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  • GD On Ehtics or Profit: Controversies

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    Sahil Rai
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    This document discusses the relationship between ethics and profit in business. While profit can be measured quantitatively, ethics is measured subjectively through actions. Both ultimately result in reputation, which is a key factor in a company's success. However, unethical actions may lead to temporary success but eventually hurt reputation. The document argues that profits can be earned through ethical practices and provides examples of companies like Starbucks and H&M that have found a balance of ethics and profits to achieve long term success and growth.

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    GD POINTS

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    This document discusses the relationship between ethics and profit in business. While profit can be measured quantitatively, ethics is measured subjectively through actions. Both ultimately result in reputation, which is a key factor in a company's success. However, unethical actions may lead to temporary success but eventually hurt reputation. The document argues that profits can be earned through ethical practices and provides examples of companies like Starbucks and H&M that have found a balance of ethics and profits to achieve long term success and growth.

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    564 views2 pages

    GD On Ehtics or Profit: Controversies

    Uploaded by

    Sahil Rai
    This document discusses the relationship between ethics and profit in business. While profit can be measured quantitatively, ethics is measured subjectively through actions. Both ultimately result in reputation, which is a key factor in a company's success. However, unethical actions may lead to temporary success but eventually hurt reputation. The document argues that profits can be earned through ethical practices and provides examples of companies like Starbucks and H&M that have found a balance of ethics and profits to achieve long term success and growth.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    GD ON EHTICS OR PROFIT

    The words mentioned in this topic fall as some of the important terms to be
    understood while working on any business strategies. While profit is something
    that can be measured in monetary terms (quantitative) while, ethics is measured
    subjectively or by the actions taken. But the relationship of these terms is
    something which has raised a controversy in the minds of people.

    Ultimately, both of these terms end up resulting in one point viz., Reputation. It is
    considered to be one of the most prominent factors to measure an organization’s
    corporate success. Many companies end up performing some unethical tasks
    which show them at good numbers on the ‘success ladder’. But this success is
    temporary and leads to the creation of controversies.

    Profit is one of the missions for any business. Profits are needed to pay back
    investors as well as give salaries to employees. That should not lead to unethical
    practices. Profits can be earned along with practicing ethically.
    An investor will look at the financial performance of a company, whereas the
    customer will look at the reputation of the company before purchasing.
    Sometimes, customers also look at the social cause of the company. It is
    necessary to maintain a reputation in the market to grow
    Having ethical practices in our business can offer you good employees, customers
    who come to you because of the ethical practices as well as good productivity in
    the long run. Ethical practices can create a holistic environment to work.
    *examples Now, I would also like to say on organizations like star bucks and h&m
    SO,
    Starbucks Starbucks is committed to 100% sustainably sourced coffee, and uses a
    system called C.A.F.E. (Coffee and Farmer Equity Practices) in order to optimize its
    sustainable sourcing. There are four ideas at the heart of Starbucks’ C.A.F.E.
    sourcing system: quality, economic transparency, social responsibility, and
    environmental leadership. Starbucks strives to always buy coffee at fair prices and
    ensure each step of the coffee planting, harvesting, processing and purchasing is
    always done ethically. The coffee giant even uses third parties to verify that its
    sourcing is ethical. The standards set by Starbucks are now recognized as the
    industry standard for ethical sourcing. Starbucks works with over 170,000 farmers
    and generates billions of dollars in revenue every single year. Its ability to remain
    both profitable and set the industry standard for sustainability has been a shining
    example for North America’s coffee industry.
    H&M Clothing retailer H&M is committed to supply chain transparency. They
    publish a list of 98.5% of their suppliers’ names and addresses on their website,
    and update it on a quarterly basis. This ensures they can be held publicly
    accountable for the conduct of their suppliers, and that anyone can verify
    whether their suppliers are living up to the standards set by the company. In
    addition to sharing its supply chain information, H&M also has a responsible
    sourcing goal of using only 100% recycled or sustainably sourced materials by the
    year 2030. This makes H&M a trendsetter, and an ethical leader in clothing retail.
    The fashion industry is viewed by many as problematic in terms of sustainable and
    ethical sourcing. If a leading clothing retailer like H&M can demonstrate its
    dedication to ethical practices and sustainability while maintaining profits, there is
    a potential to change this reputation as other retailers follow this example.
    SO These companies have good profits but are ethical. They are successful
    because they have developed a balance between ethics and profits.
    IN conclusion I would like to say,
    Just like weight loss where dieting, as well as exercise, are mutually dependent on
    each other, in business, ethics and profit come as helping hands of one another.
    Ethics drives the actions which offer profit in the long run and these profits give
    encouragement to take more ethical actions. If anyone of the parameters is not
    applied while taking any business actions it can lead to the slow and painful death
    of your ‘Corporate Ladder’ success.

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