OVERVIEW OF ETHICS

     “Ethics is knowing the difference between what you have the right to do and what is the right thing to do.” (Potter Stewart). It is basically a branch of philosophy dealing with the issue of morality. Moreover, ethics consist of the rules of behavior. It certainly defines how a person should behave in specific situations.

     

      There is, however some misunderstanding to the difference between morals and ethics. Moral refer to the principles or habits with respect to right or wrong conduct it is also prescribe dos and don'ts morality is ultimately a personal compass of right and wrong while Ethics refer to rules of conduct recognized in respect to a particular class of human actions or a particular group or culture. So, we have what we call code of ethics and it is present at all levels of society, as well as in business and individual behavior.

     

     For example, ethics also have a significant application in business world. The concept has come to mean various things to various people, but generally it's coming to know what it right or wrong in the workplace and doing what's right -- this is in regard to effects of products/services and in relationships with stakeholders. Wallace and Pekel explain that attention to business ethics is critical during times of fundamental change -- times much like those faced now by businesses, both nonprofit or for-profit. In times of fundamental change, values that were previously taken for granted are now strongly questioned. Many of these values are no longer followed. Consequently, there is no clear moral compass to guide leaders through complex dilemmas about what is right or wrong. Attention to ethics in the workplace sensitizes leaders and staff to how they should act. Perhaps most important, attention to ethics in the workplaces helps ensure that when leaders and managers are struggling in times of crises and confusion, they retain a strong moral compass. However, attention to business ethics provides numerous other benefits, as well (these benefits are listed later in this document).Several profession have a code of ethics that exists independent of any particular employment. If your organization is quite large,e.g., includes several large programs or departments, you may want to develop an overall corporate code of ethics and then a separate code to guide each of your programs or departments. Codes should not be developed out of the Human Resource or Legal departments alone, as is too often done. Codes are insufficient if intended only to ensure that policies are legal. All staff must see the ethics program being driven by top management.Some ethical requirements for business are minimum wage, environmental regulations and all its stakeholders like employees, suppliers, customers its responsibility to its stakeholder. Many corporations and professional organizations have a set of standards that govern all their standards of professional conduct expected of all in their field of work.

     

     In conclusion, ethics is certainly one of the most important requirements that has a large influence on today, as well as the future. Furthermore, without ethics our world would be one of dishonesty and full of chaos.