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Business Ethics

Business Ethics. Lecture_6. Business Ethics. Ethics at work. Business Ethics. Business ethics is applicable not only to the manner the business relates to a customer but also to the society at large . It is the worth of right and wrong things from business point of view .

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Business Ethics

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  1. Business Ethics Lecture_6

  2. Business Ethics Ethics at work

  3. Business Ethics Businessethicsisapplicablenotonly to themannerthebusinessrelates to a customerbutalso to thesocietyatlarge. It istheworthofrightandwrongthingsfrombusinesspointofview.

  4. Business Ethics Everystrategicdecisionhas a moralconsequence. Themainaimofbusinessethicsis to providepeoplewiththemeansfordealingwiththemoralcomplications. Ethicaldecisionsin a businesshaveimplicationssuchassatisfiedworkforce, highsales, lowregulationcost, morecustomersandhighgoodwill.

  5. Ethical issues for business Someofethicalissuesforbusinessarerelationofemployeesandemployers, interactionbetweenorganizationandcustomers, interactionbetweenorganizationandshareholders, workenvironment, environmentalissues, bribes, employeesrightsprotection, productsafetyetc.

  6. Significant ethical principles to be followed for successful business 1 • Protectthebasicrightsoftheemployees/workers. • Followhealth, safetyandenvironmentalstandards. • Continuouslyimprovisetheproducts, operationsandproductionfacilities to optimizetheresourceconsumption • Donotreplicatethepackagingstylesoas to misleadtheconsumers. • Indulgeintruthfulandreliableadvertising. • Strictlyadhere to theproductsafetystandards. • Acceptnewideas. Encouragefeedbackfrombothemployeesaswellascustomers.

  7. 2 8. Presentfactualinformation. Maintainaccurateandtruebusinessrecords. 9. Treateveryone (employees, partnersandcustomers) withrespectandintegrity. 10. Themissionandvisionofthecompanyshouldbeveryclear to it. 11. Donotgetengagedinbusinessrelationshipsthatlead to conflictsofinterest. Discourageblackmarketing, corruption 12. Meetallthecommitmentsandobligationstimely.

  8. 3 13. Encouragefreeandopencompetition. Donotruincompetitors’ imagebyfraudulentpractices. 14. ThepoliciesandproceduresoftheCompanyshouldbeupdatedregularly. 15. Maintainconfidentialityofpersonaldataandproprietaryrecordsheldbythecompany. 16. Donotacceptchildlabour, forcedlabouroranyotherhumanrightabuses.

  9. Ethics in the workplace Managing ethics in the workplace holds tremendous benefit for leaders and managers, benefits both moral and practical. This is particularly true today when it is critical to understand and manage highly diverse values in the workplace.

  10. Business Ethics is now a Management discipline BE has become to be considered a Management discipline, especially since the birth of the social responsibility movement in the 1960s

  11. Business Ethics in the workplace can be managed through the use of: Codes of ethics Codes of conduct The roles of ethicists and ethics committees Policies and procedures to resolve ethical dilemmas Ethics training, etc.

  12. Benefits of managing ethics in the workplace Attention to business ethics has substantially improved the society Ethics programmes help maintain a moral course in turbulent times cultivate strong team work and productivity Support employee growing and meaning

  13. Benefits of managing ethics in the workplace 4. help ensure that policies are legal 5. help manage values associated with quality management, strategic planning and diversity management 6. promote a strong public image

  14. Guidelines for managing ethics in the workplace Recognise that managing ethics is a process The bottom line of an ethics programme is accomplishing preferred behaviours in workplace The best way to handle ethical problems is to avoid their occurrence in the first place

  15. Guidelines for managing ethics in the workplace 2 4. Make ethical decisions in groups, and make decisions public, as appropriate 5. Integrate ethics management with other management practices 6. Use cross-functional teams when developing and implementing the ethics management programme 7. Value forgiveness

  16. Key roles and responsibilities in Ethics management 1. The organization's chief executive must fully support the program. 2. Consider establishing an ethics committee at the board level. 3. Consider establishing an ethics management committee.4. Consider assigning/developing an ethics officer.

  17. Key roles and responsibilities in Ethics management 5. Consider establishing an ombudsperson. 6. Note that one person must ultimately be responsible for managing the ethics management programme.

  18. Social responsibility of managers Socialresponsibilityisdefinedastheobligationandcommitmentofmanagers to take steps forprotectingandimprovingsociety’swelfarealongwithprotectingtheirowninterest.

  19. Managers must be socially responsible because of the following reasons: OrganizationalResources Precautionarymeasure MoralObligation EfficientandEffectiveEmployees BetterOrganizationalEnvironment

  20. Ethics at work Intheworkplacewearefaceddailywiththeresponsibilityofmakingdecisions. Howdowerespondwhensomeonespeaks to us? Howdowedecidewhat to do first whenthe boss givesusanassignment?

  21. Ethical decision Thebestway to make a decisionis to thinkofresults: Whatisthebestway to achievecertaingoals? Oncethequestionisanswered, theethicaldecisionismade.

  22. Questions to answer to make ethical decisions • Howcanemployeesfeelprofessionallyfulfilled? • Howcancustomersbesatisfied? • Howcanprofitbeassuredforshareholdersandstakeholders? • Howcanthecommunitybeserved?

  23. Ethical decisions made by business leaders Ethicaldecisionsaresometimesdifficultforbusinessleadersfortheymustchoosebetweendifferentpriorities. Making a decisionbasedontheneedsofemployees, customers, stakeholdersandthecommunityrequires a goodleader.

  24. Guidelines for making ethical decisions Laws Individual ethics Ethical conflicts

  25. Ethicalconflictsatwork. • Conflictofinterest– a leaderachievespersonalgainfromthedecisionhemakes; • Loyaltyversustruth – a leadermustdecidebetweenloyalty to thecompanyandtruthfulnessinbusinessrelations; • Honestyandintegrity– a leadermustdecideifhewillbehonestorlie; ifhewilltakeresponsibilityfordecisionsandactionsorblamesomeoneelse; • Whistleblowing – Doestheleadertellothers (mediaorgovernment) aboutunethicalbehaviourofthecompanyorinstitution?

  26. Company’s ethical behaviour The need for a company to behave “ethically” is described in terms of a company’s need to interact productively with its stakeholders.

  27. Business Ethics Business Ethics means conducting all aspects of business and dealing with all stakeholders in an ethical manner…

  28. Globalisation, Business Ethics and Competitive Advantage • Globalization has brought about greater involvement with ethical considerations and most importantly achieving competitive advantage through business ethics. • Globalization and business ethics are linked as they affect a company’s ability to commit to its shareholders, in particular to external investors, and preserve the trust needed for further investment and growth.

  29. Ethics as a corporate strategy • It is increasingly important for companies to deal with ethics as a corporate strategy that, if uniquely implemented, could achieve competitive advantage for the company rather than waiting to react to possible ethical issues of importance to the targeted stakeholders. • It is the necessity of being ethically proactivecompany rather than being ethically reactive company.

  30. Business Ethics as a competitive advantage Business ethics as competitive advantage involves effective building of relationships with a company’s stakeholders based on its integrity that maintains such relationships.

  31. Ethics and corporate strategy It is increasingly important to include ethics in the corporation’s strategy and potentially implement it in a way that achieves a competitive advantage for the company and adds value to the stakeholders.

  32. Questions for revision What is the main aim of business ethics? What are the implications of ethical decisions in business? What are the ethical issues for business? What are the ethical principles for successful business? How can business ethics be managed in the work place?

  33. Questions for revision 2 6. What are the benefits of managing business ethics in the work place? 7. Name the guidelines for managing ethics in the workplace. 8. Name the key roles and responsibilities in ethics management. 9. What are the reasons for managers’ social responsibility?

  34. Questions 3 10. What are the questions to answer to make ethical decisions? 11. Name the guidelines for making ethical decisions. 12. What are ethical conflicts at work? 13. Ethics as corporate strategy. 14. Business ethics as a competitive advantage.

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