Strong ethical decisions are often required in business. Individual with good ethical decisions helps the company to gain success in long term business. There are 5 tools which not only helps the individual but the entire organization to set an ethical standard and also in decision making within business firm.
Ø The utilitarian approach in business: This approach helps us to make decisions which provide greatest goods to the company, employees, community, and environment instead of doing harm. For instance certain business firms made unethical decisions like building a factory in urban community to provide more benefit to them instead of thinking about its impact on community and environment. So always keep in mind it should be win-win situation for all the people, environment, and firm.
Ø The Right approach: This ethical right approach claims that every human being has fundamental rights and it should not be affected by an individual’s decision. Some business organization made rules and regulation like right to refuse unsafe work, right to privacy, and right to speech, take emergency leave etc which protects the morale right of individual.
Ø The Justice Approach: This approach focuses on justice or fairness. Everyone should be treated equally irrespective of their race, gender or religion. For instance, there are certain issues arise in company when someone takes the credit of someone else’s hard work. So he/she should be provided justice, compensation for his hard work. This kind of ethical decision builds the good environment in company.
Ø The Common good approach: This Common good approach considers the individual as a part of community. As such, decisions are made which is good for the welfare of the company instead of providing benefit to single individual. For a company to thrive, sustainable decision should be made like health policy, pension, and funds which is common good for all including the weakest members of company.
Ø The virtue approach: Virtue approach emphasize on mind and character of a person. It do not focus on right or wrong of one’s action but it focus on his behavior or character. In business, employers want various virtue qualities in individual such as honesty, courage, compassion, fidelity, love, fairness, integrity, self-control. It looks on a person virtue to perform some task regardless any rules and regulation or the consequences of his actions.