Ethical Issues in Capsim Simulation
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What are ethical principles?
Ethical principles are universal standards of right and wrong. They are the moral principles that the society considers as right or wrong. Ethical consideration is key to maintain the life of a business. Several businesses have been brought down by the unethical moves of chief executive officers who were highly charismatic built lack the moral uprightness. Although the capsim simulation is a virtual entity, upholding business ethics is one of the key drivers of success. The decisions made by the participants are weighed against the ethical practices scale. No matter how smart your moves are, if they are morally wrong, they make no positive impact to your business. In fact unethical decisions can lead the company into a complete fiasco.
Ethical Decision Making in Capsim Business
Ethical decision making is the element of making decision by considering the potential outcomes in terms of risk, benefits and the implications of the choices on the business reputation and shareholders’ perspective. Ethical decision making takes into consideration the moral view of the society and the legality of the action before the law.
In capsim simulation, participants must always strive to achieve ethical decisions by carefully evaluating their viability. What is legal before the law could be morally wrong in the eyes of the society. Both aspects are equally important because they form a big part of the business’s external environment. Getting in trouble with the government would be detrimental to the legal image of the business. The government can also impose serious sanctions, fines and penalties that would be highly costly to the business.
The society on the other hand can have an ill perspective of a business that makes unethical decisions. This would taint the reputation of the business to its customers who are likely to unsubscribe their loyalty to the company. It is important that the companies’ top managers make decisions wisely when dealing with ethical issues. The company has a responsibility of ensuring that its activities do not create a negative impact to its environment.
Some of the Ethical principle that the management should observe include:
Transparency- the company should be transparent in its dealings, production and in financial reporting. The business has the responsibility of revealing the components of its products, warn about any harmful ingredient and practice honesty in reporting its financial performance.
Fairness – This refers to practicing equality in your dealings without any sign of favoritism. There should be fairness in contract negotiations, recruitment of employees and in the tendering processes.
Accountability- Being accountable means taking personal responsibility of the decisions made by the management, employees and stakeholders on behalf of the company.
Other ethical principles include integrity, honesty, obeying the law and keeping promises.
The social responsibility of a business
Social responsibility entails the aspect of being accountable to the society and supporting community programs through give back activities. This means that the business is obligated to perform some certain activities with regard to its social environment. For example, it is the responsibility of the business to protect the environment where it operates by planting trees, implementing proper waste disposal and educating the society on the methods of environmental conservation.
The components of social responsibility include:
The company is obligated to obeying the laws of the country where it operates and the regulations of statutory bodies it serves. There is also the requirement of paying taxes faithfully to the country. Issues such as tax evasion can be considered as unethical before the eyes of the law. The capsim business also has legal responsibility of observing government regulations and operating within the limits of the law.
The company is obligated to economic responsibilities because it is expected to make profits. Financial performance is not only a concern to the business and the management but also the community. The society expect that the business performs well, remunerate its employees and service its liabilities. The capsim business should strive to perform well economically to suffice this responsibility to the society.
Ethical responsibilities involve doing what is socially acceptable and benefits the community. The society expects that the business strives to foster good relationships with suppliers, customers and the employees. For example, customer exploitation through escalated prices is deemed unethical to the society.
Furthermore, the business should uphold ethical practices in financial reporting. For example, concealing a certain cost structure to portray the business as more profitable is morally wrong. The capsim business participants can only achieve their performance goals through ethical strategic planning and genuine reporting.
Corporate social responsibility
Corporate social responsibility activities serve as give back programs to the community. The main aim of corporate social responsibility is to foster good relations with the surrounding community. Some examples of corporate social responsibility include offering educational scholarships to students, internship opportunities, heath care programs and other charitable programs. These activities seek to improve the existing communities where the business operates. By fostering good relations with the society through corporate social responsibility, businesses increase their value by achieving a good corporate image. This is one of the strategic ways to increase your goodwill in business.
However, corporate social responsibility should not be the main investment to achieve corporate good will. The main agenda should always to produce quality goods and being sensitive to the needs of the customers. Therefore, the management should be cautious about how they spend their limited resources on corporate social responsibility. This is where the aspect of budgeting applies. The management should draw financial budgets for every fiscal year. By having financial plans, companies are guided on how to spend their resources on various business segments.
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