Business Ethics & Values in Multinational Companies Operating in India: An Innovative Approach

Abstract

Elements of Ethical Values include: Ethical values serve the ends of human well-being; The well-being promoted by ethical values is not personal and selfish well-being; No one person’s well-being is to be counted as more worthy or valuable than any other’s; Ethical values promote human well-being in an impartial way. The main purpose of this research paper is to explore importance of ethical values and business ethics in today’s globalized   world of high competition and to create awareness about concept and essence of ethical values and business ethics for sustainable progress this globalized world. Research methodology comprises real data – primary and secondary as well based upon Personal Interview Method, Telephonic Interview Method and Questionnaire Method. Research relates to re-exploring the facts which are already with us. Knowledge lies in reviewing and finding new possibilities in information. Research helps in making new innovations to pursue for betterment of our existing awareness. Ethics deal with “what that ought to be”. Patrick and Quinn (1997), defined ethics as the study of individual and collective moral awareness, judgment, character and conduct. Business ethics is an art and science of maintaining harmonious relationship with society, its various groups and institutions as well as recognizing the moral responsibility for the rightness or wrongness of business conduct. Values are in inborn within individuals – embedded in individuals. Values differ amongst individuals. Individual values do change temporarily due largely to external influences/forces. Individuals have different sets of values. Values reflect a person’s sense of right or wrong. Values lay the foundation in understanding people’s attitude and motivation. Values are what we, as a profession, judge to be right. They are more than words-they are the moral, ethical, and professional attributes of character. Values are the embodiment of what an organization stands for, and should be the basis for the behavior of its members. The study emphasizes the essence of ethical values; business ethics and social ethics as backbone in the field of business. Getting information from respondents becomes problematic as we had to interview individuals who had been quite busy to give proper thought to the questions. Indifferent attitude of some respondents could have affected the final findings. Ethical values and Business ethics include Honesty; Integrity; Responsibility; Quality; Trust; Respect; Teamwork; Leadership; Corporate Citizenship; Shareholder Value; social ethics, moral modes, a customer-centric focus, employee satisfaction, customer satisfaction and finally leading to sustainable business in this globalized world. Ethical Values and Business ethics help in satisfying the consumers and customers and employees in maintaining sustainable business in this globalized world. Rationale is a viable approach based on natural values related to the betterment of humanity. It demands honest dealing and proper business ethics which are in the interest of consumers, customers and even employees that lead to sustainable business in this corporate world. Since originality is independent, it depends upon the values that hold the best interest of humanity.