Ethical Issues Within The Business World - 1346 Words

1. Introduction For this coursework, I will be discussing what ethical issues are and how a business is affected by them. I will then move on to discussing 3 main ethical issues within the business world and how it could be resolved. The 3 main issues which I’ll be talking about are fair trade and child labour, harassment at work place and equal pay. I believe these 3 issues can relate to businesses in every sector and not just one area. 2. What are ethical issues and how they affect a business Ethical issues are a set of rules and policies which forms a business’s structure of operations. These are the moral values of a business and define what is right and wrong. Businesses have a responsibility towards its employees and the society†¦show more content†¦The company’s share prices would increase as more investors will want to work with your company and this would protect the company from takeovers. The company can then have money which could be used to expand the business or being able to produce more products. (Businesscasestudies.co.uk, 2016) 3. Fair trade Without a living wage paid the workers may be compelled to work excessive overtime hours for them to be able to provide for their families. This could lead them into getting multiple jobs and becoming bonded labourers. They will be working twice as hard to get paid equally and this is how child labour then comes into power. Families who’s adults are unable to prove for the family even working multiple jobs will take their children out of education and put them into employment life just to meet the basic human need of food, shelter, nutrition, health, housing and education. Fair trade ensures that whoever worked to produce the product or to have it transported was paid a fair amount of money for their work. They weren’t taken advantage of and nor were they made to work excessive hours for a wage below living wage. Since the past decade companies are now able to get their suppliers to pay their workers statutory entitlement such as sick pay, holiday pay, national living w age and even pension entitlement. This has made a huge difference to workers in countries like India and Bangladesh as people are now able to earn