Ethical Decision-Making in Business
Ethics refers to what we believe is right or wrong and shows in what we do or do not do (Walsh 2003). It does not provide all the answers or clear answers about what is right or wrong to everyone at all times. But it does propose what is acceptable universally in all or many of the aspects of life. It involves standards of actions or human conduct. It is applied consciously or unconsciously in the choices that people make, whether in ordinary circumstances or in times of crisis. These choices we make actually shape our personality and also result from our personality. In most cases, ethics refers to what people ought or should do and thus reflects people's values and priorities. It is most crucial when making major or life-and-death decisions. In situations such as these, it is important that the decision-maker obtains as much information as possible that will help him in reaching an ethical or correct decision. The consequences of any major decision must always be considered along with the information. Then all sides must be weighed and balanced and all biases eliminated. If the consequences are serious or irreversible, I may be wise to delay making the decision until most of the risks are eliminated. But if a choice must be made on the spot, the decision-maker must do so using his best judgment, which in turn, relies on his highest values and priorities (Walsh).
In a business environment, an ethical decision must be drawn from the laws of the land or State, organizational policies, guidelines and practices (Walsh 2003, Shafgat 2013). These should not conflict with one's personal moral values. There are, however, times when an ethical decision is difficult to make or reach despite the agreement between company rules and one's values. At such times, one can only resort to the use of reason and best judgment (Walsh, Shafgat).
Literature Review
Six Steps
ERC (2009) lists the six steps in the natural decision-making process, These are define the problem, identify the available solutions or options, assess each of these options or alternatives, choose the best option and make the decision, act on the decision or implement it, and assess it and its results and consequences (ERC). The first step entails a rationale for making a decision. That rationale must state the problem or an expectation that is necessary, desirable or ideal for the organization. A clear awareness of the outcomes will provide the rationale of the proposed decision. Once this is settled, the next step is to identify all options in solving the problem or meeting the expectation. Options should not be limited to known resources but extend to new ones. Many managers come up with three to five alternative solutions or options rather than simply two usual ones. The third step is to carefully appraise each of these alternative solutions or approaches. Facts should be established and differentiated from mere possibilities, trifles or fallacies. All those involved in decision-making should give their inputs at this stage. The best alternatives should be compared until the best one is selected. The fourth step is making the decision itself. Whether there is only one decision-maker or the decision will emanate from a group, the decision should be grounded on a strong, realistic and clear rationale, a group of sound alternatives, and down to a similarly clear rationale for the chosen alternative. The fifth is acting on the decision. It is entirely different to simply consider a problem or expectation, discuss it and design the best option from actually implementing it in order to change or improve the environment or situation. And the last step is to evaluate the decision. The question to ask is whether it created or improved the problem or realized the expectation (ERC).
The Nature of Ethical Decisions
It draws from the leader or team's commitment to do what is right (Shafgat 2013). It has to be consistent with one's moral beliefs and the decision-maker's capability to make that critical decision. Ethical decisions cannot and should not be made haphazardly. Their impact on all stakeholders in business can be far-reaching and serious. If the decision is likely to damage, it should be modified to avoid that consequence. Options should imply trust, responsibility, caring respect and loyalty rather than by rewards, money or fame. Decision-makers must look hard at long-term consequences rather than short-term ones (Shafgat).
An organizational decision for something necessary or enhancing to the business should not only effective but also ethical (Shafgat 2013). They should breed trust and reliability as they denote the individual's sense of responsibility, justice and good citizenship. The more these are practiced, they more strongly they grow and ready for use in future decision-making effort (Shafgat).
Values and Rules of Management
Ethical...
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