“Value is view of life and a judgment of what isdesirable , which is very much a part of person’spersonality and a group’s morale”.
Values are• We do what we say• We act decisively to create value• We hold ourselves accountable• We dare to be different• We act with care
• Business ethics is the study of how personal moral norms apply to activities and goals of a commercial enterprise .• Business ethics operates as system of values and is primarily concerned with the relationship of business goals and techniques to specifically human ends.
What Are Unethical Business Practices?– Managers lying to employees– Office nepotism and favoritism– Taking credit for other’s work– Stealing from the company– Firing an employee for whistle-blowing(wrong doing in or by an organisation)– Padding expense accounts– Divulging confidential information or trade secrets– Terminating employment without sufficient notice– Using company property/materials for personal use
• Values helps in preventing unethical practices constantly being used by business owners.• It helps the strategists to somehow reconcile the pragmatic demands of work which prevents the use of unethical business practice for achieving organization goals.• Helps in elimination of abuse of public power by politicians and bureaucrats for personal gains.• Business ethics are also identified as major source of competitive advantage.
• Companies which are recognized as ethical organizations are able to attract investment and human capital, retain talent, differentiate themselves in the market and create a perception of being customer friendly (strategists therefore have to provide the right values and ethical sense to the organization they manage)
• Values are personal in nature while ethics is generalized value system .• Values offers alternatives to choose from.• For instance CSR as a business policy is optional, a strategist may or may not posses this value and still remain within the limits of business ethics.
Inculcating Values & Ethics• Considering values and ethics in recruitment and selection.• Incorporating the statement of values and code of conduct into employee training and educational programmes.• Paying special attention to those parts of the organization that are susceptible to be ethically sensitive such as purchase.