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Improving Business Ethics Education

Improving Business Ethics Education. Done by: Rebecca Jardine. The Problem. The reputation of business has been damaged by the unethical behavior of businessmen and women. American business leaders have lost the trust of their employees

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Improving Business Ethics Education

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  1. Improving Business Ethics Education Done by: Rebecca Jardine

  2. The Problem • The reputation of business has been damaged by the unethical behavior of businessmen and women. • American business leaders have lost the trust of their employees • Schools focus on teaching students about the “short term share price” while neglecting the importance of research, development, and the reputation of the firm. • Business schools need to rethink the teaching of ethics so that it is actually meaningful to the students who learn it

  3. What Ethics Education is Like Now • Less than 1/3 of all accredited business schools offer a stand along course in business ethics • This needs to be fixed. There needs to be an extensive revitalization of the teaching of ethics to business students. • AACSB does not require even one ethics course be taken as a condition for accreditation.

  4. The Best Approaches to Teaching Business Ethics • Develop a fully integrated approach using a stand alone business ethics class • Have students perform many ethical case studies. • Use service learning so students can experience real life decision making. • Have a foundation course in business ethics as well as spread the topic across other courses.

  5. Why is being ethical so hard? • Competitiveness between firms • Competitiveness between employees • Pressures to achieve short term results • Worldwide economic downturn

  6. What are the Consequences of Unethical Behavior? • Embarrassment when managerial dishonesty is publicized. • False sense of security that if you got away with it once you can do so again. WRONG! • Investors pay the price for those who commit fraud. • The economies of some countries will never recover • Inevitably you will get caught one day and if you are not imprisoned you will be heavily fined

  7. Identify the Benefits of Virtuous Conduct • Schools that make an effort to teach their students ethical behavior are acknowledged and praised. • Emperical evidence suggests that businesses can “do well by doing good” • Cameron (2003) noted that principles of virtuousness actually: • increase employee commitment and trust, • reduce turnover, • increase quality, • improve customer satisfaction • Increased profitability

  8. Foundations of Decision Making • Understand the principles and assumptions attached to each model • Core values of businesses guide decision making • Businesses need to be value based and principle centered. • Integrate ethical organizational values with financial objectives.

  9. Establishing a Culture that Reinforces Integrity • Ethical values begin at the executive level of organization • All employees need to be aware of the often complicated and culturally charged ethical and legal issues facing the modern organization • Create better systems that monitor conduct • Enforce disciplinary action against offendors.

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