Business Ethics

Corporate Governance & Corporate Social Responsibility Workplace Ethics Definition Morals vs. Ethics Ethical Issues Ethical Dilemma Benefits of Business Ethics Stakeholders Corporate Governance Meaning and Features Key Issues Corporate Social Responsibility Meaning and Need Key Developments Strategies In Implementation Guldens for Reporting CARS Benefits Of CARS Meaning Importance Factors influencing workplace ethics Morals and Standards Ethical Dilemma & Issues in Workplace Employment Discrimination – Meaning and Common Practices

Workplace Managing Workplace Ethics – Guidelines Harassment In Define – (a) Ethics, and (b) Business Ethics Ethics: Ethics are the principle of conduct governing an individual or a group. Ethics relates to what is good or bad, and having to do with moral duty and obligation. Business Ethics: Ethics in business refers to the application of day-to- day moral or ethical norms to business. Business Ethics are the principles and standards that determine acceptable conduct in business organizations. Business Ethics in a business organization relates to a corporate culture of values, programs, enforcement and dervish.

Business ethics is a set of principles or reasons which should govern the conduct of business – at the individual firm Level or at the collective Industry Level, by the application of ethical reasoning to specific business situations and activities. 3. Requirements: Being ethical in business requires acting with an awareness of- a). The need for complying with rules, e. G. – (1) laws of the land, (it) customs & expectations of the community, (iii) principles of morality, (iv) policies of the organization, and 0 general concerns such as the need s of others and fairness. ). How the products, service and actions of a business enterprise, can affect its stakeholders (I. E. Employees, customers, Suppliers, Shareholders, and community / Society as a whole), either positively or negatively. Distinguish between Morals and Ethics. Particulars Morals Ethics 1 . Meaning Moral is defined as relating to principles of right and wrong. Ethics relates to what is good or bad, and having to do with oral duty and obligation. 2. Root word & Analysis Latin word “moss”, meaning “custom”. Custom is defined by a group over time. Societies have “Custom”.

Greek word “ethos”, meaning “character”. Character is a personal attribute. People have “character” 3. Nature Morals are accepted from an authority. (cultural, religious, etc. ) Ethics are accepted because they;; follow from personally accepted principles. 4. Expression Moral Norms can usually be expressed as general rules, and statement, e. G. “always tell the truth”. Ethical Norms are comparatively abstract and cannot be described in general rules and statements. 5. Absorption Morals are typically first absorbed as a child from family, friends, school, religious teachings and other associations.

Ethics are adopted/ absorbed by an individual gradually by taking reasonable actions / decisions in appropriate situations. 6. Scope Morals work on a smaller emulation. Ethics has a much wider scope, and includes evaluation of moral standards of an individual or society, to see whether these standards are reasonable or unreasonable in concrete situations and issues. Write short notes on Ethical Issues. An Ethical Issue ins an identifiable problem, situation or opportunity that requires a person to choose from among several actions that may be evaluate as right or wrong, ethical or unethical. N business, such a choice generally involves comparing monetary profit against what may be appropriate conduct, I. . Financial vs. no- financial implications. Learning to recognize ethical issues is the most important step in understanding Business Ethics. Write short notes on Ethical Dilemmas. Ethical Dilemma: A Ethical Dilemma is a situation where the decision – maker has to choose between right and right. For example, in Ramadan, Ram had to choose between two Dharma – (a) to abide by his Father’s words and proceed to the forest for 14 years, or (b) to ignore his father’s words and rule the country as a Stairway Prince.

Both these alternatives constitute ‘right action” by applying different arthritics / viewpoints. Ethical Dilemma in business: In business, the manager / decision – maker is faced with moral and ethical decisions daily. He has to tackle ethical issue and choose between – )I) right and wrong, (it) right and right. For example, in the case of a Salesperson, does offering a gift to a customer constitute a bribe or sales promotion? Outline the need / importance for ethics in business.

Use of Resources: Society bestows upon businesses, the authority town and use land and natural resources. In return, In return, society has the right to expect that productive organization (I. E. Equines enterprises) will cater to the general interests of consumers employees and community. Fairness: Society may also expect that business enterprises honor existing rights and limit their activities within the bounds of Justice, equity and fairness. Implied Contract: All productive enterprises can be viewed as engaging in an implied contract with the Society.

So, under this “social contract” between society and business, the behavior of business enterprises is guided by “Business Ethics”. Corporate governance: in the process of corporate decision – making, managers contribute, consciously or unconsciously to the shaping f human society – it is not a choice between profits and ethics, but profits in an ethical manner. This has lead to the evolution of “corporate governance”. Business sense in the long term. Comment. The advantages / benefits of Business ethics are – Social Well – being: Focus on business Ethics has improved social will -being.

Exploitation of workers, monopolistic price fixing and profiteering, intimidation and harassment of employees at workplace, etc. Cannot be practiced by business enterprises now. The Society has demanded that business enterprises place high value on fairness and equal rights, thus resulting in improved social welfare. Public Image: the fact that an organization regularly gives attention to its ethics can portray a strong and positive corporate image to the public. Society regards organizations as valuing people more than profit, and striving to operate with utmost integrity, fairness and equity.

Maintaining moral course in times of change: Business ethics is useful during times of fundamental change, where there is no clear moral compass to guide leaders though complex conflicts about what is right or wrong. Continuing attention to ethics in the workplace sensitizes leaders and staff for maintaining consistency in their actions. Teamwork and Productivity: Where a Firm finds disparity between its preferred value and the values actually reflected by workplace behavior, continuous attention and dialogue regarding values, builds openness, integrity and community, all critical ingredients of strong terms in the workplace.

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