Business is a myriad of decisions that managers have to make on a daily basis. These decisions affect the way the organization is managed, with a number of long-term effects on organizational success and survival. The consequences of these decisions are best understood through the moral lens.
Business ethics serves as a critical factor for an organization to build credibility and trust with its stakeholders “Management for organizational integrity”.
Michael Josephson was undoubtedly convinced that “the use of the term business ethics could mean that ethical rules and expectations are somehow different in business in other contexts. There is no such thing as business ethics. Recognizing basic ethical principles such as honesty, respect, responsibility, fairness and care And the only challenges for people are morality and business and every step of life to make a living. ”
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The corporate world has witnessed a variety of major scandals and moral flaws, which have led to insults to organizations and their leadership. Ethical abuse continued by the corporate since 2001 Enron scandal For fraudulent accounting, the environmental catastrophe caused by 2010 Deep Water Horizon Oil Spill Volkswagen’s 2015 release scandal, Wells Fargo The creation of 1.5 million fake accounts in 2017-2017 and these clearly reflect the complete disregard of ethical considerations in business decision making. Businesses have often been condemned for wrongdoing that clearly shows a complete lack of moral conscience. American physicist and entrepreneur Robert Noyce rightly said, “If ethics is weak at the top, that behavior is copied through the organization.” If the tone above is corrupt, it discredits the whole corporate culture and creates a toxic corporate culture.
This is where management institutions need to take steps to include a value-based ethics curriculum to educate and train management students who are future corporate leaders. Management education is not limited to imparting knowledge and sharpening talents, but more importantly acquiring skills that advance the true consciousness of management students. The basic responsibility of the business school is to inculcate moral and ethical values in the students and prepare them for the leadership role. They must be taught to manage a highly socially diverse society and rapidly changing business scenario that can lead to various ethical dilemmas and conflicts.
Ethics education in management education
What is the responsibility of B-School in creating ethical corporate culture? Business School is the primary training platform for future C-Suite managers and executives; Therefore, the emphasis on ethics and values in the curriculum is a fundamental issue. However, moral education does not guarantee a person’s right to a moral compass!
Management education must expose students to the good and bad of the corporate world. In addition, they must be aware of the various behaviors that will prevail in the workplace and be sensitive to the benefits of taking appropriate position. Another important aspect is that management education must not see ethics as a separate course, but rather integrate it with other courses in different disciplines. Students must recognize that ethics is essentially an integrated approach.
A business school is the perfect platform to describe the best business practices for its students. In addition, it can clarify how business ethics benefits the bottom line. The Business Ethics curriculum will certainly provide for learning ethics and ethical issues that will enable students to deal effectively with the gray areas of business.
Pedagogy for teaching business ethics
Case-study-based learning is a perfect way to showcase real business challenges. It stimulates students ’critical thinking and moral reasoning ability by discussing the various ethical dilemmas faced by businessmen; Preparing students for the real business world challenges they may face in the future.
It is equally important to give students the opportunity to participate in ethics case competitions and ethical debates. It enables students to face various ethical conflicts and dilemmas that real businesses face.
Simulation is an efficient method for moral education. It allows risk-free learning through student application, mimicking ethical dilemmas using technology. It allows students to assess their own values and ethical boundaries. Often, the simulations are team-based, which presents one of the real business challenges when faced with ethical issues.
Learning through the example of invited industry leaders as guest speakers is another way to enrich ethics education. The ethics experience of business leaders expands students ’understanding beyond the teaching of ethical theory and structure in their classroom.
Teaching ethics in management education does not guarantee behavioral change, but it does equip students with the challenges they face in business and equip them with tools to deal with business dilemmas through their ethical approach.
“Education is the most powerful weapon you can change the world.” – Nelson Mandela
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