Before taking the business ethics introductory class, I had a fundamental understanding of ethics. Healthcare providers face a variety of difficulties in carrying out their responsibilities, including issues with informed consent, mental health, informed religious and cultural bias, minors’ health requirements, and issues with ability. Making decisions in medical practice could be the difference between good health and declining health or between life and death. However, the four pillars of medical ethics offer some direction in making these choices.
Beneficence: The obligation to do good.
Non-maleficence: The duty to ‘do no harm.’
Autonomy: Respect for the right of the patient to choose freely when they can.
Justice: This is equitable treatment of all patients.
Businesses similarly deal with moral conundrums and contentious situations. Business ethics provides moral principles that guide the conduct of business when they must make business decisions in these situations. Following these principles fosters trust among clients and business partners and a healthy work atmosphere. For instance, a portfolio manager must give the portfolios of family members and small individual investors the same attention as their wealthier clients. These methods guarantee that the general populace is treated fairly.
Understanding the fundamental moral principles that guide desired ethical behavior is crucial, as is how a lack of these moral values contributes to the failure of many organizations.
Some ethical principles to consider in business include:
Accountability: Accountability refers to companies accepting full responsibility for their decisions or methods. This includes any poor choices made or unethical business practices used throughout business operations.
Honesty: It is highly desired that business owners and staff communicate openly. This quality promotes relationships and fosters trust between staff members and the company. Transparency is also appropriate in a company’s interactions with its clients.
Integrity: Integrity is a quality of character characterized by consistency in one’s thoughts, words, and deeds. Moral courage, or the inner fortitude to do the right thing even when the consequences are rather dire, is frequently necessary for maintaining integrity. Despite significant pressure to behave differently, integrity dictates the upholding of moral practices. Principled, honorable, upright, and meticulous executives are ethical. They stand up for what they believe in and do not compromise morality for convenience.
Respect: Organizations that uphold ethics treat everyone with respect and dignity, regardless of gender, ethnicity, or national origin, and they respect the privacy, rights, and interests of everyone who is impacted by the decisions they make. Being respectful is demonstrated by keeping an open mind while dealing with clients and coworkers, being kind and maintaining decorum even when in disagreement, avoiding making personal attacks, and keeping an eye on your nonverbal cues, such as your body language and facial emotions
Fairness: This is a commitment to justice, human equality, tolerance, and acceptance of diversity. Ethical businesses are open-minded, ready to admit when they are mistaken and when necessary willing to change their views and opinions.
Loyalty involves upholding your commitments to customers, coworkers, and business partners.
There are many other principles that guide business conduct. It is important to develop a strict code of conduct and stick to them without making any compromises.