Abstract GD topics are one of the most important sectors in Group Discussion. Most of the final selection round in IIMs, XLRI, FMS, IMI and other top MBA colleges is the Abstract GD topic which requires your opinion based writing and what positives and negatives you could find in the GD topics. One such abstract GD topic is Ethics and Profit which is very relevant for a student to understand when he enters the management world.
Introduction to Ethics or Profit:
Ethics means your moral values and behavior which made your personality. This is a Greek term which means custom, habit, character or disposition.
Profit is the financial benefit which comes from the total revenue collected from a business activity exceeds the expenses, costs, and taxes.
A company focus on profit:
- A company which is in business should focus on profit first not on the ethics. It is unethical for a company to be not profitable.
- A company if not focused on profit that means the company is neglecting the available resources and manpower.
- A company should focus on profit based work because it is the primary job and liability of a company to pay back to the creditors, its shareholders and employees.
- If a company start too much focus on ethics then it will lose the finance, market inefficiency and most importantly, do not contribute towards social responsibility.
- This type of company drags their employ to words financial insecurity and ambiguity which is more unethical.
A company should pay attention to Ethics:
- It is a sign of a successful company to make a balance between ethics and profit simultaneously. A company can’t run without the cooperation of its employees and surrounding peoples to gain a good cooperation between employ and business a company should focus on Ethics.
- A company can make a big profit by ignoring Ethics but in the race of profit-making sometimes company break legal rules which can effect on the company brand and may bring big penalty which can be a fatal mistake.
- There are much successful company’s which made money through Ethics, for example, TATA Corporation. This type of company has more profit and peoples support the other non-ethical company.
- A report according to the UK’s Institute of Business Ethics (IBE) claims that company based on the Ethical values survived for a long time and creates a big brand name in the society.
Conclude with a balanced approach
A company should maintain its ethical values for its own good. Keeping a balance between ethics and profits gives a company sustainable growth. Without profit making decisions it is hard to survive and pay salary to the employs this is the reason why you can’t ignore either profit-making policy or ethical values. Maintaining a balance between ethics and profit gives a company a strong foundation for the business and continued and sustained existence.
To know more about GD topics with the answer, please flow our blog regularly.