Business is a place where you will find millions of ethical issues. Business is a format of earning more and more profits and in the race of earning more, people feel no hitch in following unethical methods. They put on stake all the business ethics and values and try to reap profits from unfair means. Current ethical issues in business are important to get notified. Here, is a list of such current ethical issues in business; we are dividing the issues in separate heads so it will be lot easier to have a proper glimpse of the subject.
Ethical Issues That Comes Out Of The Nature Of Markets
Markets are getting so stiff, that people have to follow unethical measures in order to sustain their growth and existence in the market. Different kinds of markets have different ethical issues. Some of the current ethical issues in business relating to nature of market are:
- Suppliers create monopoly and try to exploit the buyers. They form their own community comprising of few suppliers and become a big party and every buyer has to buy with them only on the rates the suppliers will quote. If the buyer refuses such unethical practice then he will leave with no other option and he has to close his business.
- Retailers create their monopoly and then exploit the consumers. Retailers create demand of the product and once the product is popular, they create their monopoly and consumer who is the ultimate user of the product has to buy the product on upper prices or the prices charged by the retailers themselves.
- Big players of the market force weak players to get merged with them by lowering the prices of the products.
- Price war that ends up with many ethical issues. All the market players indulge in price war and try to minimize the price so that the consumer will get attracted to them and they offer more services in less cost. But, at the same time to balance the profits, they reduce the qualities and involve in fraudulent activities or hide actual information from the consumer.
- Hoardings and manipulation in the goods are the most common practices in today’s era.
Current ethical issues in business relating to society
- Welfare of the society
- Promoting honesty, legal practices and fairness in the society via true and fair marketing.
- Product testing on animals
- Promoting agriculture farming.
- Consideration of safety while producing any product.
- Donations as a tool to improve image.
- Acceptance of any responsibilities or litigations.
- Campaigns relating to awareness in the society.
Ethical issues relating to internal and industry norms and practices
- Behavior with the customers. This is an important consideration as how the customers are being treated by the company. For example, customer’s care services and relationships with them.
- Reservations are there in every sector. It is done to protect the right and interest of the minority people but now it has been used as an unethical means or practice.
- Many government has a rule to give employment to disabled people but because it requires extra care and attention and more over investment, people are misusing this and do not disclose the correct picture.
- No work can be completed without giving bribe to the upper level people. This has made the system corrupt, unethical and useless.
- There is a problem of child labor across the world.
- Business practices of the people especially those of the supplier firms.
These are some of the examples of current ethical issues in business. There are many areas in the business which involve unethical measures that may result in corruption and unethical issues. Business is not just a medium of earning profit but it is also a source of helping the society as well as the people. We all should follow the ethical measures that will help us in being on the right track. There is nothing more important than humanity. Such current ethical issues in business are hampering the humanity and this will cause severe sufferings in the society. We should promote humanity for a better cause.
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