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BUSINESS ETHICS MODULE 1 UNIT I_A.pdf

Dr Vijay Vishwakarma
Dr Vijay Vishwakarma
Dr Vijay VishwakarmaAssitant Professor, Teaching at Bunts Sangha's, S M Shetty College of Science, Commerce and Management Studies

Ethics- Meaning, Business Ethics Concept, Types of Ethics, Ethics and Values, Indian Ethos and Work Ethos, Moral Standards, Guidelines for developing code of ethics, Personal Ethics- Value of Self, Promote Happiness, Emotions and Honesty, Keys to Personal Ethics , Ethics of Virtue and Ethics of Principle

BUSINESS ETHICS MODULE 1 UNIT I_A.pdf

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UNIT 1
INTRODUCTIONTO BUSINESS ETHICS
1
VIJAY VISHWAKARMA
The history of Ethics goes back to 1970’s when the term Business Ethics was
commonly used. Increasingly unethical conduct was found by corporations
during the 1960s.
To counter this, corporations developed social responsibility programmes
which included charitable donations and funding local community projects.
Business schools began to incorporate ‘social responsibility’ courses into their
syllabi but it was mostly focused on law and management strategy.
Eventually philosophers became involved and brought ethical theory to bear
on the relevant ethical issues and hence business ethics became a more
institutionalized part of business.
2
VIJAY VISHWAKARMA
• The word ethics is derived from the Greek word ‘ethos’, which means
character. Ethics is a branch of philosophy concerned with human character
and conduct. It is the discipline dealing with ‘what is good and bad’ and with
moral duty and obligation. Ethics is the embodiment of moral values, which
describes what, is ‘right’ and what is ‘wrong’ in human behaviour and what
‘ought to be’.
3
VIJAY VISHWAKARMA
Ethics refers to standards of conduct that guide people’s
decisions and behaviour (e.g., not stealing from others). Most
organizational scientists acknowledge that it is not a
company’s place to teach employees moral values.
After all, these come with people as they enter the workplace.
However, it is a company’s responsibility to set clear standards
of behaviour and to train employees in recognizing and
following them.
Just as organizations prescribe other kinds of behaviour that
are expected in the workplace (e.g., when to arrive and leave),
so too should they prescribe appropriate ethical behaviour
(e.g., how to complete expense reports and what precisely is
considered a bribe).
4
VIJAY VISHWAKARMA
BUSINESS
ETHICS
Ethics is a subject of social science that is
related with moral principles and social
values.
'Business Ethics' can be termed as a study of
proper business policies and practices regarding
potentially controversial issues, such as
corporate governance, insider trading, bribery,
discrimination, corporate social responsibility,
and fiduciary responsibilities.
5
VIJAY VISHWAKARMA
• “Business Ethics is an art and science for
maintaining harmonious relationship with society,
its various groups and institutions as well as
recognizing the moral responsibility for the
tightness and wrongness of business conduct” -
Wheeler.
6
VIJAY VISHWAKARMA

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BUSINESS ETHICS MODULE 1 UNIT I_A.pdf

  • 1. UNIT 1 INTRODUCTIONTO BUSINESS ETHICS 1 VIJAY VISHWAKARMA
  • 2. The history of Ethics goes back to 1970’s when the term Business Ethics was commonly used. Increasingly unethical conduct was found by corporations during the 1960s. To counter this, corporations developed social responsibility programmes which included charitable donations and funding local community projects. Business schools began to incorporate ‘social responsibility’ courses into their syllabi but it was mostly focused on law and management strategy. Eventually philosophers became involved and brought ethical theory to bear on the relevant ethical issues and hence business ethics became a more institutionalized part of business. 2 VIJAY VISHWAKARMA
  • 3. • The word ethics is derived from the Greek word ‘ethos’, which means character. Ethics is a branch of philosophy concerned with human character and conduct. It is the discipline dealing with ‘what is good and bad’ and with moral duty and obligation. Ethics is the embodiment of moral values, which describes what, is ‘right’ and what is ‘wrong’ in human behaviour and what ‘ought to be’. 3 VIJAY VISHWAKARMA
  • 4. Ethics refers to standards of conduct that guide people’s decisions and behaviour (e.g., not stealing from others). Most organizational scientists acknowledge that it is not a company’s place to teach employees moral values. After all, these come with people as they enter the workplace. However, it is a company’s responsibility to set clear standards of behaviour and to train employees in recognizing and following them. Just as organizations prescribe other kinds of behaviour that are expected in the workplace (e.g., when to arrive and leave), so too should they prescribe appropriate ethical behaviour (e.g., how to complete expense reports and what precisely is considered a bribe). 4 VIJAY VISHWAKARMA
  • 5. BUSINESS ETHICS Ethics is a subject of social science that is related with moral principles and social values. 'Business Ethics' can be termed as a study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. 5 VIJAY VISHWAKARMA
  • 6. • “Business Ethics is an art and science for maintaining harmonious relationship with society, its various groups and institutions as well as recognizing the moral responsibility for the tightness and wrongness of business conduct” - Wheeler. 6 VIJAY VISHWAKARMA
  • 7. There are several characteristics or features of business ethics. 1. Business ethics are based on social values, as the generally accepted norms of good or bad and ‘right’ and ‘wrong’ practices. 2. It is based on the social customs, traditions, standards, and attributes. 3. Business ethics may determine the ways and means for better and optimum business performance. 4. Business ethics provide basic guidelines and parameters towards most appropriate perfections in business scenario. 5. Business ethics is concerned basically the study of human behaviour and conducts. 6. Business ethics is a philosophy to determine the standards and norms to make mutual interactions and behaviour between individual and group in organisation. 7 VIJAY VISHWAKARMA
  • 8. 7. Business ethics offers to establish the norms and directional approaches for making an appropriate code of conducts in business. 8. Business ethics are based on the concepts, thoughts and standards as contributed as well as generated by Indian ethos. 9. Business ethics may be an ‘Art’ as well as ‘Science’ also. 10. Business ethics basically inspire the values, standards and norms of professionalism in business for the well-being of customers. 11. Business ethics is to motivate and is consistently related with the concept of service motives for the customers’ view point. 12. Business ethics shows the better and perspective ways and means for most excellences in customisation. 13. Business ethics aims to emphasise more on social responsibility of business towards society. 8 VIJAY VISHWAKARMA
  • 10. Nature of Ethics in Business • In business activities, most ethical questions could be of two types – Overt and Covert. • Overt ethical problems like bribery, theft, sabotage, collusion, etc. are clear for everyone to see and are generally considered reprehensible. • Most people deplore it and most businesses take care not to be so openly unethical. • For a decision to be ethical, it should possess the following characteristics. It should be – • a. Right – that which is morally correct and due; • b. Equitable – that which is just and equal; • c. Good – that which brings in the highest good for all concerned; • d. Proper – that which is appropriate and acceptable; • e. Fair – that which is honest and due; • f. Just – that justice is not only done, but is also seen to have been done. 10 VIJAY VISHWAKARMA
  • 11. Ethical decisions should express some obligations to others. If a decision merely results in benefits only to oneself, then that is not an ethical decision. The very concept of being ethical means that it results in some good for the larger society and not just for oneself. 11 VIJAY VISHWAKARMA
  • 12. Ethics is unstructured, i.e., it does not have a structured format or framework. It is abstract in concept. Hence, it does not have universal acceptance, mainly because- a. Ethics depend upon our moral standards; b. Moral standards depend upon our value system; c.The value system of people depend upon their background and childhood experience; and d.The background and experience of people are vastly different. Hence the ethical practices of people are also different. 12 VIJAY VISHWAKARMA
  • 13. Business Ethics – Importance of Ethics Ethics in Finance: Ethics in Human Resource Management: Ethics in Marketing: VIJAY VISHWAKARMA 13
  • 14. Principles of Business Ethics Avoid Exploitation of Consumers − Do not cheat and exploit consumer with measures such as artificial price rise and adulteration. Avoid Avoid Profiteering − Unscrupulous business activities such as hoarding, black- marketing, selling banned or harmful goods to earn exorbitant profits must be avoided. Avoid Encourage Healthy Competition − A healthy competitive atmosphere that offers certain benefits to the consumers must be encouraged. Encourage Ensure Accuracy − Accuracy in weighing, packaging and quality of supplying goods to the consumers has to be followed. Ensure Pay Taxes Regularly − Taxes and other duties to the government must be honestly and regularly paid. Pay Get the Accounts Audited − Proper business records, accounts must be managed. All authorized persons and authorities should have access to these details. Get Fair Treatment to Employees − Fair wages or salaries, facilities and incentives must be provided to the employees. Fair Keep the Investors Informed − The shareholders and investors must know about the financial and other important decisions of the company. Keep 14 VIJAY VISHWAKARMA
  • 15. Principles of Business Ethics Avoid Injustice and Discrimination − Avoid all types of injustice and partiality to employees. Discrimination based on gender, race, religion, language, nationality, etc. should be avoided. No Bribe and Corruption − Do not give expensive gifts, commissions and payoffs to people having influence. Discourage Secret Agreement − Making secret agreements with other business people to influence production, distribution, pricing etc. are unethical. Service before Profit − Accept the principle of "service first and profit next." Practice Fair Business − Businesses should be fair, humane, efficient and dynamic to offer certain benefits to consumers. Avoid Monopoly − No private monopolies and concentration of economic power should be practiced. Fulfil Customers’ Expectations − Adjust your business activities as per the demands, needs and expectations of the customers. Respect Consumers Rights − Honor the basic rights of the consumers. 15 VIJAY VISHWAKARMA
  • 16. Accept Social Responsibilities − Honor responsibilities towards the society. Satisfy Consumers’Wants − Satisfy the wants of the consumers as the main objective of the business is to satisfy the consumer’s wants. All business operations must have this aim. Service Motive − Service and consumer's satisfaction should get more attention than profit-maximization. Optimum Utilization of Resources − Ensure optimum utilization of resources to remove poverty and to increase the standard of living of people. Intentions of Business − Use permitted legal and sacred means to do business.Avoid Illegal, unscrupulous and evil means. 16 VIJAY VISHWAKARMA
  • 17. INDIAN ETHOS • The appeal of management concepts as revealed in our past wisdom originates from our holy writings such as the ‘Gita,’ ‘Upanishads,’ ‘Bible,’ and ‘Quran,’ among others. • Indian Ethos for Management is the corpus of knowledge that defines its responses from the rich and large Indian system of ethics. • Management is a behavioural science that must be determined culturally. • The Indian Ethos for Management is founded on India’s cultural foundations, and as a country whose culture is rooted in religion, it draws its chapters from the religions of the nation, whether Hinduism, Buddhism, or any other religion. 17 VIJAY VISHWAKARMA
  • 18. There are six key concepts revealed in the Divine scriptures that can be applied to any management situation.They are as follows: 18 VIJAY VISHWAKARMA
  • 19. • As a person with the spirit within his soul, he has enormous potential, power, and aptitude for perfection. • A human being possesses a soul, which is divine light. A person’s heart is where the Divine resides. • The Divine resides in a person’s heart. • The term “divine” refers to the highest level of knowledge, insight, and energy. • Even though a human being possesses enormous potential strength or energy for self-development. Every soul has the capacity to become a God: 19 VIJAY VISHWAKARMA
  • 20. A multifaceted approach: • It represents the union of the Divine, the individual self, and the cosmos (Divine signifies perfection in knowledge, wisdom, and strength). • The holistic management strategy is based on the spiritual principles of union, self-awareness, and the non-dual idea. 20 VIJAY VISHWAKARMA
  • 21. Subjectivity and objectivity are equally vital: • Subtle, intangible subjects and gross, concrete objects are both important. Inside resources are divine attributes. • External resources include capital, supplies, and equipment and machinery. 21 VIJAY VISHWAKARMA
  • 22. “KarmaYoga” (selfless work): • “KarmaYoga” (selfless work) has two benefits: individual self-purification and public benefit. • “KarmaYoga” is an excellent method for self-purification and self- development, individual and group progress and welfare, a minimum of passion, envy, hatred, greed, wrath, and arrogance, team spirit, teamwork, autonomous management, and so on. 22 VIJAY VISHWAKARMA
  • 23. “YogahKarmasuKaushalam” • : It denotes superior performance in an activity through self-motivation and self-development with devotion and without attachments. • The concept of “KarmaYoga” is at the heart of this approach. 23 VIJAY VISHWAKARMA
  • 24. Collaboration: • Collaboration is a great tool for teamwork, and success in any business demands group effort. • The royal pathway for human beings, according to Indian ethos, is co- operation, which is a potent motivator for teamwork. • We are sentient beings with a mind and the ability to discriminate. 24 VIJAY VISHWAKARMA
  • 25. REFERENCES • https://www.economicsdiscussion.net/business/business-ethics/31798 • https://www.tutorialspoint.com/business_ethics/business_ethics_introducti on.htm • https://timesofindia.indiatimes.com/readersblog/legal-knowledge-and- issues/indian-ethos-on-management-33865/ 25 VIJAY VISHWAKARMA