17 July 2023
Do you think that a business should be run ethically in today’s world?
Yes, you are absolutely right. As a PGDM student, you must adapt to ethical behaviour that will help you establish a positive organisational reputation, fostering trust and credibility among the stakeholders. By engaging in ethical practices, you will create a loyal customer base for any organisation in the corporate world or for your own start-up.
Let’s understand how you can navigate ethical dilemmas as a PGDM student in your future endeavours!
Defining the Problem
As a PGDM student, you need to engage in actions and decisions that align with principles of morality, honesty, and fairness. Being ethical means having a strong sense of right and wrong and conducting yourself in a manner that upholds these values. As you pursue your PGDM education, you must understand that being ethical means more than just following rules and regulations. It involves embracing a set of principles that guide my decision-making process and actions. These principles revolve around honesty, integrity, and fairness, forming the bedrock of my ethical framework. So, if you ever come across a situation that questions your virtue but violates a certain group of rules and policies, you must abide by your principles.
Assessing the Options at Hand
To ensure the ethical integrity of your choices, you must engage in assessing the options available at your disposal. You can assess the ethical implications of your decision with the help of certain valuable test tools such as the harm test, publicity test, defensibility test, and many more. The harm test helps you to evaluate whether the option you are considering will cause less harm than the available alternatives. The publicity test allows you to question yourself if you are comfortable with your choice being publicised in the mass media. The defensibility test helps you to critically examine the justifications behind your decision, ensuring that it withstands scrutiny and is ethically sound.
Foster Ethical Leadership
As a PGDM student, you should recognise the importance of ethical leadership in organisations. You need to set an example of an ethical leader. You need to signify integrity, fairness, and ethical conduct in your personality. These attributes will help promote ethical behaviour by establishing clear expectations and providing ethical training and resources. By fostering ethical leadership, you can contribute to a righteous organisational climate where moral dilemmas are addressed effectively.
Analyse Potential Consequences
As a business leader in the future, you need to understand the importance of ethical decision-making. You should consider the potential consequences of your actions. This involves evaluating the short-term and long-term effects on various stakeholders, such as employees, customers, suppliers, and the community. You must take steps to consider the potential benefits and harms that may arise from your decisions and the ethical trade-offs involved. It's important to avoid making decisions based solely on immediate gains or personal interests. Rather, it is advisable for you to focus on creating sustainable value while minimising negative impacts.
Seek Diverse Perspectives
When you face ethical dilemmas, as a true leader, you must seek diverse perspectives from the people around you. This approach will help you gain a more comprehensive understanding of the situation. You can engage in discussions with individuals from different backgrounds, roles, and levels of expertise. This can include seeking input from employees, consulting with mentors or advisors, or conducting ethical reviews within your organisation. Once you indulge yourself in diverse perspectives, you can challenge biases, uncover blind spots, and offer alternative viewpoints. This action can enable you to make more well-rounded and informed decisions.
Way Forward
To come to a conclusion, running a business ethically is not just a choice but a necessity. As a PGDM student, you have a responsibility to uphold ethical standards and contribute to a positive organisational reputation. Engaging in ethical behaviour will help you establish trust, credibility, and a loyal customer base after yourPGDM course. By defining the problem, assessing the options at hand, fostering ethical leadership, and seeking diverse perspectives, you can navigate ethical dilemmas effectively. These practices will enable you to make informed decisions that align with your principles, uphold ethical values, and consider the well-being of stakeholders.
