Business Ethics

There has been a lot of recent coverage in the past 10 years, related to business ethics.  New stories about Enron were covered in all the major papers.  Talk about how Martha Stewart was doing inside trading spread to every media avenue possible.  In this article, I will discuss some of the latest business ethic news. 

There is no doubt that the biggest challenge lately in business has been balancing business needs with ethical needs.  In fact, this is not mere opinion -- a recent survey, which polled 350 chief financial officers from businesses put the all around the world, found that this was the number one concern.

However, there's been two sides to the story, related to the latest business ethics news.  A lot of people argue that business is similar to poker.  When you play poker, it is smart to distrust the other players.  This is because manipulation and bluffing are a vital part of success in this game.  Therefore, to force societal and personal ethics on the business world would be like telling a poker player that they can't lie.

Yet, the other side of the opinion, in the latest business ethic news, is that it is that type of mindset which has caused the accounting problems of Enron, insider trading of Martha Stewart, and the questionable tactics of Halliburton.

Just as recent as November 2007, we saw the attorney who negotiated the settlements with Enron's former lenders, plead guilty to illegally paying clients in his former law firm to file shareholder suits.

It is precisely because of this news, and moral dilemmas certain businesses find themselves in, that many chief financial officers are focusing on creating a more ethical culture in business.

Naturally, this business ethic news should not be taken lightheartedly.  You have to examine the business ethic culture from two angles.  On the one hand, you want to make sure your company avoids fraud and stays within the law.  On the other hand, you also want to create an environment where employee morale is high, and people are not treated as commodities.

In other words, you want to build such an environment that has a solid foundation for personal worth, which is a great way to build a company.

In conclusion, I have given you some of the latest business ethic news, and how it relates to the business ethical culture, as we continue our journey through the 21st century.

Business Ethics |