Current issues can be defined as the most recent issues that have come up. In business terms, it refers to the issues that have emerged in the recent past that influence the business positively or negatively. Most of the current issues that have emerged in the business industry are those, which are ethical in nature. This deals mainly with the conduct of individuals in businesses as an individual and the whole organization. This issue has led ethics to be a subject that has come up as the main area of concern to many people in the world. In this case, people are expected to conduct themselves in a way that is favorable to the society especially to the professional organization of the business (Ferrell, Fraedrich, and Ferrell 56).
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In these briefing, we are going to look at the causes of ethics as emergent issue in the business industry. We are going to look at the problems of this issue, solutions, what to do, how to implement it, who will be affected, and because of the effect, who then should pay for it.
Causes of current ethical issues in business
Ethics is an aspect that calls up on everybody in the society as a whole. In addition, an employee in a business environment should not be reminded of what he or she has to do and what not to do. Ethics is just something that is supposed to be in an individual without having somebody to push one towards it. The main aim for having business ethics is to ensure that the business maximizes profits, by being able to compete in the market with its competitors.
Problems of this current issue
Despite all this, in a business environment, you would still find people who behave unethically. There could be some reasons for these, which includes profitability, greed, and loopholes.
1. Profitability- most of the time employees are pressurized to work by the management with an aim of improving the business goal of maximizing profit. At times, the employees may not understand these and may think that their performance may result in unethical business practice. Indeed it is true that most businesses aims at maximizing profits, but as a result of the emergency of ethical issues, it has deterred most of them from achieving their targets.
2. Greed- this could be because of businesspersons targeting unrealistic returns, which thus meets the desires of unethical person who most of the time supply them with resources that promise them high returns. In business, greed has always formed part of daily operations, as the target is always to attract most customers, increase volume of sales, and maximize profits. However, due to the ethical issue in business geed has been discouraged to encourage fair competition.
3. Loopholes- in business, there are some areas such as accounting that requires skills and experience. Since most of the time businesspersons aims at maximizing profits and minimizing costs, they may decide to involve someone who will not charge them a lot for such services. These persons involved most of the times are unqualified thus termed as being unethical to business.
Solutions to the problems and how to implement
All these problems can be solved by coming up with forms of business that are in line with the ethical issues. In addition, markets should be capable of taking care of the interests of customers and the businesspersons for instance, coming up with market structures such as monopoly, and monopsony.
1. Monopoly market- there is only one seller who is always a price maker this will help to reduce the aspect of competition, which in turn solve the two problems of greed and profitability desires.
2. Monopsony market- where there are many sellers but only one buyer. Since, in such market, the sellers are many, they will agree on a price for the goods thus ensuring that customers are not exploited this will solve the first two problems.
3. Encouraging businesspersons to incorporate the costs to be incurred on employing a professional accountant to solve the last problem.
Those who will be affected and those responsible to pay for it
1. The society for the business being conducted- at times people has looked at the emergence of ethical issue as being a barrier to them maximizing profits. However, this has helped to solve issues that may result from conducting illegal businesses such as selling drugs, which may be harmful to the society's health. Without consideration of the positive side of the ethical issue, those who can be affected are those people within the vicinity where the business is being conducted.
2. Internal and industry practice- this issue will affect the industry itself, as it will call upon the observation of common ethical issues necessary even if they may look unfavorable to the businesspersons.
3. Marketer and products- individuals involved in marketing of a company's product that observes ethical issues will be affected, as they will be required to give justifications to customers about the reason that makes their product sell at the price they quote.
4. Suppliers- they will be required to convince their purchasers on the advantage of their supplies over the others of the competitors.
The emergence of ethical business issue is of positive impact to the society and businesspersons. As a result, the parties that feel as if they are being affected should consider rectifying their actions without blaming any one. Ethical issue as a current issue that has a substantial impact to the businesspersons, customers, and suppliers and thus emphasis should be made on it.