1.1 BACKGROUND OF THE STUDY
Ethics is the study of moral principles or value that determine whether actions are right or wrong and outcomes are good or bad, (Mescheme and Glinow 2000). Ethics has been and will continue to be part of human existence. It is a universal human trait. Ethics concerns the obligation we owe people around us for their healthy existence. Being ethical makes us realize that whatever we do must not harm or inconvenience the life of those around us. This makes it imperative that we have to be able to account for our every action especially those that are likely to cause any type of harm of inconvenience to others.
Organizational ethics still depends on human beings who build up business, who are in government and politics who form regulatory bodies, enforcement agencies and who are found in all sphere of life. Business which is the center of this study, faces a lot of dimensions in a social environment. These dimensions are made up of regulatory requirement including knowledge and information, technological innovations, social values and ethical guides, political forces and events as well as international forces and events.
Business organization must therefore, consider its involvement and relationship within its emanating from them all. Ethics can also be defined as a moral principles that govern a person’s behaviour or the conducting of an activity (By Online business Dictionary).
Richard Paul and Linda Elder of the foundation for critical thinking define ethics as “a set of concept and principles that guide us in determining what behaviour helps or harms sentient creations.
Cambridge Dictionary of philosophy equally states that the word ethics is commonly used interchangeably with morality and sometimes it is used more narrowly to mean the moral principles of a particular tradition, group or individual”.
Bringing Ethics into business according to investopedia explains that they are implemented in order to ensure that a certain required level of trust exist between consumers and various forms of market participants with business. For example, a portfolio manager must give the same consideration to the portfolio of family members and small individual investors, such practices ensure that the public is treated fairly.
It is also said that business Ethics (also corporate ethics) is a form of applied ethics or professional ethics that examine ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individual and entire organization.
1.2 STATEMENT OF THE PROBLEM
Most organization have been wondering why they do not enjoy environment friendly since the existence and survival of any business organization which depends on the environment. The problem could be that most organizations have not find out the important of applying ethics in their business and that the application of these principles can lead to an increase in the company’s growth.
Another problem could be that the management of some organization lacks the ability to identify the best way to apple ethical principles and failure to apply these principles affects the organization.
Finally, most organizations have determine the best way to apply ethics in business, so as to ensure that their business activities do not inconvenient other people around the business environment.
1.3 OBJECTIVES OF THE STUDY
In carrying out this research work, the researcher seeks to achieve the following objectives.
(i) To highlight the importance of business ethics
(ii) To ascertain how the application of ethics leads to increase in company’s growth and efficiency.
(iii) To determine the management inability to identify the way to apply ethical principles in business.
(iv) To determine how failure to apply ethical principles could affects the organization.
(v) To identify the best way to apply ethics in business.
1.4 RESEARCH QUESTION
For the sake of the study, the following research question becomes imperatives;
a) Do organization know the importance of business ethics?
b) How does the application of ethics lead to increase in company’s growth and efficiency?
c) How does management inability to identify the best way to apply ethics affect the business?
d) To what extent does failure to apply ethical principles in business affect the organization?
e) Does the organization know the best way to apply ethics in business?
f) Does organization understands why ethics should be applied in business?
g) In what ways can ethics be applied in business?
h) What are the organizational problems which ethics can solve?