Ethics in business

FE Team | Published: October 05, 2024 20:26:32

Ethics in business

Ethics is the evaluation of the rightness or wrongness of human actions. In business, ethics refers to the application of virtuous principles and standards to both individuals and institutions within the business world. Although business ethics may be intangible or invisible, it is of paramount importance in the business environment. In a highly competitive market, business ethics can serve as a strategy to gain an edge over competitors, making it an intriguing and challenging subject of study. Honesty, morality, and values are essential when conducting business. However, there are situations where an issue may seem unethical, yet it must be considered within the context of conducting business.
For example, while child labour is generally deemed unethical, in certain developing nations like Bangladesh, where poverty is a significant concern, child labour may be accepted out of necessity. In Bangladesh, many children under the age of 15 or 16 work in shops to earn money and support their families. Some children also gain experience working as assistants, which can later help them establish their own businesses. They often gain apprenticeships in workplaces, where they receive hands-on training in skilled trades alongside theoretical knowledge. These strategies are particularly common in areas like carpentry, metalworking, automotive repair, electrical work, and more. Apprentices typically work under the supervision of skilled professionals, allowing them to develop industry-relevant skills while earning a wage.
Although vocational training centres exist for children to acquire various skills, they often require payment, limiting opportunities for apprenticeships. By working under business owners, children not only gain practical knowledge but also contribute financially to their families. Through apprenticeships, they acquire technical expertise, eventually becoming skilled workers. Most parents, under different circumstances, would prefer their children to focus on education, but financial constraints force them to make difficult choices. This creates an ethical dilemma, where a practice is recognised as unethical, yet circumstances make it necessary for survival.
Ethics in business is crucial, but we must evaluate its application in different contexts. We can reduce these ethical dilemmas by taking necessary steps, such as providing higher wages to support children's education, offering flexible working hours so they can balance work and schooling, and preventing physical abuse, which is unfortunately common in many workshops.
Jarin Yesmin Nimu
Student
North South University