BUSINESS ETHICS Presentation by Paromita Mukherjee
WHAT IS ETHICSEthics may be referred to some standardized form ofconduct or behavior of individuals understood andaccepted in a particular field of activityThe work “ETHICS” has its origin in Greek word “Ethics”means character, norms, morals and ideals prevailing ina group and society.Ethics is a mass of moral principles or set of valuesabout what conduct ought to be. They give an idea whatis right or wrong, true of false, fair or unfair, just orunjust, proper or improper, e.g. Honesty, obedience,equality, fairness, etc and respect and then doing theright thing
WHEN AND WHERE DO WEDEVELOP ETHICAL VALUES?According to those who study the historyand philosophy of ethics, infants would notsurvive without a nurturer who teachesthem about right and wrong behavior. Inhuman society, a series of nurturer andteachers influence the ethical views ofeach individual.
BUSINESS ETHICSCarter McNamara has defined: “Business ethics is generally coming to know what is right and wrong in the workplace and doing what is right- this is in regard to efforts of products/ services and in relationships with stakeholders.”“Attention to ethics in the workplace sensitizes managers and staff to how they should act so that they retain a strong moral compass.
BUSINESS ETHICSInterest in business ethics has been increasingsince 1960’sInterest has been spurred by headlines ofbusiness scandalsA 1982 study reported that of the Fortune 500companies,115 companies (23%) had beenconvicted of at least one major crime or paidpenalties of serious misbehaviorIs the importance of business ethics declining inbusiness and government practices?Greater focus on ethics, morals and values.
Global Ethical IssuesWages and hoursChild labourDiscriminationLegal and ethical business practicesProduct safety and qualityEnvironment
“……Even if we know we canget away with doing something wrong, even if no one ever discovers what we are up to,our vice harms us more than it hurts any of our victims.” -SOCRATES
FACTORS THAT AFFECT ETHICAL BEHAVIOUR INDIVIDUAL ISSUE CHRACTERECTICS INTENSITY ETHICAL /ETHICAL STAGES OF MODERATORS UNETHICAL MORAL DILEMA DEVELOPMENT BEHAVIOUR ORGNIZATIONAL STRUCTURAL CULTURE CHARECTERISTICS OF ORGANIZATION
What causes unethical behaviourStressConfusionPressure to perform at expected levelsCompetition within the industryNo knowledge
Some of the Unethical Business practices are : Cutting corners on quality Covering up incidents Abusing or lying Lying customers Stealing from the company Taking credits from co-workers ideas/work Taking or giving bribe
Unethical business practices (contd) Government corruption Financial scandals Product safety discrimination Sexual harassment Firing an employee for whistle blowing Divulging confidential information
“What’s in it for me to be ethical?”A more accurate perception of the world around you, follow your- conscience.-Have the courage to do what is right and do try new things even when it is hard or costly.-Don’t loose heart if you fail or don’t get what you want-A stronger personality, and greater likelihood of being happy in life
CONSIDER CONSEQUENCESIS IT ETHICAL ? Is it fair ?IS IT LEGAL ? Does it hurt anyone ?IS IT OK ? Have I been honest with those affected?IS IT RIGHT ? Can my conscience live with this decision ?
CONCLUSIONIn the last few years we have seen a drastic change in society as well as in all facets of the business world. The consumer, today, is more aware of his rights and his requirements. He demands the best quality at the regular prices. Companies today need to incorporate a strong or responsible culture to face the instance reaction of the consumer.Today’s market calls for stringent business ethics to be imposed in the corporate world.
BIBLIOGRAPHYEthics in Business- ROBERT.B. MADDUX DOROTHY MADDUXBusiness Ethics and Managerial Values S.K. BHATIAhttp://www.mapnp.org/library/ethics/http://www.uwm.edu/People/andrewk/