In today's fast-paced world dominated by globalization, business ethics is becoming exceptionally important. This importance is only becoming greater as more and more businesses come to existence in a global economy driven solely by the forces of capitalism. Globalization is Darwinism at its best, a true example of survival of the fittest. It is forcing companies into an enormous market with the extremity of its size matched only by its level of competition. When companies are so immensely pressured by such competition, they may sometimes go to extremes in order to advance or even just to survive. Extreme action is rarely ethical, which is why business ethics is becoming such a huge issue these days. It takes a lot of work to achieve ethical operations and a lot of sacrifices on the company's part.
Ethical dilemmas today are most likely faced on a daily basis. The major ones are a result of globalization. A company looking to expand into a foreign market will be faced with the challenge of having employees with different views and perspectives of what's right and wrong. Thus, the company would most likely have to come up with a global code of conduct or set of standards. But it's not only the conduct of new employees and the process of adaptation to a foreign market that causes problems. Let's say the company manufactures goods, for instance, and decides to export its manufacturing division to a foreign country. Here, it has an option of taking advantage of labor available from inmates, for instance, or people working for an extremely low salary. The company must contemplate whether it would be ethical to use such human resources no matter how temptingly cheap.
Ethics not only involve human relations. Some companies face dilemmas because they must also look out ...