Reference no: EM133143096

The Growing Importance of Ethics in Management:

Discuss the following prompts:

1. • What is the relationship between Ethics and Business? Please use examples from current events as it relates to business, economics, and society.
   • Is ethics necessary for leadership or is leadership necessary for ethics?
   • Why do we need to be able to convincingly explain why something should be viewed as right and fair?
2. Respond to this student:

"In the age of technology, the business industry has excelled with introducing new markets and products. Business has become a global field of interest and has a massive impact on the workforce. The relationship between ethics and business is a complex and severe aspect. As the business industry becomes more autonomous in the economy, its actions directly affect it. For instance, the stock market crash in 2008 was a result of government deregulation and corrupted business practices. As deregulation left the financial sector with ampul opportunities, multiple people abused the system to benefit themselves. The effects of corruption were exposed when the stock and housing markets crashed impacted millions globally (Amadeo, 2022). The lack of business ethics caused the 2008 recession, causing a social and economic crisis in several countries. Ultimately, as businesses gain more authority over society, business ethics are vital to avoid further corruption and poor business practices in the industry. 

Especially in management, ethics are essential to creating a healthy and productive organization that produces a mixture of profit, quality, and satisfaction. Ethical analysis is necessary for leadership because it allows leaders to objectively manage conflict situations and organize a diverse group to work together. Although diverse workforces increase productivity and creativity, they can also create conflicts between individuals with opposing views. Having a mediator to provide an unbiased solution that the workforce can accept can minimize those conflicts. Similarly, it is vital to communicate what is fair and right effectively. Miscommunication can breed disputes between employees and employers, and it is crucial to justify your reasoning in a creditable way where all parties involved understand the situation. This is one of the reasons managers require solid soft skills, such as problem solving and communication because it is their responsibility to maintain a work environment that is productive and professional. In short, ethics have become essential to create a collaborative and productive work environment in an organization.

Source: Article about 2008 Financial Crisis"