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Moral values and ethics in business


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Business ethics subject

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Moral values and ethics in business

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  2. 2. 2 Topic: “MORAL VALUES AND ETHICS”. Presented by, Wisal Ahmad (112). Iftikhar Hussain.(116) Asad Ali. (134) Ilyas Wazir. (114)
  3. 3. 3 Business Ethics: What Does It Really Mean? Definitions Ethics involves a discipline that examines good or bad practices within the context of a moral duty Business ethics include practices and behaviors that are good or bad
  4. 4. 4 Three Key Branches of Ethics Descriptive ethics involves describing, characterizing and studying morality “What is” Normative ethics involves supplying and justifying moral systems “What should be”
  5. 5. 5 Applied ethics about “how” moral outcomes can be achieved in specific situations;
  6. 6. 6 Moral Values. Moral values are the standards of good and evil, which govern an individual’s behavior and choices. OR Values are the criteria for determining good and bad, fair and unfair, just and unjust.
  7. 7. 7 Types of “Values”. Universal Values: It has the same value or worth for all, or almost all people. Eg, Sanctity of human life, Peace, and human dignity. Instrumental Values: These are values that can be used to get something else. Examples of these would include Progress (which allows leisure time), Freedom (Through which we can get dignity and/or self actualization), and Knowledge (which helps us to get economic prosperity, and progress).
  8. 8. 8 Intrinsic Values: ( opposite to instrumental value) Something has intrinsic worth simply because of what it is, and not necessarily what it will lead to. For example ,beauty, artistic expression and happiness. We value them because they are an important aspect of life. Prerequisite Values: These are values that are necessary before you can get to some bigger goal. Examples of this type of value include safety (which is needed before people can even think about having anything else), Justice (which is needed before we can move onto equality), or the common good (which must be honored if we can ever get to a state of peace).
  9. 9. 9 Paramount Values: It is the value which is above all other things. For example, freedom (which many people have given up their lives for and see as essential to a decent life). Operative Values: These types of values are the ways that we make judgments on how to live the rest of our lives. We use these values as the overarching and guiding principles which tell us what is always right and wrong. For example, Integrity, Honesty, and Loyalty.
  10. 10. 10 Other many sources of Values. Fellow Workers Family Friends The Law Regions of Country Profession Employer Society at Large Fellow Workers Religious Beliefs The Individual Conscience
  11. 11. 11 Sources of Moral Values. Here we discuss the following; Religion. Science. Culture. Law.
  12. 12. 12 Religion Religion is the greatest source of values. Religion also teaches us how to behave and acts as a unconscious policing action. For example, Sikhism religion teaches that they should cover their head before praying to whom they worship and not eating meat.
  13. 13. 13 Science An another source of values. Actually science’s main objective is to prove certain facts, phenomenon’s and other things right or wrong. For example, it is scientifically proven that working yourself too hard can lead to health problems. Thus, science helps us realize that there are better ways to live and thrive in our environment.
  14. 14. 14 Culture Culture refers to a set of values, rules & standards transmitted among generations & acted upon to produce behaviors that fall within acceptable limits. These rules & standards always play an important part in determining values. For example, its good to give place to elder one.
  15. 15. 15 Law Laws are rules of conduct, approved by legislatures that guide human behavior in any society. They codify ethical expectations & keep changing when new evils emerge. But laws cannot cover all ethical expectations of society. For example, law forbids snatching.
  16. 16. 16 IMPORTANCE OF VALUES Personal values Every one knows that life is precious – that life is important. We all protect our life because we care for it more than anything else. If life is so important, the values of life are even more important. Values are guiding principles, or standards of behavior which are regarded desirable, important and held in high esteem by a particular society in which a person lives.
  17. 17. 17 PERSONAL VALUES(cont’d) Character Modeling Our values are a reflection of our spirituality; our character. They are what we hope to model for our children and the children around us, because children do watch us as they develop their own sense of right and wrong. Regarding personal character, Father of Indian Nation M.K Ghandi says………..
  18. 18. 18 Character Modeling(cont’d) "If wealth is lost, nothing is lost" "If health is lost, something is lost" "If character is lost, everything is lost" Best of all things is character. Remember the “CHINESE PROVERB”. “If there is righteousness in the heart, there will be beauty in character, if there is beauty in character, there will be harmony in the home, when there is harmony in the home, there will be order in the nation, when there is order in the nation there will be peace in the world".
  19. 19. 19  Honesty  Respectfulness  Bravery  Courage  Affection towards humanity  Patience  Truthfulness  Beauty  Responsibility  Justice …..etc OTHER PERSONAL VALUES ARE…
  20. 20. 20 SIGNIFICANCE OF VALUES FROM BUSINESS PERSPECTIVE A value is a belief, a mission, or a philosophy that is really meaningful to the business. An example of a business value is: "Customer Satisfaction.“ Thus a business value is the company’s criteria for achieving a high level of performance. For example, Merck, the pharmaceutical company became so successful in its field because the company was so dedicated to the value of "high quality and purity of its drug products". Because of this perceived value, distributors felt secure carrying Merck products, and felt confident recommending the products to their customers.
  21. 21. 21 Good reputation of the business leads to higher value. Reputation and good word of mouth advertising is essential to business survival in today's wretched economic climate and no business can afford to ignore an unhappy customer. Unhappy customers have the ability to besmirch your good reputation in a matter of hours.
  22. 22. 22 Businesses include transactions, dealings, exchanges etc. to explain lets take the example of exchange. Exchange means “giving something and receiving something”. CONDITIONS FOR EXCHANGE: >>>> All businesses consider some value based on which the businesses are conducted
  23. 23. 23 VALUE’s IMPORTANCE (cont’d) There are 4 conditions for exchange. 1. There must be two parties to exchange something. 2. They must be willing to exchange. 3. Capable of exchanging something. 4. That thing must be worth exchangeable. Worth exchangeable means VALUE, that thing must have some value for both the parties.
  24. 24. 24 If there’s no consideration of value OR if no value is taken into account, there will be no exchange and thus cannot be called business. So in businesses value is worth mentionable. The same case applies to making purchases, selling inventories etc. Some other business values are……
  25. 25. 25 CONTINUOUS IMPROVEMENT The desire and ability of the company to develop and incorporate ways to improve itself. CUSTOMER DELIGHT The positive emotional response and joy that the customer feels from interaction with the company's people and products and services. DEVELOPING PEOPLE The desire and ability of the company to improve the lot of the employees working for it. INNOVATION The desire and ability of the company to venture into new, breakthrough areas of opportunity.
  26. 26. 26 MAXIMUM UTILIZATION (OF RESOURCES) The desire and ability of the company to improve its performance by full utilization of its current resources. COMMITMENT TO SOCIETY The commitment of the company to focus on the social needs and aspirations of the society.
  27. 27. 27 Any Question………
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