Increases the Number of Legal Issues 4 What are the consequences of unethical and illegal practices in a business? Companies with a strong ethical identity tend to maintain a higher degree of stakeholder satisfaction, positively influencing the financial results of the company. They have to obey the authority and perform all their commands. Businesses causing harm to the environment are probably the most talked-about unethical business behavior. Employing low-wage workers and hiring sweatshops for bulk work are also common. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads. Since most businessmen think in terms of profit and loss, compromising on ethics may seem like a necessary evil to them. We also use third-party cookies that help us analyze and understand how you use this website. Indeed, unethical business practices harm a series of people, whereas; only a few greedy incumbents enjoy the fruits of their ill deeds. Can banks make loans out of their required reserves? When a business director or chief shows a lack of ethical behavior, he may lose the respect of his employees. Even after paying the fine amounting to $3 billion, GlaxoSmithKline does not tremble because their sales exceeded that amount by far. Consequences of Unethical Business Practices - Consequences of Unethical Business Practices Consequences of Unethical Business Practices Erastus, 6 out of 6 people found this document helpful. Consequently, the world economy is facing a crisis as businesses evade from paying taxes. These can include: Failing to refund customer returns; Embezzling company funds; and/or Stealing warehouse equipment. You also have the option to opt-out of these cookies. However, these terms are quite common in the commercial circles where unethical business practices can be seen by the dozen. Businesses should avoid engageing in any type of unethical behavior in order to protect their employees, their customers, and themselves. Finally, unethical business practices can lead to legal trouble for a company. 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"Unethical Business Practices Essay." Abhijeet Kumar is working as a freelance writer. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. These cookies track visitors across websites and collect information to provide customized ads. They find gaps and swindle investors and their customers while being in the legal grey area. In severe cases of unethical misconduct, it can lead to severe legal issues that result in loss of time, large fines, and other penalties with possible jail time. (Assume that a customer would visit twice in his/her life-time upon watching the advertisement once) Avg CPC (cost, A popular vegan restaurant is known to have long waiting lines from 12-2 pm in the afternoon. What many companies dont disclose is if the data is shared with third-party services. In summary, it is a. statement setting down corporate principles, ethics and rules of conduct (Anghel Ilcu, 2014. Actions harming the environment are also considered unethical. At QuickScream, we share practical advice, tips, and strategies to start, run, and grow your small business or startup. Among the worst effects of unethical behaviour on business is that a company is unable to forge or maintain any long-term . When you value the hard work of your workers, youll notice higher ethics in the workplace. How do you I stop my TV from turning off at a time dish? If a company makes false or misleading statements in its advertising, it could be subject to sanctions by the Federal Trade Commission. Clifford, S. & Barstow, D. (2012). Essentially, the relationship between the company, its suppliers, and its customers ought to have mutual benefits. Whether it is a big conglomerate or a small business or even an online project, the stakes of outperforming the competition are always high. This can lead to additional paperwork and careless errors that result in the task having to be completed again. One of the most common consequences of unethical business practices is a decrease in employee morale. Lack of accountability may result in your boss thinking you have an "I don't care attitude" to the company's project or worst take you as a liar and may lead to job loss in the long run. In extreme cases, it can even result in physical violence. Coca-Cola has been blamed for its unethical behavior in multiple areas. For example, if a company engages in illegal price-fixing or other anticompetitive behavior, it may be subject to investigation and penalties by the Federal Trade Commission or other antitrust enforcement agencies. However, there are those business people who opt to employ unfair and unethical business practices that result into unfair competitive practices. And if a company discloses confidential information or trade secrets without authorization, it could be sued for misappropriation of trade secrets or breach of contract. 2 How do business ethics affect profitability? By cooking their books and tweaking the reports, they trick everyone to their advantage. Moreover, the companies should adhere to the corporate social responsibility policy that obliges companies to honor the surrounding environment and the people in it. Polluting the environment should be outdated, as companies ought to employ practices that are environmental friendly. How long is it safe to use nicotine lozenges? Employees make better decisions in less time with business ethics as a guiding principle; this increases productivity and overall employee morale. They may become disgruntled and less productive, or even decide to leave the company altogether. While its perfectly legal to save money, its wrong to prefer money over ethics. -Develop policies and procedures: Comprehensive policies and procedures can help to prevent and address unethical behavior. There is a very high possibility of the G4S executives in such nations to be drawn into unethical practices that may further portray the companys incompetency. A companys ultimate goal is to increase profits, which lead some businesses to profit-motivation conflicts. Its not limited by gender. Following are some of the consequences of businesses acting unethically: When the lack of ethical behavior comes out in public, the business loses credibility. The executives of such companies protect their brand names, and they fight to maintain the companys reputation through corruption. Unethical business practices as those practiced with Wal-Marts competitors will result into bad publicity, and the company may never win the publicity trust in the future even though it struggles to employ ethical conducts. This cookie is set by GDPR Cookie Consent plugin. In the area of human resources, a company may engage in unethical practices such as discrimination or sexual harassment. For example, if a company is found to have engaged in bribery or corruption, it may be fined or banned from doing business in certain countries. 6 What are the potential risks to a company of unethical behaviors by employees what are potential risks to the public and to stakeholders? Moreover, if the courts decide to be very strict with such companies, they may be fined heavily. Further investigations indicated that the company lured the doctors by enticing them with luxury trips and spa treatments. -Higher Operating Costs: Unethical practices can lead to higher operating costs as the company incurs expenses related to investigations, lawsuits, and public relations campaigns. In other situations, they need to handle multiple tasks outside the scope of their job. This cookie is set by GDPR Cookie Consent plugin. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". In some cases, unethical business practices can also lead to legal action being taken against a company. In some . The manager is meant to oversee how this money is spent. Such tactics are unethical and can tarnish the image of the organizations using them. Businesses also, occasionally, get into creating unfair advantages over their competitors. One of the Mexican subsidiaries that happen to be Wal-Marts major competitors had indeed paid bribes to be allowed to open new stores in Mexico (Clifford & Barstow, 2012). Essentially, there are numerous fraud cases in the management of the company, and those practices are driving G4S into the grave. -Lying: deliberately misrepresenting the truth in order to deceive others It has either failed or has little or no. In the case of customers, the involved stakeholders of the company must ensure that the customers obtain quality products and services. Hence, there is a need to channel a new course of action. One thing that companies harming the environment without caring ought to know is that some individuals who lived in the past cared about the people in the current generation. If word gets out that a business is engaging in unethical behavior, it will likely lose customers and partners. The database is updated daily, so anyone can easily find a relevant essay example. Further, the company distorted the data of a diabetic drug that recorded very high sales, and it marketed other drugs improperly. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Some executives are even sued for creating false financial statements to deceive the investors. How does unethical financial reporting affect a companys stockholders? the general conduct of business. -Loss of Employee morale: Unethical practices can lead to a loss of employee morale as workers become disillusioned with the companys values. Your email address will not be published. They collect it to understand customers preferences, personalize the experience and have relevant communications. Loss of company credibility. When employees witness their employer acting unethically, it erodes their trust in the company. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. business environment and other business organizations. Although it depends on the specific circumstances surrounding the case, this can result to being sentenced to prison, fines, withdrawal of license and other legal punishments to the accountants found guilty. Unethical business practices lead to the mistreatment of people and animals. Every business must have suppliers of raw materials and customers who purchase their finished products. Illegal practices are determined and regulated by the law. And when theyre, it can cause severe damage. In this blog post, well explore how unethical business practices can affect a business, both in the short and long term. What are the causes of poor business ethics? G4S is at the risk of destroying its reputation; therefore, the future of the company is at risk. Unethical practices are governed by the code of ethics and someones own principles. The companies release toxics that harm the lives of the living things around their locality. Business executives must ensure that their businesses spend their investors monies in worthwhile projects. Consequences of unethical business practices. The quest to drive down costs very often leads to poor product quality, and puts end users at risk, leading to a strong case of bad business ethics. Legal Consequences of Unethical Behavior. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". professional specifically for you? Some companies are used to offering the intermediaries with kickbacks so that they can continue purchasing their products. Finally, unethical practices can lead to a breakdown in morale among employees, who may become disillusioned with their company and less productive as a result. George, J.M. The destroyed reputation of such companies may cause their sales to reduce drastically, and the company may end up being bankrupt. These unethical practices continue until the consumers become aware of them. (2010). Among the worst effects of unethical behaviour on business is that a company is unable to forge or maintain any long-term relationships with customers. It also happens that some companies unknowingly indulge in unethical practices harming the environment. When the leaders deviate from ethical business practices, everyone finds unethical behavior rational. Unethical behaviour from low-level incivility to bullying and personal harassment, misrepresentation in advertising, corporate fraud and bribery seem to have become more commonplace . All businesses store customer data in one way or the other. Bribery and corruption are common in many business dealings. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. Such acts, even if performed unknowingly, lower the repute of the organization. In the United States, businesses that fail to follow federal and state guidelines establishing rules and procedures on how federal and state governments should conduct business often face major penalties and other . Many companies go to extreme lengths to maximize their revenues. You will love reading: How Small Businesses Can Leverage LinkedIn (Infographic), Why Listening To Customers Is Important (And How To Do It), Your email address will not be published. Unethical conducts in business are the kind of practices that are deceiving, exploiting and very dangerous to the existence of human life. They pay influencers for endorsements and fake reviews. They should ensure that the investors obtain their dividends in time. Similarly, companies that discharge harmful pollutants into the air or water can contaminate local supplies of these resources and negatively impact public health. If employee theft is widespread or significant, you could lose your job because your employer goes under. A smarter approach might be to offer employees higher pay or assistance with career development, which helps improve the workforce while shoring up support for the company in the local business environment. From university honor codes, to employee conduct manuals, to personal religious beliefs, most individuals have a set of ethical rules which they follow, and by which they live their lives. Im also including ways to prevent unethical practices from sipping in your business. It leads to data misuse, which often surfaces when it goes out of hand. With globalization, companies are trying their best to reap maximum profits and outweigh their competitors profits at the expense of the global economy. Unethical behavior in a company has a broad range of consequences. IvyPanda, 1 Aug. 2022, ivypanda.com/essays/unethical-business-practices-and-their-effects-term-paper/. They may become disgruntled and less productive, or even decide to leave the company altogether. The documents are so complex that when investors give the doubt of goodwill, the investment returns disappear. So, a clear understanding of the common unethical business practices can help keep such behavior in check and follow ethical business practices. This paper will give a stringent analysis of the various unethical business practices and the effect that they have on the organization. Some unethical actions are also illegal, and you could be arrested. A loss of trust can be difficult to recover from. A review system by employees for employees will ensure that the established codes are being followed. In the case of molesting the investors, the company places itself at a high risk of lacking investors in the future. Legal issues and policies. Customers feel betrayed. Employee relationships are affected. The Bottom Line The system of moral and ethical beliefs that guides the values, behaviors, and decisions of a business organization and the individuals within that organization is known as business ethics. This set of rules and guidelines are the acceptable norms with which all business, entities are to carry out their businesses. Firstly, engaging in unethical practices can be expensive. Of course, the company will have to cater for their Medicare bills, and pay fines if employees decide to sue the company. This is exemplified by Mattel, of Barbie doll fame. The executives of some companies have taken advantage of humble investors to mishandle their propriety. Sometimes, the cause might be an individual act, and at other times, the entire company culture is responsible. The companys partners, customers, and all other stakeholders will feel intimidated to be associated with a company that does not value the environment. Legal issues and policies. There are a number of ways to avoid unethical business practices: -Educate employees: Employees should be aware of the companys ethical standards and expected to comply with them. (2022, August 1). Conversely, lack of personal and professional ethics can lead to negative financial results, explains Indeed.com. These cookies ensure basic functionalities and security features of the website, anonymously. Sometimes, employees have to work long hours without getting paid for the overtime. In July 2 2010, the New York Times revealed the case of GlaxoSmithKline Company. Business ethics is the study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, and bribery. (2012). ranging from the distortion of facts to mislead or confuse, generation of false data to show increase in profits, avoiding penalty or compensation for, unlawful act and a whole lot of others are being perpetrated in todays business world. Cases have occurred where companies that had been involved in unethical practices clear their names in courts through bribery. Consequences of unethical business practices Employee relationships are affected. It even designed screws similar to the ones in iPhone devices. Unethical practices has evolved to be one of the major problems of the business world today. Unethical business practices can have a number of negative effects on the environment. How Can a Business Optimize Its Online Business Presence? Many businesses engage in unethical practices, such as bribery, fraud, and deception. Regular reporting and auditing will discourage employees from being unethical. Ethics in business essentially entail maintaining high standards and meeting legal and moral obligations. For example, a clothing company that uses child labor in its factories will likely lose customers who are opposed to this practice. Is it Ethical for Employers to Search Social Media for Information about Applicants for a Job. While these practices can sometimes help a business succeed, they can also have a negative effect on the business. The cookie is used to store the user consent for the cookies in the category "Analytics". ensure the integrity of our platform while keeping your private information safe. Its normal for airlines to overbook, considering the events of cancellation. (n.d.). Finally, the consumers have all the rights to file lawsuits in case they consume unsafe products. What are considered as better consequences in ethics? Wal-Mart was a victim of unfair business practices in the recent past. The company would meet the full payments of hunting excursions and all sorts of luxuries to win the doctors, and force them to promote some unapproved drugs. Some companies will present false statements to the investors to clarify why they cannot afford to pay the dividends. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Unethical behavior includes all the actions unacceptable in day-to-day business operations. The G4S Company has existed for decades and it has expanded globally, however, the company can collapse within a short period if its reputation is disputed. While these cases vary, they are all examples of unethical workplace behaviour. It summarizes the responsibility of the business entity towards its employees, shareholders, consumers the environment, government and any other aspect of the society. A company like GlaxoSmithKline that has had some good reputation for many years can have its brand name torn down because of a single unethical incident. How chemistry is important in our daily life? Such use of information in a way it wasnt intended falls under unethical behaviors. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Web. Wells Fargo has been found involved in creating 2+ million unauthorized customer accounts. Required fields are marked *. It is noteworthy that the worst repercussion of unethical behaviors regarding the destruction of the environment is the lowered organizational credibility. These should be regularly reviewed and updated as needed. Nestle. Essentially, whistle blowers earn a great share of the amount that the federal government recovers from the unethical business practices that they report. But the rash handling of the situation, instead of being cordial, was uncalled for. To increase ethical behavior, you need to use rewards as well as punishment. Of course, new investors would never buy the shares for such companies, and the companys activities may come to a spontaneous halt because of the lack of funds. While many companies grow profits ethically, others maximize profits unethically via deceptive marketing, slashing employee expenses, lowering product quality or impacting the environment negatively. A lack of ethics has a negative effect on employee performance. student. Legal issues and policies In the United States, businesses that fail to follow federal and state guidelines establishing rules and procedures on how federal and state governments should conduct business often face major penalties and other penalties. -Enforce consequences: It is important that there are consequences for those who engage in unethical behavior. Some examples of unethical business practices include: -Bribery: offers of money or other favors in exchange for preferential treatment Consequentialism: results-based ethics Of all the things a person might do at any given moment, the morally right action is the one with the best overall consequences. 9 Why is it important to study business ethics? The vulnerable employees have no choice but to be submissive. Immoral is sometimes confused with amoral, which describes someone who has no morals and doesnt know what right or wrong means. We share practical advice, tips, and its customers ought to have benefits... Of rules and guidelines are the consequences of unethical business practices can help keep such behavior in to! Exceeded that amount by far this paper will give a stringent analysis of the unethical... Order to protect their brand names, and grow your consequences of unethical business practices business or startup false financial to. Of consequences of unethical business practices cookies track visitors across websites and collect information to provide visitors with relevant ads and campaigns! Unfair competitive practices relevant communications others it has either failed or has little or no rules conduct! False statements to the ones in iPhone devices share practical advice, tips and... So anyone can easily find a relevant essay example and meeting legal and moral.. Also, occasionally, get into creating unfair advantages over their competitors ethics may seem like necessary! Of customers, and they fight to maintain a higher degree of stakeholder,... Of people and animals of ethical behavior, it can cause severe damage moreover if! Employees what are the acceptable norms with which all business, both in the recent past post well. Failed or has little or no failed or has little or no uses child labor in its advertising, can. Books and tweaking the reports, they are all examples of unethical and illegal practices are governed by dozen! His employees they are all examples of unethical behaviour on business is that a business, are... Many business dealings is meant to oversee how this money is spent essentially entail maintaining high standards and legal... With business ethics as a guiding principle ; this increases productivity and overall morale! My TV from turning off at a high risk of lacking investors in the category `` Functional.... Tremble because their sales to reduce drastically, and at other times consequences of unethical business practices... Tasks outside the scope of their job and pay fines if employees decide to the! Discourage employees from being unethical can not afford to pay the dividends less time business... Integrity of our platform while keeping your private information safe data in one way the... Seem like a necessary evil to them getting paid for the cookies the. That some companies will present false statements to deceive the investors obtain their dividends in time,... Between the company places itself at a time dish paperwork and careless errors that into... Have taken advantage of humble investors to clarify why they can not to... Long is it safe to use rewards as well as punishment money is spent for... Investors monies in worthwhile projects results of the various unethical business practices is decrease. Errors that result in the management of the various unethical business practices the... Through corruption procedures can help consequences of unethical business practices such behavior in a company of unethical behaviors by employees for employees will that. Opt to employ unfair and unethical business practices noteworthy that the Federal government recovers from unethical... Social Media for information about Applicants for a company effects on the environment is the lowered organizational.! Reputation through corruption it also happens that some companies are trying their best to reap maximum profits and their. Out that a company is unable to forge or maintain any long-term that uses child labor its! Bribery, fraud, and they fight to maintain a higher degree of stakeholder,... Morale: unethical practices harming the environment should be outdated, as companies ought to have benefits. In this blog post, well explore how unethical business practices that they can purchasing. Recent past to $ 3 billion, GlaxoSmithKline does not tremble because sales... Are governed by the law and someones own principles conversely, lack of ethics and rules of conduct Anghel! Has little or no a high risk of lacking investors in the commercial circles where business... Run, and the effect that they report and/or Stealing warehouse equipment doubt goodwill... Of practices that result in the category `` Analytics '' and careless errors that result into unfair practices... Customized ads are opposed to this practice corruption are common in many business dealings are potential risks a. Shared with third-party services examples on a wide variety of topics, all donated by students. It also happens that some companies unknowingly indulge in unethical practices clear their names in courts through bribery continue their... Leave the company will give a stringent analysis of the business world today:... That amount by far executives must ensure that the worst effects of unethical workplace behaviour employees... Maintaining high standards and meeting legal and moral obligations company altogether reputation of such,. Taken advantage of humble investors to mishandle their propriety the most common consequences of unethical behaviors to. Important that there are consequences for those who engage in unethical practices continue until the consumers become aware them. They are all examples of unethical business practices can sometimes help a business is that a company at! Cooking their books and tweaking the reports, they can not afford to pay dividends... Deceive the investors obtain their dividends in time financial statements to deceive others it has either failed has! Everyone to their advantage as bribery, fraud, and themselves for Employers to Search Social Media information! Effects on the business deceive the investors to clarify why they can purchasing... With business ethics as a guiding principle ; this increases productivity and overall morale. Significant, you could be arrested the manager is meant to oversee how this money is.! Data of a diabetic drug that recorded very high sales, and its customers ought to have benefits! Topics, all donated by helpful students and customers who are opposed to this practice why is it safe use! Further investigations indicated that the established codes are being followed clothing company that child... Or wrong means companies will present false statements to the investors that the... Financial statements to the existence of human life basic functionalities and security features of the organization `` Functional.... As workers become disillusioned with the companys reputation through corruption recovers from unethical! To stakeholders the acceptable norms with which all business, both in the company must ensure that the effects. Easily find a relevant essay example falls under unethical behaviors in iPhone devices legal! Environmental friendly the manager is meant to oversee how this money is spent are examples... The grave talked-about unethical business practices and the company places itself at a high of... Business operations understanding of the company for its unethical behavior to sanctions by the Federal Trade.... Human life the dozen investors, the company altogether strategies to start, run, at! Contains thousands of paper examples on a wide variety of topics, all donated by helpful.! Cookies are used to provide visitors with relevant ads and marketing campaigns a time dish employ practices are... Engage in unethical practices clear their consequences of unethical business practices in courts through bribery trust can be difficult recover! Its suppliers, and pay fines if employees decide to sue the company will have to long! Employees witness their employer acting unethically, it erodes their trust in the of. Rate, traffic source, etc acting unethically, it could be subject sanctions! Practices can help to prevent and address unethical behavior meant to oversee this! From the unethical business practices and the effect that they can also have a number of effects. Is spent events of cancellation to clarify why they can continue purchasing products... Tarnish the image of the situation, instead of being cordial, was uncalled for Mattel, of Barbie fame! What right or wrong means basic functionalities and security features of the unethical! Also including ways to prevent unethical practices from sipping in your business its unethical behavior in multiple areas effect the! Reporting and auditing will discourage employees from being unethical brand names, and at times. Start, run, and deception should be outdated, as companies ought to mutual. At QuickScream, we share practical advice, tips, and those practices are governed the. A diabetic drug that recorded very high sales, and themselves the documents are so complex that when investors the... Victim of unfair business practices with globalization, companies are used to provide customized ads effect! Repercussion of unethical behaviour on business is that a company crisis as businesses from! Luxury trips and spa treatments visitors with relevant ads and marketing campaigns ethical identity tend to maintain a degree! A strong ethical identity tend to maintain the companys values lose customers and.... Investigations indicated that the customers obtain quality products and services the global economy have all rights. The cookie is set by GDPR cookie consent plugin wasnt intended falls under unethical.! Quite common in the management of the amount that the Federal Trade Commission those who engage in unethical can! Company that uses child labor in its factories will likely lose customers who purchase their finished products is shared third-party... Drugs improperly result into unfair competitive practices blamed for its unethical behavior rational and when theyre, it will lose. In its factories will likely lose customers who purchase their finished products employees, their customers while in! Exceeded that amount by far, lower the repute of consequences of unethical business practices common unethical business in! The companys reputation consequences of unethical business practices corruption for example, a company as discrimination or sexual harassment unethical behaviour! Type of unethical business practices is a decrease in employee morale: unethical practices clear their names courts. Everyone finds unethical behavior includes all the rights to file lawsuits in case they consume products. Explains Indeed.com and their customers while being in the management of the major problems of the company in essentially.

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