Contemporary Issues in Business Management Assignment Sample

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Introduction - Contemporary Issues in Business Management

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Background

Business ethics are defined as the implementation of different principles, rules, and standards which assist the business in deciding what activity is morally correct and which is wrong while they undertake the work. For the business to run successfully the ethics must be followed effectively so that work can be improved. The current study is based on Next plc which is a multinational brand founded in 1864 and headquartered in the UK. The current study will outline brief literature relating to the research topic. Also, it will outline the research methods that will be selected for the completion of the research.

Aim and objectives

Aim

To assess the impact of business ethics on job satisfaction and employee turnover. A study on Next plc.

Objective

• To develop an understanding relating to the business ethics and its significance within the workplace.
• To examine the different business ethics which need to be followed for better working concerning Next plc.
• To evaluate the impact of compliance with business ethics about employee turnover and their level of job satisfaction.
• To recommend some of the ways through which the application of business ethics can be improved well within Next plc.

Research question

1. What is the concept of business ethics?
2. What are the various business ethics followed by the company?
3. What is the impact created when business ethics are complied with by the business?
4. What are some of the suggestions which improve the business and compliance with ethics?

LITERATURE REVIEW

In the views of De Bakker, Rasche and Ponte, (2019) business ethics includes the rules and regulations which need to be complied with for the effective working of the business. It is very necessary as it will guide the company to what is correct and what is not. For the successful working of the business, the business must comply with all the ethical principles that are assistive for business improvement. Compliance with business ethics is significant as it will help in providing direction to work ethically.

On the other hand Bowie, (2020) stated that there are many different types of business ethics and principles which need to be followed by the business. It is mandatory to follow these principles are it will guide them to effectively work and attain the objectives in a better manner. The most important ethical principle that needs to be followed is honesty. This is mandatory because in case the honesty within working will not be made then it will be affecting the working efficiency of the business. This is about the fact that honesty denotes that all the work is undertaken properly and effectively.

Against this, Dziubaniuk and Nyholm, 2021, argued that complying with transparency is another principle that needs to be followed effectively. The transparency here means that all the work and policies need to be made in such a manner that it ensures that the work is transparent. In case, the working will not be transparent then it will impact the efficiency and will be demotivating the employees to work (12 Types of Business Ethics, 2022). Along with this another business ethic that needs to be followed is corporate social responsibility. This is necessary for the reason that the business operates in an external environment and it is the responsibility of the company that they must take care of the external environment as well. In case, the external environment is not protected then it will impact the work to a great extent.

In support of this, Melé, (2019) stated that when ethical principles are followed then automatically it will create a positive impact on the working of the company. The reason underlying the fact is that these principles guide effective working and as a result of this, the overall working is improved. On the other side, when these principles do not comply then it will negatively impact the work. There will not be any clear structure to working and it will also not provide clarity of working. This pertains to the fact that there will not be any clarity relating to working and this will result in objectives not being attained. The reason underlying the fact is that when ethical principles are not followed it will result in a lack of interest of employees. It is because when working is not efficient employees will not be interested in working efficiently and it will negatively impact the working of business.

RESEARCH METHODS

TIMELINE

References

Books and Journals

• Al-Ababneh, M.M., 2020. Linking ontology, epistemology and research methodology. Science & Philosophy, 8(1), pp.75-91.
• Bowie, N.E., 2020. Business ethics. In New Directions in Ethics (pp. 158-172). Routledge.
• De Bakker, F.G., Rasche, A. and Ponte, S., 2019. Multi-stakeholder initiatives on sustainability: A cross-disciplinary review and research agenda for business ethics. Business Ethics Quarterly, 29(3), pp.343-383.
• Dziubaniuk, O. and Nyholm, M., 2021. Constructivist approach in teaching sustainability and business ethics: A case study. International Journal of Sustainability in Higher Education, 22(1), pp.177-197.
• Melé, D., 2019. Business ethics in action: Managing human excellence in organizations. Bloomsbury Publishing.
• Pandey, P. and Pandey, M.M., 2021. Research methodology tools and techniques. Bridge Center.

Online

12 Types of Business Ethics. 2022. Online. Available through: < https://www.analyticssteps.com/blogs/12-types-business-ethics >