Exploitation and Minimum Pay | Free Essay Example

Exploitation and Minimum Pay

Words: 1160
Topic: Business & Economics
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Minimum Wage

The issue of exploitation is a major challenge in many societies. A minimum pay is the lowest monthly or daily remuneration that companies may pay their workers. My position is that every business should follow the best ethical principles. This approach will ensure “every organization provides what many Americans call a living wage” (Harris, Pritchard, and Rabins 35). This practice will ensure every employee gets better remunerations and salaries.

Many theorists explain why the minimum wage may increase the level of unemployment. The practice might also increase the level of poverty. Every ethical company should use the approach to support the needs and expectations of its employees. This discussion explains why there is an ethical obligation for every corporation to provide a minimum living wage to its workers. This minimum wage helps every person to lead a better and sustainable life.

The “other concern is how to judge a living wage” (Vesilind and Gunn 63). Many experts and economists explain why the government should use acceptable standards to judge a living wage. I personally believe that economists should judge the minimum wage by the standards of the host country. The rate of inflation differs from one country to another. Every political, environmental, or economic factor will affect the financial performance of a country differently.

This fact explains why “economists should judge minimum wage by the standards of a country” (Vesilind and Gunn 32). The minimum wage should be in accordance with the economic issue experienced in every country. The average living wage in the United States is $7.5 per hour. This wage may vary from one country to the other. My suggestion is that every nation should have a minimum wage in order to support the best ethical practices.

Bribery

Bribery is common in almost every society. Many people or companies will pay bribes in order to get tenders or favors. Vesilind and Gunn explain why “bribery is ethically wrong” (78). Some countries and societies do not condone any practice associated with bribery. Every business needs to acknowledge the dangers of bribery. The practice can result in numerous consequences. The situation also affects the ethical positions of many companies. In my opinion, it would be wrong for a US company to pay bribe in a foreign country.

The best practice is upholding the highest level of professionalism and ethics. This approach will ensure the company supports the best practices. Every American corporation should comply with US law even when working outside the country. This practice will support the company’s goals. Any business organization that pays bribes or engages in unethical practices stands a high chance of losing its business (Harris, Pritchard, and Rabins 42).

Every employee in the United States or any other country should maintain the highest level of practice. This promotes the highest standard of professionalism. One of my acquaintances was supposed to engage in the best practice in order to support the mission of his employer. My friend was supposed to promote the best ethical practices. Some of his workmates wanted to pay a bribe in a foreign country in order to get a working license. The employee insisted that the company should follow every legal procedure.

This situation explains why every American worker should “portray a higher responsibility in every situation” (Vesilind and Gunn 64). This is both a moral and professional obligation. The practice will also ensure every business realizes its goals in different societies.

Nepotism

Nepotism is a major issue in many societies. Some thinkers treat nepotism as a good practice while others believe it is unacceptable. Nepotism is very common in many organizations. Many companies do not accept the practice. Some business owners can hire different family members depending on their skills.

The important thing is to promote the performance of the business. Nepotism may not be a bad practice especially when the hired relative has the best competencies. This scenario explains why nepotism may be good or bad depending on the person’s position and competencies.

Nepotism becomes a critical problem when a businessperson decides to employ a non-qualified family member (Harris, Pritchard, and Rabins 54). Nepotism may also become a barrier especially when a person decides to hire a relative who lacks the required competencies.

Nepotism is a common practice in many businesses. I have encountered an interesting story about Abigail Johnson. Abigail’s family is grooming her to become a leader at Fidelity Investments. Different family members support the billionaire to become the company’s CEO. This situation explains why many businesses hire leaders from their inner circle (Vesilind and Gunn 49). This fact explains why every person should treat nepotism with caution.

It can be a healthy practice for the company and eventually make it successful. Abigail Johnson might present the best leadership styles at the company and make it a leading player in the industry. This scenario explains why every identified person within the company’s inner circle should possess the best leadership skills. This practice will make every business successful. The wisest thing is to promote nepotism in accordance with the law.

Professional and Ethical Issues

I have gained new skills from the class materials. I will use the ideas to achieve my future goals as a student of technology. The first professional issue is to become an ethical entrepreneur or investor. I will always consider the best ethical practices in order to achieve my goals. I will mentor and motivate my employees to focus on the best ethical practices.

The second idea is to be an environmentalist. This is a complex term focusing on the changing needs of the global population. I will use the principle to address the issues affecting our environment (Harris, Pritchard, and Rabins 65). I will ensure my business corporation promotes the best ethical practices. The company should not emit any hazardous wastes. These ethical principles will make me a successful entrepreneur.

The third principle is to become a business pessimist. Every technologist or engineer should be a pessimist. This practice ensures every person is aware of every possible challenge or obstacle affecting his or her projects. The strategy will make it easier for me to address every issue affecting my projects. The fourth issue is the problem of nepotism. The readings view nepotism as an ethical practice that calls for good ideas. Nepotism can be right or wrong depending on how the business implements it (Vesilind and Gunn 75).

I will only hire competent relatives to work in my business. This strategy will make my personal projects successful. The first professional issue is the ability to engage in ethical business practice. Ethics is a wider subject that affects the goals and objectives of every engineer or businessperson. This concept will affect my career significantly. I will also make the best decisions in order to engage in ethical business practices. I will address certain issues such as bribery and provision of minimum wages to my employees.

Works Cited

Harris, Charles, Michael Pritchard and Michael Rabins. Engineering Ethics: Concepts and Cases. Cengage: Cengage Learning, 2009. Print.

Vesilind, Aarne, and A. Gunn. Hold Paramount: The Engineer’s Responsibility to Society. Cengage: Cengage Learning, 2010. Print.