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The Challenges of Business Ethics

Question:

Discuss About The Diversity Inclusion International Journal?

It is a very common fact that each and every organization faces several challenges in its path. These challenges are mainly associated with the profit, goals and corporate social responsibility of the organizations. There are several challenges that the modern organizations are facing in their path of attaining their goals and objectives. There are different problems like lack of proper revenue, lack of resources, unclear business goals and objectives (Tenenbaum, 2017). One of the most important issues that the business organizations have to deal with is business ethics. Earning large amounts of profits may be the immediate goals of many business organizations but the ultimate goal must be having proper business ethics and maintaining a good CSR. Business ethics usually speaks about all the values that an organization must possess. It goes much beyond than simply, money making. It involves maintaining and improving the quality of lives of the employees and their families along with the uplifting of the community and the society as a whole (Bryman & Bell, 2015). 

One of the most crucial challenges that can be faced by the organization is the code of laws and regulations that are followed. This is a common fact that the legal and ethical odes vary from one country to the other. These laws also play a major role when an organization is trying to expand globally or on an international basis. The legal and ethical rules that are followed in Australia greatly vary from the legal rules that are followed in New Zealand. So, if an organization expands on global context then they will have to face several differences in terms of the tax regulations, trading laws, employment and labor requirements and several other such issues. The tax policy greatly differs from one country to the other. So, it can happen that if the business organization tries to expand from one country to the other, then it will have to pay a greater amount of tax. There can also be some other ethical issues as well in terms of the employment and labor requirements. Hiring the children as workers may be a lawfully punishable act in one country whereas it can be an accepted norm in the other. It can happen that the country where an organization is trying to expand expects them to provide employment even to the children due to the large-scale poverty present in that country (Williams, 2017).

Legal and Ethical Codes and Regulations

This is also one of the major issues that can be faced by an organization when it tries to expand in a global context. The Accounting system is perhaps one of the most crucial pillars of business. Accounting is the key to the maximization of the revenue. So, suddenly when a particular business organization tries to set up its new branches or a new business venture in some other country then it is likely for the business to face several issues in the accounting. It is for this reason that the organizations have to make a thorough survey of finding the most favorable places or countries for their expansion. For an instance, if any particular business organization tries to expand globally and selects Ireland as its place of new venture then it might turn out to be very favorable for them as the Irish Tax Policy is considered to be the business-friendly tax policies (Hellman, 2016.)

There can also be a major problem when the business is trying to expand from one country to the other. The business is likely to face the problem of currency change. The currency that is usable and accepted in one country definitely differs in the other. So, if a business venture shifts in a new country then it will surely be a major problem for them to grasp the cost calculation and the pricing strategy that is followed in that country (Knoll, Schularick & Steger, 2017).

One of the major goals that an organization will have if it wants to expand globally is the elimination of poverty. However, it has to be noted that elimination of poverty is not merely a charitable task. It is about finding the ways to unlock the human potential. One such major aspect in this context is child labor. The social and political rules and laws vary greatly from one country to the other. So, if any business organization is trying to expand their venture internationally then their goal must be to generate a large amount of employment so that they can eradicate poverty. Child labor may be a punishable offense in Australia but it can be a very common scenario in places like Ghana, Nigeria, Africa and several other such places. So, in such cases, it will be a challenge for the company to set up its new venture. This is because the natives of that country will expect this new organization to hire the children and have a good source of income. It is this scenario that the business organization will have to generate more employment opportunities for the adults and try to reduce the chances of poverty.

Accounting System and Tax Policy

One of the major goals that every organization must have while expanding on a global basis is to ensure equal pay to both the make and the female employees. One of the most important responsibilities of any business organization is to maintain a good Corporate and social responsibility. However, CSR of an organization must not be merely based on promoting environmental sustainability. They must be ethically responsible towards the society as well. Their goal must be to promote equal opportunities for the employees. There must not be any gender bias existing within the organization. The organizations will have to make sure that there is equal pay for all the workers.

Expanding on a global context will require proper upgraded infrastructure and innovation. If any organization is expanding from one country to another it needs to have all the required provisions for the proper up gradation and improvement. Proper access to the financial market is also of utmost importance for expansion of a business on a global basis.

Another important business goal that must be maintained and followed by each and every business organization when they want to expand globally is, to maintain proper peace and justice. They must make sure that there are no disputes taking place due to the setting up of their new business setup. They must maintain all the proper rules and regulations while setting up their branch from one country to the other. For an instance, during land acquisition, the organization has to make sure that they are not going against any legal codes and conducts. If somehow they try to acquire any landholdings that are disputed or are under the ownership of the local people or the local government then there can be several disputes. So, it is of utmost importance that the organization tries its level best to maintain all the required legal codes and conducts so that there are no such chances of disputes (Deresky, 2017).

Challenges of CSR that can be faced by organizations while expanding in a Global Context

One of the major social issues that are faced by the business organizations is employee dissatisfaction due to the unequal pay of the male and the female workers. While an organization is trying to expand itself from one country to the other, they have to pay due importance to the ethical issues also (Grund, 2015). As the law and order of one country vary from the other, unequal pay to the male and female workers can be acceptable in some countries whereas it will be unacceptable in others. However, the business organization will have to make sure that the male and the female workers are getting equal payments. This is also a part of their social and legal responsibilities to ensure equal rights and opportunities for all (Bromley & Meyer, 2015).

Currency Change and Cost Calculation

It is very common that a business organization will try to expand from one country to the other. However, it is needed that the company keeps sufficient provisions for the challenged and the disabled employees. When they are setting up a new branch in a new country, they will naturally hire a huge amount of workforce from that new country. It can happen that there are people who are physically challenged but are looking for employment. So, the organization must make provisions for those challenged people by keeping a separate fund for them. They can offer some special facilities like wheelchairs or some extra leaves and some flexible shift timings for them (de Jong & Aarts, 2016).

Conclusion

Thus, it can be concluded that ethical dilemmas are indeed very common in any business organizations. These dilemmas can often affect the overall profits of the company. In the long term, it also harms the achievement of the long-term goals of the company. So, it is advised that the decision makers must take into consideration all the circumstances and the given set of considerations. Their decisions must be such so that they can adhere to the laws and take ethical decisions at the same time.

References

Broad, C. D. (2014). Five types of ethical theory (Vol. 2). Routle

Bromley, P., & Meyer, J. W. (2015). Hyper-organization: Global organizational expansion. Oxford University Press.

Bryman, A., & Bell, E. (2015). Business research methods. Oxford University Press, USA.

Chonko, L. (2018). Ethical Theories. [ebook] Arlington: The University of Texas, pp.1-5. Available at: https://www.dsef.org/wp-content/uploads/2012/07/EthicalTheories.pdf [Accessed 16 Jan. 2018].

Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.

de Jong, P. R., & Aarts, J. M. (2016). Economic aspects of disability behavior (Vol. 207). Elsevier.

Deresky, H. (2017). International management: Managing across borders and cultures. Pearson Education India.

Grund, C. (2015). Gender pay gaps among highly educated professionals—Compensation components do matter. Labour Economics, 34, 118-126.

Hellman, N. (2016). Journal of International Accounting, Auditing and Taxation. Journal of International Accounting, Auditing and Taxation, 27, 13-25.

Hoffman, W. M., Frederick, R. E., & Schwartz, M. S. (Eds.). (2014). Business ethics: Readings and cases in corporate morality. John Wiley & Sons.

Knoll, K., Schularick, M., & Steger, T. (2017). No price like home: Global house prices, 1870-2012. American Economic Review, 107(2), 331-53.

Letwin, C., Wo, D., Folger, R., Rice, D., Taylor, R., Richard, B., & Taylor, S. (2016). The “right” and the “good” in ethical leadership: Implications for supervisors’ performance and promotability evaluations. Journal of Business Ethics, 137(4), 743-755.

Shaw, W. H., & Barry, V. (2015). Moral issues in business. Cengage Learning.

Tenenbaum, S. (2017). Action, Deontology, and Risk: Against the Multiplicative Model. Ethics, 127(3), 674-707.

Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to do it right. John Wiley & Sons.

Weiss, J. W. (2014). Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.

Williams, B. R. (2017). Disability in the Australian workplace: corporate governance or CSR issue?. Equality, Diversity and Inclusion: An International Journal, 36(3), 206-221.

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