This document discusses social and ethical responsibility in business. It defines ethics and differentiates between morality and ethics. It also discusses factors that influence unethical behavior and how to manage ethical dilemmas. Maintaining ethical practices is important for businesses to keep customers, attract new customers, avoid lawsuits, and reduce employee turnover. The document also defines social responsibility and sustainable development, and explains the pyramid of corporate social responsibility which includes economic, legal, ethical and voluntary dimensions.
Chapter 05 Ethics and Social ResponsibilityRayman Soe
Richard L. Daft addresses themes and issues directly relevant to both the everyday demands and significant challenges facing businesses today. Comprehensive coverage helps develop managers able to look beyond traditional techniques and ideas to tap into a full breadth of management skills. With the best in proven management and new competencies that harness creativity, D.A.F.T. is Management!
Ethics concern an individual's moral judgements about right and wrong. Decisions taken within an organisation may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company.
Management’s only social responsibility is to maximize profits by operating the business in the best interests of the stockholders. WTO
Expending the firm’s resources on doing “social good” unjustifiably increases costs that lower profits to the owners and raises prices to consumers.
Chapter 05 Ethics and Social ResponsibilityRayman Soe
Richard L. Daft addresses themes and issues directly relevant to both the everyday demands and significant challenges facing businesses today. Comprehensive coverage helps develop managers able to look beyond traditional techniques and ideas to tap into a full breadth of management skills. With the best in proven management and new competencies that harness creativity, D.A.F.T. is Management!
Ethics concern an individual's moral judgements about right and wrong. Decisions taken within an organisation may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company.
Management’s only social responsibility is to maximize profits by operating the business in the best interests of the stockholders. WTO
Expending the firm’s resources on doing “social good” unjustifiably increases costs that lower profits to the owners and raises prices to consumers.
Life is about choices. We deal with choices in our personal lives everyday. Most of us are guided by such questions as, “Is this the correct thing to do? Is this the right decision to make?” We are guided by our own sense of morality, i.e. the difference between right and wrong.
Ethics, ethical behaviour, and the culture of ethics starts with the leadership of an organization. Associates in an organization emulate the behaviour of the leaders of the organization. So, if the leaders behave unethically, then, it stands to reason that subordinates will, also.
Managerial ethics (types of managerial ethics)cidroypaes
Managerial ethics is a set of principles and rules dictated by upper management that define what is right and what is wrong in an organization. It is the guideline that helps direct a lower manager's decisions in the scope of his or her job when a conflict of values is presented. i.e different types of managerial ethics ,company ethics,manager ethics,ethics
The law is the key starting point for any business. Most leading businesses also have their own statement of Business Principles which set out their core values and standards. In Anglo American”s case, this is called “Good Citizenship”.
Contents
Introduction
Meaning and definitions of business ethics
Sources of business ethics
Characteristics of business ethics
Importance
Principles of business ethics
Introduction
Business is a part of society and its functions in the society.
It is the application of ethics to business.
It is the study of good and evil, right or wrong and just and unjust actions of businessmen.
Every business should be guided by ethics.
Ethics helps to survive and succeed their ventures.
Meaning and definition
It refers to the “moral principles which are considered right by the society.
It is the study of morality.
These are the moral principles and rules of conduct which govern and guide the activities of business.
According to David Fritzsche, “it is the process of evaluating decisions, either pre or post, with respect to the moral standards of society’s culture”.
The institute of global ethics defines, “the term ethics as obedience to the unforceable”.
Sources of business ethics
Religion
Culture experience
Legal system
Characteristics/features of business ethics
Life is about choices. We deal with choices in our personal lives everyday. Most of us are guided by such questions as, “Is this the correct thing to do? Is this the right decision to make?” We are guided by our own sense of morality, i.e. the difference between right and wrong.
Ethics, ethical behaviour, and the culture of ethics starts with the leadership of an organization. Associates in an organization emulate the behaviour of the leaders of the organization. So, if the leaders behave unethically, then, it stands to reason that subordinates will, also.
Managerial ethics (types of managerial ethics)cidroypaes
Managerial ethics is a set of principles and rules dictated by upper management that define what is right and what is wrong in an organization. It is the guideline that helps direct a lower manager's decisions in the scope of his or her job when a conflict of values is presented. i.e different types of managerial ethics ,company ethics,manager ethics,ethics
The law is the key starting point for any business. Most leading businesses also have their own statement of Business Principles which set out their core values and standards. In Anglo American”s case, this is called “Good Citizenship”.
Contents
Introduction
Meaning and definitions of business ethics
Sources of business ethics
Characteristics of business ethics
Importance
Principles of business ethics
Introduction
Business is a part of society and its functions in the society.
It is the application of ethics to business.
It is the study of good and evil, right or wrong and just and unjust actions of businessmen.
Every business should be guided by ethics.
Ethics helps to survive and succeed their ventures.
Meaning and definition
It refers to the “moral principles which are considered right by the society.
It is the study of morality.
These are the moral principles and rules of conduct which govern and guide the activities of business.
According to David Fritzsche, “it is the process of evaluating decisions, either pre or post, with respect to the moral standards of society’s culture”.
The institute of global ethics defines, “the term ethics as obedience to the unforceable”.
Sources of business ethics
Religion
Culture experience
Legal system
Characteristics/features of business ethics
101 Unit 5: Business ethics,
in this paper I have coved ;
1. Unit summary
2.Learning outcomes
3. Terminologies related to business Ethics
4. Differences between Business Ethics and Personal Ethics.
5. Benefits of Effective Governance and Managerial Ethics.
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1. Which of the following is a concern employees of an expanding bus.docxgasciognecaren
1. Which of the following is a concern employees of an expanding business would have?
A.)Ensure that customer requests are responded to promptly and professionally.
B.)Ensure sensitive information about specialty offerings remains undisclosed until the new location opens.
C.)Ensure that fair hiring and firing practices are incorporated at the new location.
D.)Ensure the team develops strongly in new locations.
Passage to Answer the Question
What Is Ethics?
Ethics
is simply the principles of right and wrong and the morality of the choices involved.
Now, it's also important to define what ethics is
not
. Ethics is not emotions or religion. It's not science or norms of a society, necessarily. It's also not simply following the law, because it's perfectly acceptable to follow the law yet be an unethical person.
term to know Ethics The principles of right and wrong and of the morality of the choices
1a. Business Ethics
Business ethics
is closely tied to what ethics is. It's the principles of right and wrong of the morality of the choices made in the
business
world. Essentially, what we're doing is taking the principles or the definition of ethics and applying it to business.
hint Whether you're looking at business ethics or other types of ethics, ethical people will always follow the same ethical principles
all the time
, not just when it suits them.
term to know Business Ethics The principles of right and wrong and of the morality of the choices made in the business world
1b. Managerial Ethics
Managerial ethics
is simply ethics again. It is the principles of right and wrong and of the morality of the choices made in the context of
management
.
Managerial decisions impact employee behavior. How you hire or fire, the wages that you pay, or the working conditions at your business are all ethical decisions, and they can greatly impact employee attitudes and productivity.
Managerial ethics decisions can also impact behavior toward an organization. Do you have conflicts of interest or allow them? A
conflict of interest
is simply a circumstance in which the judgment of an individual or group may be impaired because of a difference in primary or secondary interest.
Is customer information kept confidential?
Confidentiality
is simply keeping private trusted data out of the hands of the public and other people who don't need to see it.
think about it We hand our personal information, like credit card numbers, to a lot of different people online when we are shopping. What do you think it would do for a business if we suddenly found out that our information wasn't as confidential as we thought it was? That would have a big impact on that particular business.
Collusion
is an attempt by business to conspire to the detriment of customers, businesses, or the general public.
Lastly, managerial ethics decisions can also impact behavior toward economic agent.
JM Chapter 3 Ethics and International Business (I).pptxJesilin James
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The Triple Bottom Line:
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
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Chapter 5: Social and Ethical Responsibility
1. INTRODUCTION TO BUSINESS
(MGMT 101)
Chapter 5: Social and Ethical
Responsibility
i. Social value and business ethics
ii. Social Responsibility and Sustainable
Development
2. 5.1 Social value and business ethics
Conceptualization of ethics and its application to
business
Specifically can be described as a set of principles
that contains behavioral codes to determine what is
right or wrong
Scholars propose clear differences between morality
and ethics
Morality Ethics
Concerned with the norms, values
and beliefs embedded in social
processes which define right or
wrong for an individual or a
community
Concerned with the study of
morality and the application of
reason to explain specific rules and
principles that determine right or
wrong for a given situation
3. Ethics is also acquired from religious teaching
1. ISLAM
Fundamental principles in Islam which are
iman and taqwa, require every Muslim to
display uprightness, honesty and integrity,
irrespective of the state he/she is in, be it as
an individual, a business person or a figure
or authority and power
2. THE GOLDEN RULE, CHRISTIANITY AND
EMMANUEL KANT’S
If he/she is going to be adversely affected or
harmed by an action taken and the action is
still done onto others, then he/she is being
unjust, therefore, unethical
4. 3. UTILITARIAN
Require each individual to assess the good and bad
consequences of action in order to make ethical
decisions
Universally accepted moral values
GOOD VALUES BAD VALUES
Compassion Cheating
Courage Cowardice
Honesty Cruelty
Integrity Greed
Respect for human
life
Lying
Self-control Selfishness
5. Factors of unethical behaviors in the global business
world
Business enterprises have to fulfill many
interests
Society is undergoing dramatic change
Ethical Dilemmas in the Conduct of Business
Four themes of ethical dilemmas faced by those
involved in business:
Personality traits
Conflict of interest
Responsibility to stakeholders
Level of openness
6. Managing Ethical Dilemmas
1. Is it legal?
Am I violating any laws (inclusive of religious principles) or
company policy?
2. Is it balanced?
Am I acting fairly in my decisions? Am I taking into
consideration the needs of others apart from my own
personal needs?
3. How will the action make me feel about myself?
Will I be happy after taking such actions?
Check questions before acting to ensure that their actions and
decisions are ethical:
7. Importance of Managing Business Ethically
Business organizations should be managed ethically for
the following reasons:
Keeping existing customers: reputable organizations
will maintain customer loyalty and business
sustainability
Attracting new customers: good business corporate
image will attract new customers and increase
profitability
Avoiding lawsuits: reputable organizations will not
hesitate to comply with laws and regulations to
maintain their good image and dignity
8. Reducing employee turnover: reputable organizations
will be able to maintain employee loyalty, thus reducing
employee turnover. This will subsequently increase
organizational effectiveness
Pleasing customers, employees and society: good
organizations will strive to fulfill the needs of main
stakeholders. i.e customers, employees and the
community they serve
9. 5.2 Social Responsibility and Sustainable Development
Social responsibility is a broader concept of ethics that
concerns the impact of an organization’s activities on
society
Obligation of a business to maximize its positive impact
and minimize its negative impact on society
Sustainability- as the long-term maintenance of systems
according to environmental, economic and social
considerations
Is a pattern of resources use that aims to meet human
needs while preserving the environment, so that these
needs can be met not only in the present but also for
future generations
10. Corporate social responsibility- specifically emphasize
the importance of corporations to be socially responsible,
apart from maximizing profits
Advantage: businesses can win trust and respect
from employees, customers and society, and increase
profits in the long-term
Disadvantage: the risk of losing customers and
encouraging the public and government to take legal
action to restrict their activities
11. Pyramid of Corporate Social Responsibility
According to CSR model, there are four
dimensions of CSR:
Economic: profit is the essential foundation of
any business organization. Its main existence is
to make money
Legal: the next step is being legal, not going
against any rules or regulations imposed on
the business
Ethical: ensuring that whatever actions
undertaken must be right, just and fair to all
involved
Voluntary: additional activities that may not be
required but promote human welfare and
goodwill
