Business Ethics in the Footwear, Clothing, and Textile Industries Essay

Business Ethics in the Footwear, Clothing, and Textile Industries - Essay Example   Business ethics and conduct have been a major talking point in the TCF industry, especially with regards to the fairness of its dealings, processes, stakeholder treatment, and competition policies. The principle of fairness seeks to ensure that TCF organizations engage in; fair and free ethical competition deals with all stakeholders in a way that can describe as being equitable and fair and is non-discriminatory during the process of contracting and hiring (Braithwaite & Drahos, 2010: p401). This principle has been a problematic one within the TCF industry. The workforce is 80% female on minimum wage that averages $38 every month. This industry has the lowest costs of labor globally, and the workers’ unions are intimidated with violence in order to stay quiet on industry standard violations (Sajhau, 2013: p34). The industry needs to create a more friendly culture for workers, enforcing freedom of association sans victimization, pro-labor legislation, balance the gender in equality gap, and fire and building inspection codes. This can be achieved with the help of global retailers.   Issues related to diligence and loyalty is an important concern with regards to business ethics in the TCF industry. The industry would be required to act as a fiduciary for investors and the company by carrying out the organization’s operations in a loyal and diligent manner expected of trustees (Braithwaite & Drahos, 2010: p402). Corporate ethics are reflective of the business’ philosophy, and one of its objectives is the determination of the company’s fundamental purposes.