Assignment on Ethics in Bangladesh

Introduction Ethics concern an individuals righteous judgements about pay off and wrong. Decisions taken within an organisation may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company. The decision to behave goodly is a moral iodin employees must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term hit. Ethical behaviour and corporate sociable responsibility can bring significant benefits to a air.Business morals (also corporate ethics) is a formula of applied ethics or professional ethics that examines 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 individuals and completed organizations. The range and quantity of business ethical issues reflects the interaction of profit-maximizing style with non-economic concerns. G overn ments use laws and regulations to point business behavior in what they perceive to be beneficial directions.Ethics implicitly regulates beas and details of behavior that lie beyond governmental control. The ontogenesis of large corporations with limited relationships and sensitivity to the communities in which they operate accelerated the development of formal ethics regimes. When business people speak about business ethics they usually mean following things (1) avoid breaking the criminal law in ones work-related activity (2) avoid action that may chair in civil law suits against the company and (3) avoid actions that are bad for the company image.Businesses are especially concerned with these three things since they involve loss of bullion and company reputation. In theory, a business could address these three concerns by assigning corporate attorneys and public relations experts to escort employees on their daily activities. Anytime an employee expertness stray from the stra ight and narrow path of acceptable conduct, the experts would guide him back. Obviously this solution would be a financial disaster if carried out in entrust since it would cost a business more in attorney and public relations fees than they would save from proper employee conduct.Perhaps reluctantly, businesses turn to philosophers to instruct employees on becoming moral. For over 2,000 years philosophers have systematically addressed the issue of right and wrong conduct. Presumably, then, philosophers can teach employees a basic understanding of morality will forbid them out of trouble. However, it is not exchangeablely that philosophers can teach anyone to be ethical. The job of teaching morality rests squarely on the shoulders of parents and ones early social environment.By the time philosophers enter the picture, it is too late to change the moral predispositions of an adult. Also, even if philosophers could teach morality, their recommendations are not always the most fina ncially efficient. Although creation moral may save a company from some legal and public relations nightmares, morality in business is also costly. A morally creditworthy company must pay special attention to product safety, environmental impact, truthful advertising, scrupulous marketing, and humane working conditions.This may be more than a tight-budgeted business bargained for. We cannot easily resolve this tension between the ethical spare-time activitys of the money-minded businessperson and the ideal-minded philosopher. In most issues of business ethics, ideal moral principles will be analyse by economic viability. To understand what is at stake, we will look at three different ways of deriving standards of business ethics. Common Unethical Practices in Business & Financial Sectors In Bangladesh 1. Bribe pickings purchase is a car park phenomenon in Bangladesh, especially in the government sector.It is the most common form of corruption known to most people. If someone go es to a government office for a routine work, which the office is supposed to perform, in most cases, he/she has to bribe the sub-staffs of that office. And if there is any severe procedural difficulty in the work, he/she has to pay a high amount to get the job done. Sometimes illicit procedures are also executed at a high negotiated bribe. Obviously, not only the sub-staffs but also the officers of different levels are also involved in the whole process.Taking bribe has become a trend in the government offices and general people have accepted it as inevitable. 2. defalcation of Funds Embezzlement of funds allocated for a particular project or from deposits of banks also happens often in Bangladesh. In the banking sector, embezzling funds is a very common type of corruption. apiece year many bankers lose their job if their corruption is proved. Massive embezzlement of capital market fund has also happened in the history of Bangladesh.Fraud & forgery in using the funds allocated f or development projects is also common in Bangladesh. By using inferior materials then what was quoted in the tender process, contractors maximize their profits & dish out the interest of the corrupted officers. As a result of using inferior materials the project loses its validity soon, which makes inevitable to launch some other tender process i. e. , another scope for corruption in this way corruption has become a cyclic phenomenon in Bangladesh. 3. Syndication in BusinessSyndication in the business sector is harming the public interest in Bangladesh to a great extent. Originally, syndications like backup unions, officers club, business unions etc. were formed to save the interest of their members from greater adversities. But this syndication is now also being used to overemphasize business interest, while not considering its harmful consequences on public life. A businessman, even if his production cost & other costs are much less than other businessmen, cannot sell his prod ucts at a price significantly lower than his competitors.While in other countries, festivals are meant to give sales discount, in Bangladesh, commodities reach their peak price in times of festivals like eid & others. 4. Environmental Issues Saving the environment from pollution is a great challenge worldwide. The requirement of outflowing treatment plants(ETP) and other measures to control industrial environmental pollution causes the production cost to rise. So business persons in Bangladesh, highly motivated by profit maximization theory, do not care the environmental issues. At many industries there are ETPs just for eyewash.And bribing the government officials concerned for environmental issues makes it easier for business persons to get more reluctant about the environmental issues. 5. Unethical Procurement Practices Unethical practice in selecting vendor from procurement process is another common corruption form in Bangladesh. Sometimes political forces are applied to get th e work order in favor of a particular vendor. Taking bribe to manipulate the result of procurement process also prevails. Corruption in the procurement process is also root of many other successive corruptions. 6. NepotismNepotism & taking bribe in the recruitment process of many government & private organizations is a great problem in a country like Bangladesh where unemployment rate is very high. These problems are leaving the young generation in despair. As a result different forms of crimes are increasing in the society. 7. Evading Tax, receipts Bills etc. Evading tax is a tendency in general, from corporate organizational level to individual level. Many corporate organizations prepare false spreadsheets to evade/ derogate corporate taxes, whereas individuals seek ways to evade/minimize their income tax.Not paying the utility bill and then managing it by bribing staffs of concerned offices, is also common in Bangladesh. stopping point Ethical practice in economic arena is ver y important in a country like Bangladesh, where economy is emerging at one side and on the other side population density is increasing. Massive unethical practices tend to increase inequality in the society, which is detrimental to the overall put across of the society. Ethics is no doubt an important business subject for any entrepreneur to study, but it also has a wider application throughout organizations.One mans concept of what is ethical and for the best may be completely different from another mans concept, and so its important to establish a collective set of ethics that represent the entire organization rather than just adopting a piecemeal approach. This can be installed through training, through creating business policies and even through careful selection at the HR stage, although its important that there are also enforcement mechanisms within the business concerned, and that ethics remain a forefront consideration in day-to-day trade to ensure a unified, morally sound approach to doing business.