Ethical Decision Making for Business module 3

The stakeholder management approach embraces the stakeholders, the owners, shareholders, employees, bondholders, customers, suppliers, and vendors, in how the corporation envisions its future. This is key in changing how the company treats employees, customers, vendors, the community, and the environment. This approach looks to benefit the good of all rather than the company’s bottom line. This theory is based on the idea if you can form trust and collaboration resulting in a viable advantage over the competition. I think in life looking out for your own good is short-sided and has long-term detrimental side effects. Although businesses believe in the fight to reach the bottom line regardless of the costs to others or our world, we are now seeing the long-term negative effects this has on our communities, our country, and our earth as a whole. As big corporations fight for astronomical profits and money hoarding we see how this has affected society negatively. When corporations hold on to the lion's share of profits, the workers and communities have fewer resources to afford or grow, this in the long run will lead to the dissolution of big businesses. When we recycle wealth into the economy we make the economy strong and have the ability for more growth through new business, inventions, and services. This benefits society as a whole. If we do not take into account what companies are doing to the environment (look at big oil, air pollution, global warming) no matter how much wealth we assimilate it will be for nothing because we are destroying our world. Jeff Bezos went to space today, he spent 2.8 million dollars, for an 11-minute trip. The 2.8 million for him would compare to us spending pennies. Yet Bezos and other millionaires and billionaires complain about paying a living wage because they feel they have earned their money. Looking at what you do and what they do, do you feel they have worked harder than you have? Do you think it is ethical they make hundreds to hundreds of thousands for every dollar you earn? Implementing the stakeholder business model is not only ethical it is imperative, for the human race to survive. Weiss, J. W. (2014). In Business ethics: a stakeholder and issues management approach (pp. 12,13,15,30,117,132,161–196). story, Readhowyouwant.com Ltd.