In order to fully understand ethics and how they relate to business, one must first define its key components. They should also immediately work to change their corporate culture and reinstate a sense of ethics, integrity and responsibility in their employees which probably entails changing senior management and the Board of Directors who have now demonstrated their inability to run their companies correctly.
The creation and requirement for transparency and sharing of information in strategy, decision-making and performance management establishes an environment where goals, and the resources and behaviors used to achieve them, can be aligned for greater cooperation and performance.
The subject of business ethics has been a source of great debate in recent years as the heads of major (and minor) corporations are revealed as less than ethical characters both in the way they do business and in their personal conduct. A very positive note in this situation is that a review of American history reveals that ethics, morals and responsibility become more prevalent in the US after a serious financial recession.
Consideration from the point of view of a businessman is money and performance or the delivery of the said goods and services. To illustrate, United States law forbids companies from paying bribes either domestically or overseas; however, in other parts of the world, bribery is a customary, “accepted” way of doing business.
Over time unethical behavior continues to increase from 23% in 1941 to 70% in 2005. It is deemed as a way of giving back to the society and the customers will definitely see that they are perceived as valuable people by the company. Examples of unethical behavior abound in business stories around the world.