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Business Ethics an Introduction

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Introduction to Business Ethics

Introduction to Business Ethics

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  • 1. MEANING Greek word ETHIKOS Means CHARACTER Study of Behaviour and values
  • 2. ETHICS  Ethics is the study of Behaviour  What is Good and What is Wrong  Branch of Philosophy  Science of morals
  • 3. You need to be more and more selfless
  • 4. Action as per standards-Ethical Not as per standards –Un Ethical Actions which are law ful may not be ethical Eg.,Drinking alcohol
  • 5. Differentiate Human Beings from Animals
  • 6. ORIGIN What is Right and what is wrong Rules by society =Ethics From Olden Days
  • 7. ORIGIN IN INDIA Bhagawad Gita VEDAS Upanishads Neeti shatra by chanakya Vedanta
  • 8. ORIGIN IN WEST Socrates(469-399BC) Plato(427-347BC) Aristotle(384-322BC)
  • 9. ETHICAL OR UNETHICAL ? • Laying of employees after assuyring no layoffs • Operating cancer treatment centre with tobacco company
  • 10. DIFFERENCES Morals Ethics  Latin word “MOS”  Social in Nature  Based on Customs  Accepted by religious/cultural institutions  General principles(Friends & Family)  Greek word “Ethikos”  Personal in Nature  Based on Personal Aspects  Personally accepted  Personal principles(own)  Wider scope
  • 11. RELIGION VS ETHICS VS
  • 12. ETHICS VS LAW
  • 13. GOLDEN RULE OF ETHICS
  • 14. FUNDAMENTAL PRINCIPLES OF ETHICS  INTEGRITY  OBJECTIVITY  CONFIDENTIALITY  PROFESSIONAL COMPETENCE AND DUE CARE  PROFESSIONAL BEHAVIOUR
  • 15. ETHICS UNIVERSAL/CONSTANT? Ethical principles are some thing we follow regularly in our life Some principles are universal. Right Wrong Honesty Lying Reliability Cheating Mutual respect Stealing Nonviolence
  • 16. EXCEPTIONS a.Thief breaks in to your home Will you tell truth? b.Can a doctor reveal the serious illness to patients
  • 17.  Many Ethical values have changed basing on changes in society and time Eg:Abortion-Immoral but not now Child marriage,sati,untouchability,caste Ethical values different in many cultures Eg:Polygamy,using ornaments
  • 18.  Morality based on Personal perception  Which is good for some one may not be good for some one else Eg:Terrorism Western culture
  • 19. BRANCHES OF ETHICS  Meta Ethics-Studies meaning  Normative Ethics-Gives prescription  Applied Ethics-Use of Ethics Eg:Medical ethics,legal Ethics,A&F Ethics,Environmental Ethics,Business Ethicsetc.,
  • 20. NATURE OF ETHICS  Standards of Behavior tells us how to behave  Not same as Feelings  Feelings-Personal  Ethics is not religion but it is advocated by religion  Ethics is not law but law contains ethics  Vary from society to society  Ethics is not science
  • 21. WHY ETHICS DIFFICULT TO UNDERSTAND? Though it is common in daily life Difficulty a.Base for Ethical standards? b.How can we apply these standards? Application based on demand of the situation
  • 22. SOURCES TO ETHICAL STANDARDS 5 major sources 1.Utilitarian Approach 2.Rights/Deontological Approach 3.Fairness Apprroach 4.Common Good Approach 5.Virtue Approach
  • 23. UTILITARIAN APPROACH  Do more good do less harm  Produce balance between good and harm  Deals with consequences
  • 24. RIGHTS APPROACH  Ethical action is which that protects and respects the moral rights who got affected  Based on Human Dignity gives ability to choose freely,what they do with their lives Eg:Ten commandments
  • 25. FAIRNESS APPROACH Aristotle contributed this idea TREAT ALL HUMAN BEINGS EQUALLY
  • 26. COMMON GOOD APPROACH  Life is good in itself,and our actions contributed to that life  Relationship based on Ethical reasoning  Calls common conditions for welfare of Every one  System of law,Effective Enforcement,Educational system or even public relational areas
  • 27. VIRTUE APPROACH  Ancient Approach  Ethical actions consistent with some ideal virtues(Beliefs)  Honesty,Courage,Compassion  Generosity,Tolerance,  Fidelity,Self control “WHAT KIND OF PERSON WILL I BECOME IF I DO THIS
  • 28. BUSINESS ETHICS  Application of Every day moral or Ethical norms to Business  Being Ethical requires acting with awareness of how • Products and Services • Actions of Employees • Stake holder and society
  • 29. • Code of conduct for doing Business • Unite in common pursuit of justice –Mahatma Gandhi • Truthfulness in Business,conduct reflection of their country
  • 30. NEED  Application of Ethics in Business  Authority to use Natural Resources  Engaged in Social Contract  Business man-Trustee
  • 31.  Major Emphasis on CSR  Responsible for Share holders and Stake holders  Ethics in Companys –MISSION Statement  Profit Maximisation to Wealth Maximisation
  • 32. ETHICAL INFLUENCE ON BUSINESS Areas of Business Ethical Practice Plant location Environment Impact Product Pollution Purchase & Storage No hoarding of finished goods Transportation Safety Regulations Advertising Realistic Claims Finance Appreciation of Capital Personnel Equitable treatment
  • 33. BENEFITS OF FOLLOWING BUSINESS ETHICS  Easier change management  Strong team work and productivity  Enhanced Employee growth  Guarantee that personnel policies are legal  Helps to detect violations easily  Helps to manage values associated with quality management, strategic planning
  • 34. ETHICAL DILEMMAS Dilemma means Confusion Ethical dilemma: Eg; Rama o Obey or Rule kingdom Arises When there are Alternatives
  • 35. ETHICAL DILEMMAS IN BUSINESS  Only few issues are straight forward  In many cases conflicts with out clear option  Arises to manager to decide between  i)Right and wrong ii)Right & Right  In finding solutions business man face Ethical dilemmas  Most often business interests conflict with moral values  Eg., Bribe Or a means of sales promotion
  • 36. GUIDELINES TO HANDLE ETHICAL DILEMMA  Define problems clearly  Stood on the other side of the fence  How did the situations arise?  Intention in making that decision  Who will injure by your decision?  What is probable results of the decision?  Can you discuss with affected parties before decision?  Symbolic potential of your action, if understood or misunderstood?  Exceptions to your stand?
  • 37. WHY ETHICAL PRACTICES? 1. Self Interest 2. Reward Motive 3. Social Pressure 4. Legal Need 5. Consistent with profit Motive 6. Image 7. Payback Principle
  • 38. GOI EFFORTS TO ENSURE ETHICAL BEHAVIOUR ACB and CBI Vigilance Commission Right to Information Act Public Interest Litigation Transparency Ombudsman
  • 39. INSTITUTIONALIZING BUSINESS ETHICS Code of Ethics Compliance officer Ethics committee Teaching in MDP’s ombudsman