Why is ethical decision-making important in business?

Why is ethical decision-making important in business?

Ethical decision-making is crucial in business as it builds trust, enhances reputation, and ensures compliance with laws.

Can you give me an example of unethical decision-making?

Sure! An example would be a company falsifying financial reports to mislead investors, which can lead to severe consequences.

How can companies promote ethical decision-making among employees?

Companies can promote ethical decision-making by providing training, establishing clear policies, and encouraging open communication.

What are the consequences of ignoring ethics in decision-making?

Ignoring ethics can lead to legal issues, loss of customer trust, and damage to the company's reputation.

Are there any frameworks for ethical decision-making?

Yes, frameworks like the Utilitarian approach, Rights approach, and Justice approach help guide ethical decision-making.