Ethical Decision Making and Contemporary Managers Essay

Ethical Decision Making and Contemporary Managers - Essay Example The Enron scandal a few years back and the JP Morgan failure are merely tips of the iceberg in the sense that they clearly point towards the fact that many times the managers in the corporations, moved by self-interest or a more than rational commitment to the shareholders, do end up resorting to unethical decisions which in the long run have a very destabilizing impact on the economy and the society. Hence, one big challenge facing the managers serving the corporations is to resort to ethical decision making in their day to day professional conduct, irrespective of the pulls and pressures they are always vulnerable to. As per the Oxford Advanced Learner’s Dictionary, ethics mean â€Å"moral principles that control or influence a person’s behavior (518)†. Going by the fact that managing corporations is a job that is about allocation and distribution of resources, exercise and delegation of legal and financial power, sharing and concealing of information, there is no denying the fact that contemporary managers do many times come across situations which could press them to waver from the established principles and ethics (Pava 17). The ethical challenges faced by managers within an organization could be of many types. For instance, many times the managers have to face a situation which requires them to strike a balance between reducing running costs and the health and safety of the employees. Here, a manager gave to ethical decision making while never cut upon the expenditure that assures the safety and well-being of the employees. ... Also, for instance, in the present age of technology and IT revolution, managers are required to respect the information pertaining to customers, while at the same time resorting to an optimal use of the available information to maximize sales and profits. No wonder, these calls for a dedicated ethical decision making and the weighing of the decisions taken in the light of the set ethical benchmarks. As employees, shareholders and customers expect the companies to be ethical and above board, a failure of the management in this area my mar the reputation and viability of a corporation in a serious way. Going by this, the most important question that comes to mind is that what can the managers do to act in an ethical way? First and foremost, a manager, to be able to act in an ethical way must have an internal map dedicated to ethical decision making. If a manager adheres to any religion, it is really good as it could serve as a source of deciding as to what is right or wrong. However, managers who are not given to religious affiliations could also draw inspiration from the available secular sources to develop a personal ethical compass that could guide them during their course of decision making. The next thing that could go a long way in promising ethical decision making on the part of the managers is that corporations should make sure that junior managers do always have access to senior mentors within the organization who have a reputation for ethical decision making (Sims 209). This will allow the young managers to have a practical exposure to the challenges involved in ethical decision making and will prepare them to be the leaders of the future. Besides, in their day to day working, the senior management should make it a point to encourage ethical