and recruitment for optimal talent management. Notably, workers’ socialization outside the work environment is profoundly influenced by compatibility in perspectives and prioritization of the ideological relational capital.

Hiring and recruitment are prominently challenged by biased tendencies mainly due to the wise approaches. The management must implement steps to enhance worker coordination based on talent capital and team-building interests. The practice renders a broader scope of recruits based on diversified skills, knowledge, and experience. The variation of the personality qualities fosters the alleviation of bias based on comparing the traits with the employed counterparts and the talents (Taylor, 2021). It is essential to enhance the attribution of diversity in recruiting new employees for an organization.

The core advantage of inclusive hiring is providing an essential focus on talent acquisition and management among personnel. Research indicates that broadening the qualities of hiring candidates offers the employer an opportunity to diversify talents as an inclusive strategy (Taylor, 2021). It is an initiative that boosts its reputation due to the optimal reflection of an effective inclusivity strategy. Taylor (2021) articulates that in 2020, at least 67,448 employees reported bias at the workplace, which led to the incurrence of $439.2 million due to the lawsuits. Therefore, the critical indicator of developing a functional organizational culture is the determination of inclusive approaches during the hiring and recruitment process to avoid selecting talent and expertise.

The dynamic aspects of hiring that make it more inclusive include flaring the job advertisement platforms, online job opportunities, and a standard interview process and panel that are good for the best candidates. The training of workers is a crucial approach among employers due to the trickle-down effect to advanced productivity and performance. One of the strategies within the employees’ representation training is using inclusive language. In a diverse working environment, a significant percentage of staff seeks equality and recognition for better performance (Martinez-Acosta & Favero, 2018). As a result, human resource management must implement such approaches as cultural events that ensure the recognition and participation of employees from different backgrounds. The events and practices foster the appreciation of diversity while promoting inclusivity among the workers despite the disparity in talents and ideological philosophies. An inclusive training program for the workers encourages employees to contribute to the implementation plan to alleviate bias in a diverse spectrum. Training employee representation involves establishing perspectives that optimize outcomes and assessment of results through feedback and the organization’s competitive advantages.

Employees’ performance in an organization mainly relies on the nature of the governance system. Dobusch (2021) articulates that the retention of workers in a company depends on the acquired value based on knowledge, skills, and experience. Therefore, it is crucial to implement policies that enhance the inclusivity of the labourers to enhance the interdependence and learning process during duty hours. A dysfunctional organizational culture risks establishment of an unhealthy working environment. In this case, Jeffries (2018) postulates that the core solution entails adjusting leadership to an intersection of the transactional-transformational domain. As a result, a manager fosters the development of a teamwork spectrum within the firm while ensuring adept participation of all entities in the operations. However, it is vital for the executive to portray distinct charismatic values that enhance coordination among the counterparts. The necessary ethical and moral virtues include accountability and emotional intelligence to elevate the output levels in the production scale.

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There is an interdependent relationship between leadership, employees’ performance, and organizational culture. The interplay of the variables renders the emergence of a strategic managerial approach. Agarwal et al. (2020) stipulates that incorporating distinctive cultural practices, mainly teamwork, fosters prominent networking among the workers and the exchange of distinct values acquired through experience. It is the responsibility of the administrative department to ensure apt inclusivity of all stakeholders in the production process to boost the competitive advantage and customer satisfaction. The approach trickles down to the rise in the attendance of professionals for informal meetings based on the purchasing value attained from a particular setting. Therefore, it is vital to establish functional policies that benefit all entities to elevate the association with distinctive market players.

Different factors influence the performance of an organization in an environment that includes external and internal entities. External relationship building is essential because it enhances the optimal customer service experience. It is a perspective that improves consistency in assessing worthiness despite price variations. Therefore, an organization’s external relationship as an inclusive entity involves promoting the participation of suppliers, government, and relevant stakeholders. The strategy renders the intensification of a pool of ideas regarding the advancement of productivity and service quality among workers through teamwork (Chong et al., 2021). One of the main initiatives to intersect is effective communication that fosters professionalism and ethical considerations during practice.

Inclusion in an organization is essential because it shows how well strategic management is implemented. Different aspects pose opportunities for advocating for inclusiveness. These entities include organizational leadership, external relationship, training employee representation, and hiring and recruitment. The lack of measures supporting teamwork risks a hindrance in the optimal exchange of values. Equal opportunity is a philosophy that promotes diversity and the advancement of talent management practices within an organization to increase productivity and competitive advantage. It is crucial to observe an efficient methodology to establish adept assessment outcomes (Kirner & Mills, 2019). Developing a competitive advantage for a company encompasses integrating consumer behavior and the inherent inclusive practices to enhance interaction between workers and clients for an advanced customer service experience.

Importance of Ethics in Business

Discrimination based on ethnic identity is a problem that renders the unequal distribution of resources, leading to the groups’ marginalization. However, introducing guidelines regarding the engagements and interaction among the personnel enhances participation in the growth and development and trickle-down effect of the benefits (Jansson, 2018). The action plan that involves alleviating the matter requires the establishment of interdependence between the interests of the public domain and the ideal approaches. Therefore, the procedure entails defining the problem, identifying the available community-based resources, and determining the core factors promoting equity across the domain. It is the responsibility of the managerial team to establish initiatives that enhance inclusivity among the workers. The lack of an objective platform advocating for the balance hinders the optimal exchange of values among the counterparts, further reflecting through the productivity index. As a result, it is crucial to indicate the interdependent variants in an organization to enhance competitive advantages. Subjective consideration of potential among employees risks biasness and poses a barrier to the essence of growth among the laborers despite their social identity.

Human society has evolved under the gradient of technological advancement hence fostering a change in the business culture operations. It is a phenomenon that renders proficiency in the competence across the global enterprise market. Researchers argue that the intensification in the incorporation of automation structures and the customization of services for clients is an ideology that is a competitive advantage in corporate banking. Examples of the systems attributing to computation as an emerging trend encompass immediate payment service (IMPS), online banking, telebanking, national electronic funds transfer (NEFT), and real-time gross settlement (RTGS) (Shilling & Celner, 2021). The industry demands incorporating the dynamic shifts to enhance the growth, development, improvement in the operations and performance outlier.

Business activities encompass various entities that enhance the satisfaction of stakeholders’ needs while spearheading growth and development. In this case, Hearit (2018) establishes that one of the factors to assess during the determination of strategic management approaches is the enterprise environment. The researcher establishes that there are three levels of a locale and include relevant, competitive, and task-oriented. The corporate banking sector is service-based hence the prominence determining the various elements attributing to customer’s experience. Online banking as an emerging trend significantly enhanced the evolution of the environmental structure based on the establishment of niche variables.

Misrepresentation of Data

A firm’s profitability relies on the interdependence between the macroeconomic conditions in the industry and the positioning to determine the performance. In this case, the various dimensions of the sector include customers, products, geography, production stages, and abound activities (Hearit, 2018). Primarily, integration of the dynamic components influencing the operations fosters the advancement to competence based on the outlying conditions of effective management. Wells Fargo faces a prominent challenge adhering to the evolutionary overview in the banking sector. The managerial team in 2008/2009 engaged in fraudulent activities while advocating for unsustainable aggressive marketing that led to unethical approaches. Employees focused on attaining monetary gains at the cost of the corporate’s competence and reputation. However, the executive intensified the situation by compelling the workers to lie to the courts concerning the malpractices. Primarily, Wells Fargo encountered a profound consequence as an untrustworthy financial service institution across America and globally. It is the accountability of the administration to ensure restructuring of the company’s policies and culture to elevate professionalism among the bankers.

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Wells Fargo is one of the banking institutions in America that faces significant ethical issues due to its distinctive practices. Over the decades, the company faced various lawsuits and scandals concerning customer relationships and breach of their trust. A violation of clients’ rights in producers and consumers’ setting negatively affects the confidence index among the purchasers and potential buyers of the product and service. Therefore, it is the responsibility of managerial team to establish policies that appreciate shoppers’ reliability to the organization’s ethical guidelines (Bayly, 2020). Wells Fargo faces numerous issues on reproachable malpractices rendering the necessity to understand causative agents and developing remedies for the firm’s future prospects.

Engineering is a profession that involves an encounter with machinery used for dynamic human activities. Therefore, it is important to optimally practice ethical values and philosophical approaches to ensure the prominent indication of satisfactory aspects based on relative risk and security. In the Goodrich A7D brake case, the Air Force company assigned Goodrich with the contract to distribute the brakes for the new Air Force light attack aircraft (Hoover, 2018). However, the rheostats became faulty, and the supplier was sued. The issue emerged from the risk of designing and structuring the various elements inhibiting the sustainable countenance. It is crucial to establish the interdependent parameters that lead to the principled practice within the sector. Overreliance on computerized systems poses a major risk to the livelihoods due to the prominent attribution of the convenience and high scale production process hence the significance of advocating for irreproachable perspective during the practice.

Consequences of Unethical Practices

Engineering is one of the professional practices that highly influence individuals’ daily livelihood, hence the importance of observing ethical and moral standards. One of the primary duties of expertise encompasses investigating and assessing the inherent risk associated with a particular project. In a research study by Taebi (2021), the researchers focus on the impact of causal sequence to calculate the risk of poor implementation of policies and standards. The main reason for associating the domino effect to the petrochemical industry enshrines the profound negative impact of causing deaths and destruction of property due to flawed risk analysis. The researchers further argue that apart from the spread of the fire, it is crucial to establish an engineering mechanism that exploits the contagion approach theorem. Primarily, the interdependence between chain reaction and professionalism engulfs the ability to incorporate a solution to the imminent danger of extending the destruction and pollution of the environment.

The domino effect is an essential factor to exploit during risk analysis cause of its contribution to the derivation of prevention mechanisms. Fore, Hess, and Katz (2020) investigate the dynamic risks abound a chemical plant and its effect on the stakeholders in different research. According to the findings, the researchers establish that the best approach to conduct a risk analysis enshrines the utilization of modeling and simulation due to the ability to develop the chain of reaction and the significant damage. Engineering is a profession that mainly focuses on the longevity and the trickle-down effect of a particular project.

The engineering profession is an essential sector within the socio-economic structure in the operationalization of human activities. The experts uphold dynamic responsibilities based on the examination of the machinery and the safety for utilization. The specialists diagnose issues in a technological tool and practically modify them for better performance. However, the researcher indicates profound initiatives that the individuals focus on while on duty. These facets include sustainability, risk, ethical principles, whistleblowing, and security (Taebi, 2021). Over the decades, different stakeholders integrated structures with computerizations for optimal output. Telemechanic and robotics significantly impact the living quotient among people cause of the monitoring and repairing of electronics to render prime productivity.

Efficiency in the exploitation of technological resources depends on engineers’ proficiency in the application of ethical principles. According to research, the four fundamental pillars include integrity and honesty, rigor and accuracy, communication and leadership, and respecting the law and sustainability initiatives (Taebi, 2021). Ideally, incorporating the strategies elevates the effectiveness of the utilities, such as the transportation infrastructure. In this case, it is crucial to indicate the interplay of the distinct variables that impact the quality of living and the expertise among the participants.

Technological advancement whetted the intensification in human activities, causing the diversification to enhance optimal productivity. On the one hand, carriage renders the ease in movement of people and goods from one region to another. On the other hand, the concept compromises nature’s aesthetic value based on the prominent factor of pollution. The human activity element depicts a potent approach through three spectral views: air, water, and terrain. Despite the coordination among all relevant stakeholders, the typical contribution of machinery in the profanation fosters a profound impact on the environment, hence determining the relative variables (Taebi, 2021). Apart from the distinct effect of freightage infrastructure, the dynamic use of the solid ground poses profound consequences for the development of the structures leaving the passage. Whistleblowing becomes an emblem of the profound interdependent structure of policing ethical principles and sustainability locally and globally.

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One of the key values in the promotion of ethical principles in the engineering sector engulf whistleblowing. The incrimination of an entity regarding a particular illegal practice significantly contributes to the standard operationalization. An excellent example is the Goodrich company, whose employees eventually shared the truth about the brake case and the profound outcomes (Hoover, 2018). The revelation by the employee was an emblem of the domino effect that led to the discharge of the worker in the company. The key issue involved the lack of transparency between the supplier and the client about the eligibility of the equipment used in the aircraft. The aspect risked compromising the fit state of the vessels suitable for transportation. Therefore, compromising pellucidity over business profitability and the loss of lives and property destruction stimulates the importance of pegging as a tool.

Conclusion

The application of ethics is a multidimensional phenomenon encapsulating coordination among stakeholders in the adherence of vital guidelines. Optimal participation of all parties fosters derivation of high-quality service experience and credibility of quotients. The lack of inclusivity risks compromising business practices. Wells Fargo is one of the examples demonstrating the profound implication of corruption during extraction and presentation of business records. It is the responsibility of managerial teams to establish functional organizational cultural components that boost performance and engagement among the workers. The utilization of moral principles spans dynamic professions including engineering due to the proficiency in the coherent data collection overview.

References

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Bayly, L. (2020). Former head of Wells Fargo banned from banking after role in sales scandal. NBC News.

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