The Role of Business Ethics in A Graduates workplace choices

Rushworth Kidder in his book ‘Moral Courage’ defines five core ethical values that are present in every global culture in one form or another: Honesty, Respect, Responsibility, Fairness, and Compassion. In light of the rapidly accelerating technological advances, and their effective adoption becoming the new standard of success for organizations worldwide, ‘ethical business’, i.e. a sound business model rooted in the core ethical values stated above has become just as necessary now more than ever. Business practices that compromise consumer, employee and stakeholders’ personal rights and trust in the organization in the name of corporate competition no longer provides either short or long-term benefits. This is due to the fact that the market, irrespective of niche, is now controlled by stakeholders, customers, and future and current employees.
The slightest hint of ethical malpractice within an organization can cause the withdrawal of current stakeholders and dissuade future ones from investing in the company, which in itself is a major financial setback for any organization. However, in addition to earning the ire of stakeholders, a bad reputation in all relevant business circles can also cost an organization its current and prospective employees. Professionals already within the employ of such an organization feel less secure, as unethical business malpractice often extends to not only employee mistreatment, such as extended work hours, salary cuts, and a lack of incentives, but an overall growth-negative work environment forces the employees to consider other, more favorable options. This deals a strong blow to that organization’s finances through increased employee turnover and reduced productivity, while also limiting the pool of future candidates. On the other hand, an organization that recognizes and embraces business ethics as an integral part of their core mission, vision, and all future business endeavors attracts a much greater number of the brightest minds in future potential recruits, who currently consist of the ethically aware millennial generation that has set, unmoving standards for its desired workplace. Moreover, as a part of the domino effect, ethical businesses also ensure the loyalty and increased productivity of their already-present employees, while also enjoying a positive market reputation; a factor that that most believe to be a more valuable asset than mere financial growth, in the current customer-driven landscape.