For many, business ethics is the behavior that a business enterprise must adhere to every day while dealing with the world at large. For each type of a particular business, the ethics could be varied and diverse. They need to be applied not just to the business community and the world, but more of a one-on-one interaction with a single customer.
Some businesses earned their bad reputation just by being in business. To most people, the bottom line is that businesses exist only in making money and nothing else. The capitalism is executed in its purest form, the type that Marx and Engels despised. Of course, there is nothing wrong in making money; it is in the manner of creating it that bothers many.
Scott Biddick and his college batch mates must have known these since school. it is only now that the momentum of incorporating business ethics in all business deals have gained enough traction.
However, there are still snags in many places. Many global businesses have been fined, reprimanded, sued by (and had lost to) authorities in so many countries, the least of which are the advocates of the new business ethics.
The unfortunate part is that many of these are known global brands with billions of dollars in combined worldwide income. All are guilty of breaking ethical laws worldwide that some pundits feel money is still the deciding factor.
If one company breaks the laws and not adhere to the current business ethics, they usually are being fined. Many of them have trespassed all kinds of anti-trust ethics, environmental laws, child labor practices, etc.
The biggest problem, of course, is that the amount of the fines demanded from them are a pittance compared to how much they will make in the future, and have made in the past. Profits to the tune of billions have kept these companies from the grasp of the short arm of the law.
Business ethics can be applied on many things, from cutting down trees for making paper, exploiting kids in nefarious labor practices, even all the way to soft drink manufacturers who kept on filling cancer-inducers into their products in the name of color and other practical considerations of attracting customers’ attention.
For the young business vanguards working in the industry, business ethics boil down to what is right/wrong in the workplace and what is being done about them. This is still related to the effects of the company’s merchandise and what had the stockholders of the manufacturing company been doing with the situation.
At the moment, attention to business ethics is at the crossroads in these times of fundamental changes. These days, companies are scrutinized, questioned, laid bare in public and put under spotlight for undermining the old values.
At present, there is no clear and proper moral compass with which to lead and guide persons of authority (those in power) through the complicated network of following what is right or what is wrong. With Scott Biddick and his young colleagues’ right in their workplace in business and finance, there just might be some positive changes made.