Is Ethical Competency Required for Competitiveness?

Abstract

It is useful to think about some of the most important challenges business and other organizations will face as the new millennium begins. Ethical competence has been the engine propelling much of the growth of the business sector as well as a driving force behind the expansion of the social factor as a key indicator. The simultaneous pursuit of economic, social, and environmental goals by enterprising ventures, has gradually found a place in the world’s stage as a human response to social and environmental problems. The new century will not cause cataclysmic changes, at least not immediately. The organizations that have failed in ethics have paid a very high price or even have gone into bankruptcy. Organizations that satisfy ethical demands are probably harmonious inside and trustworthy outside, increasing the possibility for higher profit and effectiveness. This paper aims to review the recent developments of the leading competitive industry state in line with the full implication of ethical competence. Exploring the concept of ethical competence in the context of competitive business is essential as it pertains to better quality of care. The concept still lacks a comprehensive definition covering the aspects of ethical expertise, ethical knowledge and action in the leading professional industries to stay in a competitive manner.