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Business Ethics

Business Ethics

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Business Ethics

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  1. Business Ethics

  2. What is Ethics? Ethics deals with what is good or bad and moral obligation. Ethics can help determine the conduct and behavior acceptable between individuals and groups. In larger organizations, business ethics determine policies for environmental issues, social responsibility, and human rights.

  3. Ethics, Business and Law Business set up guidelines or rules that show what is appropriate or not while in business. A society’s history and values determine its ethics. Ethics also govern relationships and interactions in a society as a whole, or within the larger context of international business.

  4. Ethics, Business, and Law Many Western countries embrace the rule of law. These written laws establish standards or rules that citizens are expected to follow. There is a difference between what is legal and what is ethical. Even though rules may permit companies to act in certain ways, those acts permitted may not be ethical. (Many times this leads to conflicting interests between the two values.)

  5. Ethics, Business, and Law Some companies choose to write a clear list of their values so to defeat any chance of these conflicts arising. This code helps to create a guideline for businesses to make an acceptable choice.

  6. Ethics, Business, and Law Canadian business people find that the ethics that we hold here in Canada may not necessarily hold the same in other countries. This problem can lead to ethical dilemmas.

  7. Cultural Relativism and Ethical Imperialism Anyone who dose business in, or travels to, a different country is expected to behave according to the laws and codes of the country. Ethical behavior is determined by the host country’s value system.

  8. Cultural Relativism and Ethical Imperialism Example… In international business there is the question of the employment of children. In some country’s it is customary for children to work long hours at a young age and it is considered acceptable.

  9. Cultural Relativism and Ethical Imperialism As the process of globalization gathers momentum, a consensus is arising that there are many common values that are shared like respect, fairness, honesty, compassion, and responsibility. Such core values of caring can override differences between individual countries.

  10. Corporate Social Responsibility Canadian companies are learning to be good corporate citizens in vastly different cultures. Every company has an obligation to a variety of stakeholders.

  11. Corporate Social Responsibility Stakeholders consist of the community, employees, customers, suppliers, investors, and society in general. Stakeholders are the persons or groups affected by the performance of the organization.

  12. Corporate Social Responsibility As a result of a renewed focus on stakeholders, many businesses today are promoting social responsibility. Socially responsible companies serve not only the financial expectations of their stakeholders but also the ethical interests and demands of all of their stakeholders.

  13. Corporate Social Responsibility One measure of corporate success is the social and environmental impact of a company, its corporate social responsibility (CSR). CSR broadly covers corporate standards and practices regarding human rights, the environment, human resources, and community relations. A company’s CSR is a mark of its willingness to be accountable to its many stakeholders.

  14. Legislated and Voluntary Codes Legislated code is law. Compliance is mandatory. A number of Canadian government agencies ensure that the legislated codes are followed ( ex: Canada’s borders, environment, food production, health and safety, and in air travel. A business that fails to follow a legislated code is considered non-compliant and may face legal sanctions.

  15. Legislated and Voluntary Codes A voluntary code of conduct is demonstrated in voluntary initiatives, guidelines, or non-regulatory agreements. Voluntary or discretionary codes address the needs of consumers, workers, and citizens while at the same time allowing companies to be more competitive.

  16. Legislated and Voluntary Codes