BUSINESS ETHICS Businessethics can be defined as written and unwritten codes of principles and values that govern decisions

and actions within a company. In the business world, the organization's culture sets standards for determining the difference between good and bad decision making and behavior. In the most basic terms, a definition for business ethics boils down to knowing the difference between right and wrong and choosing to do what is right. The phrase 'business ethics' can be used to describe the actions of individuals within an organization, as well as the organization as a whole.1
Reference:

http://business.lovetoknow.com/wiki/A_Definition_for_Business_Ethics

Business Ethics can be defined as the critical, structured examination of how people & institutions should behave in the world of commerce. In particular, it involves examining appropriate constraints on the pursuit of self-interest, or (for firms) profits, when the actions of individuals or firms affects others.2
Reference:

http://businessethicsblog.com/2010/03/21/ethics-definition/

Business ethics is the examination of the variety of problems that can arise from the business environment, and how employees, management and the corporation can deal with them ethically. Problems such as fiduciary responsibility, corporate social responsibility, corporate governance, shareholder relations, insider trading, bribery and discrimination are examined in business ethics.3 ReFERENCE: http://www.investorwords.com/6431/business_ethics.html

There are different schools of thought that differ in their viewpoint on role of ethics or ethics in human resource development. One group of thought leaders believes that since in business, markets govern the organizational interests and these interests are met through people, the latter are therefore at the highest risk. They believe that markets claim profits in the name of stakeholders and unless we have protocols, standards and procedures the same will develop into a demon monopolizing markets and crushing human capital; HR ethics are become mandatory. There is another group of ethicists inspired by neo-liberalism who believe that there are no business ethics apart from realization of higher profits through utilization of human resources. They argue that by utilizing human resources optimally, there is more value creation for the shareholders, organization and the society and since employees are part of the society or organization, they are indirectly benefited. Nevertheless ethics in human resource management has become a perennial debate of late!

Discussions in ethics in HRD stem from employee relationships and whether or not there can be a standard for the same. Employee rights and duties and freedom and discrimination at the workplace are issues discussed and covered by most texts on the topic. Some argue that there are certain things in employment relationship that are constant others disagree with the same. For example, right to privacy, right to be paid in accordance with the work (fair compensation) and right to privacy are some areas that cannot be compromised upon.4 Ref: http://www.managementstudyguide.com/ethics-in-human-resource-management.htm

Although ethical problems arise almost continually in human resource management (Hosmer 1987: 313), in academic debates around HRM ethical issues have been of marginal significance (Winstanley and Woodall 2000a: 5) for long and gained increasing interest in publications only a short time ago. The attention paid to moral dimensions of HRM was triggered by some objectionable changes in organizations management of people, as several recent developments in HRM policies and practices had raised a number of serious ethical questions. Ethically doubtful HRM practices develop, for example, in the field of insecurity and risk (Winstanley et al 1996:6), as employers tend to shift economic risks onto the shoulders of their employees. The boom of performance-related pay systems and flexible employment contracts are indicators of these newly established forms of shifting risk.5i
ref:

http://www.grin.com/en/e-book/25297/ethics-in-human-resource-management

Business ethics of human resources management relates to every sphere of economy and refers to protection of human subject, non-discrimination of employees and a number of other social responsibility and legal matters. Business ethics is implemented in any realm of professional activity to ensure successful results and build positive reputation of a company, an entrepreneur or an individual.6 Ref: http://iporesources.org/archives/3460

International and Global Business Ethics When business are engaged in multinational activities, a variety of important issues arise that do not have the same easy answers as are offered by doing business in only one area of legal jurisdiction or nation. Because of this dilemma that is increasingly plaguing the large multinational corporations; international business ethics has arisen to help address these sticky subject matters. International business ethics attempts to deal with questions of what to do in situations where ethical morals come into conflict as a result of the differing cultural practices.7

Doing business transnationally raises a number of issues that have no analogue in business dealings done within a single country or legal jurisdiction. International business ethics seeks to address those issues. Where ethical norms are in conflict, owing to different cultural practices, which ethical norms ought to guide one's business conduct in other nations and cultures? Some discussions of international business ethics conceive this home country/host country question as central. On one hand, adopting host country norms is a way to respect the host culture and its members. Thus, business persons are advised that when in Rome they ought do as the Romans doas in etiquette, so too in ethics. On the other hand, business persons are advised to resist host country norms that are morally repugnant. Therein lies the rub. When, for example, bribery of officials is central to doing business where you are, ought you to embrace the practice as a mark of cultural respect or forswear the practice on the grounds that it is morally repugnant?8
Ref:

http://plato.stanford.edu/entries/ethics-business/#IntBusEth

International business ethics is a particularly complex issue as ethical standards are different depending on where you are. Corporate governance, bribery, corruption, working conditions and targeted marketing are all issues that require organisations to establish an ethical standpoint from which they can work on. There is an increasing emphasis on the corporate responsibility of large organisations from developed nations and the way they operate in third world countries. Many nations now impose their ethical standards on developing countries even though they themselves have been guilty of arguably unethical practices in the past. For example, the poor working conditions suffered in the third world were commonplace during the industrialisation of many western economies. Some of the most common international ethical issues surround the environment, child labour, working standards and conditions, targeting marketing to vulnerable individuals and corruption.9 Ref: http://toolkit.smallbiz.nsw.gov.au/part/21/104/483