CRITICAL THINKING APPLICATION IN BUSINESS ETHICS

CRITICALTHINKING APPLICATION IN BUSINESS ETHICS

CriticalThinking Application in Business Ethics

Businessethics plays a critical role to the success of a business. Thebusiness ethics explain the various behaviors that are expected ofthe shareholders in a business. The ethics are supposed to guide theparties from the pursuit of self interest goals. Instead theindividuals should seek to achieve the organizational goals. Thebusiness ethics as applied by each of the stakeholders is mainlydependent on critical thinking. Critical thinking refers to theability to clearly decipher the right from the wrong. Additionallyone is able to argue out on the ethical practices in the course ofthe business activities. To think critically one is required to fullyutilize their intellectuals to analyze, apply synthesize ad evaluatethe various situations in life. Reasoning and observation is requiredto earn a place in the right place. This is possible through thoroughapplication of the various skills that act as a guide to the actionsand beliefs. In business critical thinking is required while makingvarious decisions to ensure that the future of the business issecured. This is mainly seen through the various actions taken byinvolved parties. The stakeholder should show the use of criticalthinking in their operations through making of decisions that takeinto account both short term and long term sustainability of thebusiness. In essence it is important for the business to ensure thatcritical thinking is applied in the observation of business ethics.This is extrapolated below

Inbusiness ethics rationality and logical thinking is required for abusiness to thrive. Additionally, the stake holders are required toemploy their critical thinking skills in their business engagements.To begin with, environmental protection has been a major issue in thebusiness ethics. The businesses are torn between indulging inactivities for profiteering purposes against environmental protectionmeasures(Hirschey, 2009).To this effect business stake holders have found themselves tornbetween making and protecting the environment. In this issue criticalthinking s required in that the business are required to factor inthe long run sustainability of the business against short term gains.Additionally, the lives of the future generations have also to befactored in the decision making process to ensure that the bestdecision is made that is optimal to all parties. Critical thinking isrequired to ensure that the best practice is chosen. Moreover, theindividual gains become secondary to societal welfare. This enablesthe society to have sustainability and equity that leads tostability. As a result, chances of conflict in future are reduced andbusiness sustainability ensues.

Inbusiness ethics critical thinking is also required to ensure that thedecision making process is well guided (Miller, 2013).. Ideally thefirm management is able to make decisions that are sustainable andwill lead to long term benefiting of the firm. An ideal are the taxcompliance regulations. The firm should avoid engaging in tax evasionschemes that may lead to future squabbles with the state. To this endcritical thinking is required by the individuals that may be set toparticipate in such practices. The individuals should be able tothink critically about the long term sustainability of the businessin addition to the company’s reputation. Critical thinking skillsare employed in such situations since the individuals are able tofactor in the long term interest of the business. Through their ownwisdom and application of critical thinking the individuals are ableto recognize the best interest of the firm. Additionally, they areable to uphold values that to the best interest of the community(Miller, 2013). Through avoidance of tax evasion the individuals areable to escape the egocentrism tag to their name.

Theother important thing in business ethics that critical thinking mustbe applied is moral autonomy. The employees in a firm should beallowed to exercise their moral autonomy in relation to theirdecision making to ensure that delegation is effective (Jennings,2012).&nbsp.The management should avoid situations whereby individuals aredelegated authority and then the senior management is trying toinfluence the outcome. This is against the values of criticalthinking. Additionally, the individual should be allowed to fullymake the decisions based on their understanding. This would enhancethe diversity in thinking and the transparency in the processes(Herring,2014).This would lead to reduction in vices such as corruption.Additionally the said individual would feel honored throughaccommodation of their ideas. This provides an opportunity tobrainstorm and come up with the best ideas .Additionally the errorsin ethical reasoning are eliminated. This is due to the eliminationof the expert syndrome whereby some individuals deem themselves toknow everything. The brainstorming session provides an opportunity toensure that ethics in business environment are observed. To thiseffect several loopholes are sealed due to open participation of allconcerned parties.

Inbusiness ethics it is also important to critical think about thecompetition practices a firm engages against competitors. Criticalthinking points out that a firm should at any given time avoidindulgence in to unhealthy competition practices. The firm’smanagement should think critically of possible repercussions as aresult of that. Among the unhealthy completion practices includespainting their rivals goods in bad light in addition to destroyingtheir advertisement materials. To this end the business’ managementis supposed to do that that is morally right through application ofcritical thinking (Jennings,2012).&nbsp.It is through critical thinking that businesses will encourage eachother to have competitive and healthy competition in the market.Through such moves reduction in suits in courts will be seen(Miller, (2008).Additionally, the various players in the market will be able to sharemarket information that may help tap more customers into theindustry. However, such objectives may not be realized if criticalthinking is not applied by the various players in the market.Critical thinking enables individuals to analyze and realize the longterm benefits of such initiatives. It reduces the myopic thinkingthrough increasing open mindedness in a person.

Furthermore,critical thinking enables individuals to practice value basedreasoning(Jennings, 2012).&nbsp.To this end individuals are not guided by just profits .However, theyare guided by the positive that they make on the society. An idealexample is that a business will not sell products that negativelyimpact on its customers. Additionally, the business ethic s in a firmis guided by openness in sharing information with customers. The freeflow of information in a transparent way will ensure that therelationship is healthy between the two parties. Additionally,logical thinking enables the business management to make decisionsthat are morally agreeable(Herring, 2014).&nbsp.The decisions enable the firm to improve its reputation in themarket. Additionally it enables the firm to earn customer loyalty.

Inconclusion, it is important to note the critical role criticalthinking plays in the business ethics arena. The various issues thatcritical thinking is required to be applied include competition,information provision and long term benefits versus short termbenefits issues. To this end it is important to encourage applicationof logic that is a part of critical thinking in business ethics.

References

Jennings,M. (2012).&nbspBusiness:Its legal, ethical, and global environment.Mason, OH: South-Western Cengage Learning.

Miller,R. L. R., Hollowell, W. E., &amp Miller, R. L. R. (2008).&nbspBusinesslaw: Text &amp exercises.Mason, Ohio: Thomson/West

Miller, R. L. (2013). The legal environment today: Business in its ethical, regulatory, e-commerce, and global setting. Mason, Ohio:: South-Western Cengage Learning.

Herring,J. (2014).&nbspCriminallaw: Text, case.

Hirschey,M. (2009).&nbspManagerialeconomics.Mason, OH: South-Western Cengage Learning.

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