Ethical Business Behavior Essay Example | Topics and Well Written Essays - 1250 words

Ethical Business Behavior - Essay Example The bottom line is that the conceptual framework in the organization is laid upon the ethical framework. This study would include assessment of two famous organizations called Anglo American and Primark on the basis of their ethical practices. Ethical business practice is like a hot selling cake in the global market, but the question is that how many organizations are following them too. Formulation is easy, but implementation, control, monitoring and evaluation of the same are tough and require knowledge and expertise (Svensson, & Wood, 2011, p. 2-3). The study would begin with a brief overview of business ethics in organization and its significance, further leading to detailed description of the essay structure. In the body, a comprehensive discussion regarding the ethical business behavior has been presented, followed by ethical business practices of Anglo American and Primark. Furthermore, a cost benefit analysis has been drawn to show that how ethical business practices benefit organizations and reduce cost. In order to support the view point, Svennson & Woods’ Model has been utilized to throw light on other facade of ethics and its importance in business. Finally a conclusion has been included to summarize the learning and to highlight the key areas from the study. Ethical Business Behavior of Organizations - Anglo American and Primark Most of the newspapers are filled with the names of those executives or organizations that follow unethical practices. Companies like Tyco International, Global Crossing, Parmalat, Systembolaget, WorldCom, Qwest, Arthur Andersen, Barings Bank, Enron, and Skandia (Carroll and Meeks, 1999) have all come to eminence on immoral grounds. Across the world it has been seen that eminent personalities, highly influential people, etc have faced issues due to their unethical practices. The word ethics has many nuances. It basically deals with the enquiry of morality and setting grounds based on the morality to make judgment, st andards, or code of conduct. Business ethics deals with standards, principles or values which draws the line between wrong and right organizational practices (The Times Newspaper, 2011, p. 1-2). Ethical misconduct has become a major issue in the organization nowadays. The resource center for ethics, National Business Ethical Survey (NBES), has conducted a survey among 3000 US employees in order to collect reliable data on the ethical practices of the organizations. It was found that about 49 percent employees reported to have seen at least one type of misconduct was surely seen in their organization. About 63 percent of the employees reported about such misconduct to the management (Ferrell, & Fraderich, 2012, p. 8). The results depicted that almost all the organization were the victims of unethical practices. Ethical business practices comprises of assuring that the maximum lawful and ethical standards in case of maintaining relationships with the organization and its people (Anglo American, n. d.). Anglo American is an American mining company, who are highly committed to follow the ethical business standards for conducting business. They also include their employees in their campaign of following ethics in business. Even the stakeholders of the company are not exempted from the policy of ethical business practices of the company. The company has independent whistle-blowing facilities for both internal and external stakeholders of t