Hello everyone, My name is Quinntavea Bostick. I graduated from Sam Houston State University in 2013 with a Bachelor’s in Criminal Justice. I have worked with abused and neglected children and vulnerable adults for 7 years. I am now looking for a change in my career and hope to learn more about business ethics and law. This course will allow me to have a better understanding of ethics and law as it is imperative to have a great understanding of these two subjects when working for a business. I am excited to learn and discuss important topics with everyone.
Unethical conduct is not necessarily illegal conduct as “Ethical standards are not the standards of the law. In fact, they are a higher standard. Sometimes referred to as normative standards in philosophy, ethical standards are the generally accepted rules of conduct that govern society” (1). Committing an unethical act does not mean there will be legal consequences as there may not be a written law on the unethical act committed. Illegal acts is disobeying existing written laws.
According Find Law, “Criminal law encompasses issues arising from a criminal offense. Criminal offenses are defined by federal, state, or local laws” (2). Criminal law is the prosecution of a written offense that has been violated which can include imprisonment, fines, or both. Civil Law requires compensation or restitution to the party that was wronged or affected.
Our textbook states that “Equity is a body of law that attempts to do justice when the law does not provide a remedy, when the remedy is inadequate, or when the application of the law is terribly unfair” (1). Equity provides a remedy for civil infractions as some parties may have lost a substantial amount of money due to illegal activity. The legal ramifications cannot amount to the monetary damages a business may have lost; therefore equity assist in this manner.
I define business ethics as a business being honest and fair to their employees and customers. Business ethics is also having respect for other parties involved, including employees or stakeholders. Our textbook states “A business faces the special problem of having to develop ethical standards for a group of people who work together toward the common goal of profit for the firm” (1). Corporate social responsibility means that a business has a responsibility to the public or to its employees to do what is fair, just, or law abiding. Corporate social responsibility also means to do what is in the best interest of the stakeholders.
In my research I found that Wells Fargo created fake customer accounts to help them reach their sales goals. Wells Fargo created fake profiles for existing customers and employees would use their personal contact information and create PIN numbers that they created in order to keep this information hidden from customers. According to Forbes, “the bank now admits that it pressured employees to meet unrealistic sales goals that led to thousands of employees opening millions of accounts for customers under false pretenses” (3). Wells Fargo violated business ethics by allowing employees to create fraudulent accounts with customers information. Also, by creating unrealistically high sales goals, this led to employees making unethical choices in order to meet sales goals and remain employed.
Some small business are apart of trade associations that keep them up to date and abreast of laws. Small businesses normally do not have the resources that larger companies have and trade associations provide market statistics, reference materials, and also names of members. By joining these trade associations, businesses are kept up to date on certain laws. The purpose of laws are to ensure fairness, maintain order, and resolve conflict. For example, the Equal Employment Opportunity Act prohibits job discrimination regardless of race, gender, and sexual orientation. Without the Equal Employment Opportunity Act there may have been discrimination in the workplace, but this Act maintains order and ensures fairness.
SOURCES:
Jennings, Marianne. (2018) Business: It’s legal, ethical and global environment (11th edition) Mason, OH: Cengage Learning
FindLaw’s Team. October 12, 2020. What Is Criminal Law?. p. 1. https://www.findlaw.com/hirealawyer/choosing-the-right-lawyer/criminal-law.html .
Jack Kelly . February 24, 2020. Wells Fargo Forced To Pay $3 Billion For The Bank’s Fake Account Scandal. p. 3. https://www.google.com/amp/s/www.forbes.com/sites/jackkelly/2020/02/24/wells-fargo-forced-to-pay-3-billion-for-the-banks-fake-account-scandal/amp/ .
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