Ethics sentence of either fine, imprisonment or

Ethics
and Law comprise of regulations and guidelines. Ethics and Law relate to one
another, but they are also different in some ways from each other. However,
even as they are different, they both serve to maintain stability and peace in
society. This paper draws its attention on the differences between Law and
ethics and how they both affect the environment of today’s business. Also, the
article will identify the significance of Alternative Dispute Resolution (ADR)
in business.

Law
is a set of regulations and rules organized and accepted without exception. In
most cases, an applicable authority that may be national, regional or
international including a government establishes the law. Law is applicable in
governing behaviors and actions of citizens and by applying punishments and
penalties it is executed. Law has legal obligations that no one can break; if
violated, the violation may cause a sentence of either fine, imprisonment or
both as consequences. Ethics, on the other hand, are the fundamental truths and
assumptions that guide a society and its individuals. The rules and guidelines
do not have obligations that are irrevocable, and thus a violation of ethics
cannot be punished and have no consequences. Nevertheless, they are built up to
explain what is right or wrong, good or bad in a particular state of affairs.
Ethics are important because, through the application of moral guidelines and
rules, they regulate a person’s conduct or behavior and helps individuals to
live lives that are good and blameless. However, when the government governs
the law, individuals, professionals, and legal measures administer ethics (Surbhi
S, 2015).

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The
business environment plays significant roles in the success of a country. Law
and regulations including litigation, mergers, contract, commercial leasing,
and formation of business, acquisition, and protection of consumers are the forces
which create an impact on the market. It is essential for all businessmen to
follow the regulations and law because laws tend to protect a company, industry
or business and helps it to achieve its successful outcome. The laws of
business which appeal to business bodies including corporations and
partnership, bounds and regulates companies and business to observe and accept
the policies that exist in the business environment. The laws also govern
business transactions between organizations (LawTeacher, 2003).

My
current company is affected by laws and regulations in some ways including; the
law has been able to provide a sophisticated federal system which allows the
company to determine its jurisdictions. The bill also governs the company’s
contracts requiring the existence of different legal elements before the
agreement is approved. In cases where contractors fail to achieve the needs of
the deal, the law has helped to enforce the contract. Another thing that law
has done to help my current company is by through its regulations that
facilitate property protection. These rules have eased the burden of employing
private forces of security that are expensive to look over our properties at
the time when we are physically unavailable to guard them ourselves. The
business relies on the regulations and the rule of law to govern the
relationship of its creditors and debtors. When matters of finance fail to
balance as expected, the system of law allows the organization to file a
petition and beseech the court to offer protection from creditors and debtors.
Through the bill under the law of bankruptcy, the business’s property is
protected from the repossessions of creditors while it gets back to the
stability of its finance. Additionally, the rule of law has as well protected
the business from the government. In this case, the government cannot
over-stretch its measures when investigating and regulating businesses, because
it is also a subject to the law. Thus, the company is not a subject to
excessive taxation, bribery when renewing business permits or closure of any
unexpected manner (Johnson & Lau, 2017).

Ethics
also does impact a company, industry or business differently. A business that
is successful has its attributes and trademarks. Taking an example of my past
job, the absence of ethics created a wealth of limitations and difficulties to
the agency. When the company failed to obey federal guidelines in the name of
making financial profits by paying penalties and fines, the consistent failure
led to battles that overweighed the profit gain and were legally costly. On the
employee’s part, lack of ethics led to an additional increase of paperwork due
to the errors made carelessly when other employees concentrated on money making
and ignored to follow the protocols and the procedures in the agency.
Additionally, the company suffered lack of respect and trust between the
leaders and the employees and this caused tension to the organization that was
successful initially through the sense of collaboration and community
relationship. However, the lack of ethics led the company to lose its
credibility inflicting a lot of money and time to restore its initial image and
the trust and confidence of its clients (Zeiger, 2017). The need for ethics in
business started to gain consideration as from the 1970s. Ethics are considered
an asset to a workplace because of reasons such as it directs businesses to be
accountable to the social and natural surrounding where it continues to exist.
Ethics also bound a company or business to be ethical, because, despite its
affairs and transactions, businesses affect their stakeholders. Moreover, the
philosophy of an organization maximizes shareholders return and considers the
rights and interests of all members. Lastly, through ethics, businesses create
guidelines that guide them when relating to other business and company as well
as their political views with other corporations (LawTeacher, 2003).

Alternative
Dispute Resolutions refers to processes that assist organizations to find
solutions during arguments and settle without trials. ADR processes are less
formal, confidential and less stressful compared to the traditional proceedings
of a court. The procedures of ADR include arbitration, collaborative law,
neutral evaluation, and mediation. In arbitration, a neutral person hears cases
and analyses evidence from all positions and then decides the final results.
The collaborative law deals with family cases and provides ways for couples
divorcing to respectfully end their marriage by offering protection, guidance,
and support to them without using the court. On the other hand, the mediation
process uses neutral personnel to help groups to reach an acceptable solution
to a dispute. The neutral process of evaluation uses an honest individual to decide
on disagreements. The impartial expert reviews the weaknesses and strengths of
the matter from both sides and provides his assessment to bring a settlement of
court-like decisions. In most cases, the frequently used ADR processes in my
workplace include the neutral evaluation, mediation and arbitrary. Arbitrary
procedure solves arguments involving employees. In the irrational process, the
arbitrator deciding the case is always one of the employees, and excluding the
management, the employees reach to a solution. In cases where employees and the
managing staff conflict, the company imposes a neutral process of evaluation,
and the neutral personnel are always expected to have no personal relationship
with the members involved. Lastly, when a company is in a general crisis, a
mediation process is emulated to settle the dispute. During the mediation,
every group involved is made to have equal powers, and no side is given favor,
control or authority over the other (NYCOURTS.GOV, 2013).

Ethics
and Law contrast in detailing what people should and must do. However, ethics
and law go side by side despite their contradiction, and they both provide a
way of acting in a specific method. Thus, in the eyes of the law and ethics
every individual, group or organization is equal to the other, and none is
inferior or superior facilitating the free right of selection and thinking.