|← Competition of Funds in the Market||External Factors of Retailing →|
When an employee works for an organization, his/her instrumental value is based on the wages that he/she brings to the firm. However, the intrinsic value of human life cannot be measured in this manner. This is because it does not vary from one person to the other. The intrinsic value of human life is constant from one person to the other. It cannot be estimated or given a monetary value.
Choice between Settling of Cases and Recall
If I was making a decision between these two choices, I would go for the recall. Each of these two choices has its advantages and disadvantages. The recall proves to be more expensive than compensation of the stakeholders. However, the choice to continue with the settling of the cases is unethical (Feinberg, 2006). Business decisions should consider their stakeholders’ intrinsic value.
Influence of Stakeholders’ Value upon Decision Making
The stakeholders have great value that would influence my decision. My decision would mostly be based on their intrinsic value. This value is too great to be measured. Therefore, it supersedes any monetary value. This is what would make the basis of my decision. I would consider their instrumental value to help in the decision making. This is when nothing can be done about the intrinsic value protection (Martensen, 2009).
Financial Impact of the Decision on the Company
In the long run, neglecting of the intrinsic value of stakeholders can prove disastrous. Considering the recall has a negative financial impact in the short run. This is because it is more costly than the compensation. However, it solves the problem with more permanence. No more compensation would be required in the future since the explosion of the vehicles would stop. This would also ensure that the stakeholders have more trust in the business than before (Martensen, 2009). Therefore, they would be willing to buy the products supplied by the business. This would have a positive financial impact on the business.
Account for Intrinsic and Instrumental Value of Human Life
The instrumental value of human life is the monetary benefit that an individual causes by being present. This varies from one person to the other. This is because different people contribute differently to business organizations in monetary terms. The intrinsic value of a human being is the ultimate value of his/her life. This cannot be measured in monetary terms (Dragove, 2003). It is the inner value of a human being placed by God. Therefore, it should just be respected and not measured.
Business organizations should work hard to uphold ethics. When making their day-to-day decisions, they should consider its effect on the stakeholders. All the people that can be affected by the decision making should be considered. This would ensure that the rights of the stakeholders are respected.