The Concept Of 'Virtue' In Business

The concept of 'virtue' has a long history in moral philosophy that has always proven difficult to be expressed as each individual draws their own definition of its true meaning.

This subject is becoming more important in the cultural climate we live in and for the purpose of this reflective journal and absence of a definitive answer on virtues true meaning, Aristotle’s thinking of virtue that has been taken from the readings, coupled with Kantian ethics will be used amongst other sources to show what virtue is, how it is vital in business and the effectiveness of it.

To establish this in the context of business, first virtue ethics has to be defined. Virtue ethics or the excellence of character is person rather than action based. It is the qualities of a person, their trustworthiness, respect, compassionate nature and other aligned redeeming qualities that defines the highest humanly reachable rank of being the best individual they can be, to themselves and upon others Friedman (1970). This person is viewed as someone who possesses and lives virtuously but living this way is not without its limitations in our everyday lives whether that is work or personal, as we can be faced with conflicting interests which contradict our moral obligations and put our virtues into question Klagge (1989).

Virtue affects all of us from how we interact with others, the decisions we make in life and the direction we take. This is important because it plays a vital role in defining individuals character and helps set their business career on a particular course, for example, a man with compassionate reasons to help build housing in underprivileged areas will be devoted to helping less fortune people at home and abroad. His qualities are deemed exemplarily in his community because of his decisions to help others and he will focus his decisions not based on this merit, but on how he can continue to contribute towards society in a meaningful way.

Virtue has shifted dramatically over the past decades in business, from the mindset where company executives primary objective is to maximize profit, increase share value and maintain return on investment for shareholders to conscious, forward minded approaches which look to harbor sustainable practices, ethical treatment of staff and a better understand of work life balance but it’s not without its challenges Mackey (2013). There is a line that has to be drawn when comparing virtue in business to virtue in our personal life’s and this becomes difficult as everyday life situations are not wholly applicable to business.

Kantian ethics provide us an insight into how virtue ethics differ in the approach between personal situations compared to business situations. For example, negotiating a business deal requires an acceptable amount of bluffing or concealment of information at times for companies to negotiate the best deal in this transition but apply these same techniques to a personal situation with close family and friends would be deemed unacceptable because it is deceptive Boatright (2000).

Virtue in business hinges on companies having a moral obligation to do good without an ulterior motive which is easy to see in our marketplace. As a consumer I have witnessed all spectrums of business through day to day purchasing and it is becoming more transparent to see companies that have this. For example, I ordered a cheeseburger from UberEats that never arrived, after calling customer service to query the order I was met with an apologetic response, a $25 off my next order and a pleasant experience that had me forgetting about the lost burger. This example shows virtue in business through the loyalty that businesses are using to connect and stay dedicated with their customer.

Another example from my professional life in an advertising agency is when dealing with clients that have differing virtues and core company values, where we collectively made the decision to decline on a project we were given because we didn’t feel comfortable compromising our core believes just to make our margins on. These core values such as loyalty, honesty and authenticity are used by businesses are pillars which their corporate foundations are built on and they are being used to show a pathway of right and wrong for employees.

Now more than ever, consumers are looking for people who they can trust and these virtues help businesses tell and show their commitment to causes. Although it is difficult to define, I believe that virtue in business will continue to become more prevalent with like-minded individuals expressing their values and that these qualities are crucial to business success.

Traits of virtue that were unrecognized or dismissed previously are now becoming recognized and commended in business from upper management due to this societal change that we are experiencing. I believe that the future holds exciting opportunities for us as virtue in business with a shift from virtue ethics to virtue politics, due to the rising equality and environmental issues that we are collectively faced with. Young, like minded professionals will have a greater voice for change in their respective industries to do virtuous business as they rise to leadership roles, giving them the ability to rectify the mistreatment of our land, our people and it will enable us reverse these effects that have been the status quo for decades.