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Introduction of business ethics

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Introduction of business ethics Introduction of business ethics Presentation Transcript

  • INTRODUCTION OF BUSINESS ETHICS
  • Introduction
    Business ethics is a branch of ethics which prescribes standards of how the business is to be carried out.
    Guidelines to stakeholders
    The responsibility of the managers and employees
    The application of ethical judgments to business activities.
  • WHAT IS ETHICAL BEHAVIOUR?
    Ethical behavior is that which is morally accepted as "good" and "right" as opposed to "bad" or "wrong"
    The advantages of ethical behaviour include:
    • Higher revenues – demand from positive consumer support
    • Improved brand and business awareness and recognition
    • Better employee motivation and recruitment
    • New sources of finance – e.g. from ethical investors
  • Relationship between business and ethics
    Businesses that exhibit and promote strong corporate codes of ethics are more prosperous in the long run
    Enhances a company's reputation
    The highly competitive environment in today's global economy puts pressures on company leaders to remain profitable
  • Need for business ethics
    Introducing Socialism in Business
    Interest of Industry
    Buyers Market
    Better Relations with Society
    Advantages to Business and Society
  • Importance of ethics in business
    Goodwill
    Profitability
    Going concern is assured
    Sustainability
    Survival of heated competition
    Safety from legal perspectives.
  • Types of ethics
    Normative ethics
    Applied ethics
  • Morality
    Derived from latin word “moralities”.
    It is a system of conduct which is virtuous.
    Refers to personal or cultural values.
    It refers to what is considered right or wrong by people.
  • Legality
    Legality means lawfulness by virtue of conformity to al legal statue.
  • Distinguish ethics and laws
  • Concept of right
    Legal right
    Human right
    Employee right
    Moral rights
  • Concept of duty
    Rights and duties are correlative
    Duties are what he/she owes to others.
  • Ethical organisation
    Organisation should posses ethical behaviour.
    Three theories provide a framework fro judging ethical nature in business.
    1. theory of corporate excellence.
    2. Ethics and shareholders value.
    3. ethics and corporate governance.
  • Code of conduct
    A state of rules to guide behaviour and decisions.
  • Why Have a Code of Conduct
    A code is an open disclosure of the way an organization operates
    Codes of conduct offer an invaluable opportunity for responsible organizations to create a positive public identity for themselves
    Tool to encourage discussions of ethics and to improve how employees/members deal with the ethical dilemmas, prejudices and gray areas