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The Nature of Ethics
Ethics – The inner-guiding moral
 principles, values, and beliefs that
 people use to analyze or interpret a
 situation and then decide what is the
 “right” or appropriate way to behave



                                         4-1
The Nature of Ethics
Ethical Dilemma –
  quandary people find themselves in
 when they have to decide if they
 should act in a way that might help
 another person even though doing so
 might go against their own self-
 interest


                                       4-2
Ethics and the Law


        Neither laws nor
         ethics are fixed
         principles



                            4-3
Stakeholders and Ethics
Stakeholders –
  The people and groups that supply a
 company with its productive resources
 and have a claim on its resources




                                         4-4
Stockholders
 Want  to ensure that managers are
  behaving ethically and not risking
  investors’ capital by engaging in
  actions that could hurt the company’s
  reputation
 Want to maximize their return on
  investment

                                          4-5
Managers
 Responsible   for using a company’s
  financial capital and human resources
  to increase its performance
 Have the right to expect a good return
  or reward by investing their human
  capital to improve a company’s
  performance
 Frequently juggle multiple interests

                                           4-6
Employees
Companies can act ethically toward
 employees by creating an
 occupational structure that fairly and
 equitably rewards employees for their
 contributions



                                          4-7
Suppliers and Distributors
 Suppliersexpect to be paid fairly and
 promptly for their inputs

 Distributors
             expect to receive quality
 products at agreed-upon prices



                                          4-8
Customers
 Most   critical stakeholder
 Company must work to increase
  efficiency and effectiveness in order to
  create loyal customers and attract
  new ones



                                             4-9
Ethical Decision Models
Utilitarian Rule
 Decision that produces the greatest good
  for the greatest number

     How do you measure the benefits and harms
      that will be done to each stakeholder group?
     How do you evaluate the rights and importance
      of each group?

                                                      4-10
Ethical Decision Models
 Moral    Rights rule
     Decision that best maintains and protects
      the fundamental or inalienable rights and
      privileges of the people affected by it
 Justice   rule
     Decision that distributes benefits and
      harms among people and groups in a fair,
      equitable, or impartial way
                                                  4-11
Ethical Decision Models
Practical rule
 - Decision that a manager has no
 hesitation about communicating to
 people outside the company because
 the typical person would think it is
 acceptable


                                        4-12
Practical Decision Model
1.   Does my decision fall within the
     acceptable standards that apply in
     business today?
2.   Am I willing to see the decision
     communicated to all people and groups
     affected by it?
3.   Would the people with whom I have a
     significant personal relationship approve
     of the decision?
                                                 4-13
Why should managers behave ethically?

The relentless pursuit of self-interest
 can lead to a collective disaster when
 one or more people start to profit from
 being unethical because this
 encourages other people to act in the
 same way


                                           4-14
Trust and Reputation
Trust – person’s     Reputation – esteem
 confidence and       or high repute that
 faith in another     individuals or
 person’s goodwill    organizations gain
                      when they behave
                      ethically



                                            4-15
Societal Ethics
Standards that govern how members of
 a society should deal with one another
 in matters involving issues such as
 fairness, justice, poverty, and the
 rights of the individual
 People behave ethically because they have
 internalized certain values, beliefs, and
 norms

                                             4-16
Occupational Ethics
Standards that govern how members of a
 profession, trade, or craft should conduct
 themselves when performing work-related
 activities

     Medical & legal ethics




                                              4-17
Individual Ethics
Personal standards and values that
 determine how people view their
 responsibilities to other people and
 groups
    How they should act in situations when
     their own self-interests are at stake



                                              4-18
Organizational Ethics
Guiding practices and beliefs through
 which a particular company and its
 managers view their responsibility
 toward their stakeholders
    Top managers play a crucial role in
     determining a company’s ethics



                                           4-19
Social Responsibility
Way a company views its duty or
 obligation to make decisions that
 protect, enhance, and promote the
 welfare and well-being of stakeholders
 and society as a whole



                                          4-20
Approaches to Social Responsibility




                                      4-21
Role of Organizational Culture
Ethical values and norms help
 organizational members:
    Resist self-interested action
    Realize they are part of something bigger
     than themselves




                                                 4-22
Ethics Ombudsman
Manager responsible for
 communicating and teaching ethical
 standards to all employees and
 monitoring their conformity to those
 standards



                                        4-23

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Ab0fethics

  • 1. The Nature of Ethics Ethics – The inner-guiding moral principles, values, and beliefs that people use to analyze or interpret a situation and then decide what is the “right” or appropriate way to behave 4-1
  • 2. The Nature of Ethics Ethical Dilemma – quandary people find themselves in when they have to decide if they should act in a way that might help another person even though doing so might go against their own self- interest 4-2
  • 3. Ethics and the Law Neither laws nor ethics are fixed principles 4-3
  • 4. Stakeholders and Ethics Stakeholders – The people and groups that supply a company with its productive resources and have a claim on its resources 4-4
  • 5. Stockholders  Want to ensure that managers are behaving ethically and not risking investors’ capital by engaging in actions that could hurt the company’s reputation  Want to maximize their return on investment 4-5
  • 6. Managers  Responsible for using a company’s financial capital and human resources to increase its performance  Have the right to expect a good return or reward by investing their human capital to improve a company’s performance  Frequently juggle multiple interests 4-6
  • 7. Employees Companies can act ethically toward employees by creating an occupational structure that fairly and equitably rewards employees for their contributions 4-7
  • 8. Suppliers and Distributors  Suppliersexpect to be paid fairly and promptly for their inputs  Distributors expect to receive quality products at agreed-upon prices 4-8
  • 9. Customers  Most critical stakeholder  Company must work to increase efficiency and effectiveness in order to create loyal customers and attract new ones 4-9
  • 10. Ethical Decision Models Utilitarian Rule  Decision that produces the greatest good for the greatest number  How do you measure the benefits and harms that will be done to each stakeholder group?  How do you evaluate the rights and importance of each group? 4-10
  • 11. Ethical Decision Models  Moral Rights rule  Decision that best maintains and protects the fundamental or inalienable rights and privileges of the people affected by it  Justice rule  Decision that distributes benefits and harms among people and groups in a fair, equitable, or impartial way 4-11
  • 12. Ethical Decision Models Practical rule - Decision that a manager has no hesitation about communicating to people outside the company because the typical person would think it is acceptable 4-12
  • 13. Practical Decision Model 1. Does my decision fall within the acceptable standards that apply in business today? 2. Am I willing to see the decision communicated to all people and groups affected by it? 3. Would the people with whom I have a significant personal relationship approve of the decision? 4-13
  • 14. Why should managers behave ethically? The relentless pursuit of self-interest can lead to a collective disaster when one or more people start to profit from being unethical because this encourages other people to act in the same way 4-14
  • 15. Trust and Reputation Trust – person’s Reputation – esteem confidence and or high repute that faith in another individuals or person’s goodwill organizations gain when they behave ethically 4-15
  • 16. Societal Ethics Standards that govern how members of a society should deal with one another in matters involving issues such as fairness, justice, poverty, and the rights of the individual People behave ethically because they have internalized certain values, beliefs, and norms 4-16
  • 17. Occupational Ethics Standards that govern how members of a profession, trade, or craft should conduct themselves when performing work-related activities  Medical & legal ethics 4-17
  • 18. Individual Ethics Personal standards and values that determine how people view their responsibilities to other people and groups  How they should act in situations when their own self-interests are at stake 4-18
  • 19. Organizational Ethics Guiding practices and beliefs through which a particular company and its managers view their responsibility toward their stakeholders  Top managers play a crucial role in determining a company’s ethics 4-19
  • 20. Social Responsibility Way a company views its duty or obligation to make decisions that protect, enhance, and promote the welfare and well-being of stakeholders and society as a whole 4-20
  • 21. Approaches to Social Responsibility 4-21
  • 22. Role of Organizational Culture Ethical values and norms help organizational members:  Resist self-interested action  Realize they are part of something bigger than themselves 4-22
  • 23. Ethics Ombudsman Manager responsible for communicating and teaching ethical standards to all employees and monitoring their conformity to those standards 4-23