Prepare an analysis of ethics in the 21st Century Essay

Prepare an analysis of ethics in the 21st Century - Essay Example It has been viewed that majority of the organizations value ethics for the purpose of attaining several significant benefits. The benefits may include enhancing the procedure of decision-making, improving profitability in the long-run, generating credibility and most importantly accomplishing a superior competitive position (Mahdavi, n.d.). In this discussion, the perception of ethics as well as its importance in the competitive financial market will be taken into concern. Additionally, a fundamental analysis of ethics in relation to 21st century will also be described in the discussion. Role of Ethics in 21st Century Ethics is known to play a decisive part in every business organization. It can be stated that an organizational structure related to the learning of business ethics is given increased importance. This is due to the reason that different roles as well as job descriptions which exist in a particular business organization might trigger some sorts of unethical behavior. It has been viewed that ethics broadly contributes to the organizations by assisting them to make effectual decisions which in turn enhances their productivity as well as profitability by a substantial level. By considering this factor, it can be stated that ethical behavior in organizations is majorly found to be occupying a central position in this era of 21st century. It not only affects the procedure of decision-making but also aids to develop the prevailing culture of organizations (Ferrell, Fraedrich & Ferrell, 2009). It has been observed that the aspect of ethics has become a topmost priority for the business organizations in the era of 21st century. The organizations strongly believe that their technological advancements, organizational strategies as well as goals and values are considerably related to ethics. Moreover, the interrelation between the business leaders, customers, vendors and clients are supposed to get duly affected by ethics. In this regard it can be mentioned t hat the main intention of forming an ethical organizational background relates to the actuality of incessantly developing the relationships to avail significant benefits such as increased market share, business reputation and profitability. The organizations prioritize ethics because they realize that it is quite necessary for them to safeguard their business reputation and evade any sort of unfavorable media coverage. In the recent era i.e. in the 21st century, ethics is offered prime significance as it is regarded as a â€Å"values-based culture†. It has been observed that ethics is neither considered to be an alternative nor a comfort. It is simply an approach which emphasizes upon the competencies, intelligences and experiences of the members at all levels of an organization. According to various researches, it has been noted that there exists certain vital factors which contributes towards generating a values-based culture. The important factors include shared values, mo ral courage, commitment and common language (Brimmer, 2007). In relation to the factor of shared values, there are certain core values which can be observed in all the global cultures. The core values comprise honesty, compassion, accountability, fairness and respect. These vital core values act as a driving force which ultimately supports the organizations to formulate