A business’ stakeholders, whose conflicting perspectives cause ethical and social dilemmas, include: lenderssuppliersownersemployees
ALL OF THE ABOVE
and customers.
Each stakeholder in a business has their own unique perspective, which can sometimes create ethical and social dilemmas. Let’s explore some possible conflicts that could arise:
1. Lenders: Lenders want to see their loans repaid with interest. They may push a business to cut expenses in order to boost profitability and ensure payments are made on time. However, if these cuts come at the expense of employee wages or environmental safety measures, ethical concerns can arise.
2. Suppliers: Suppliers may have concerns about their payment terms or the quality of the goods they provide to a business. They may be willing to cut corners or resort to unethical practices (such as using child labor or sourcing materials from environmentally sensitive areas) in order to meet the business’ demands.
3. Owners: Owners want to see their business succeed, often at any cost. They may prioritize profits over the well-being of their employees or the impact their company has on the environment. This can lead to conflicts between their personal interests and their ethical responsibilities.
4. Employees: Employees want to be treated fairly and have safe working environments. They may push back against owners or managers who prioritize profits over their well-being. If a company fails to provide a safe workplace, ethical and legal concerns can arise.
5. Customers: Customers want to receive high-quality products or services at reasonable prices. They may be drawn to companies that prioritize sustainability or social responsibility. However, they may also look the other way if a company’s practices are unethical or harmful, depending on their own priorities.
In order to address these conflicts and ensure ethical behavior, it’s important for businesses to have clear values and standards in place. This could include a code of conduct or a commitment to sustainable practices. Businesses should also be transparent in their decision-making and willing to listen to stakeholders who raise ethical concerns.
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