This document discusses the key concepts of business ethics including its nature, objectives, and various issues. It notes that business ethics refers to applying ethical judgments to business activities. The main objectives of business ethics are to establish moral standards for behavior, judge conduct, and make recommendations. Some issues covered include marketing ethics, production ethics, accounting/finance ethics, and human resource management ethics. It also discusses the need for businesses to consider stakeholders and act as good corporate citizens. International business ethics and the influence of religion on business values are also addressed.
Legality is only a first step
Questions to ask: When faced with a potentially unethical action.
Management’s role
Compliance/Integrity based codes
Corporate social responsibility
A definition and stakeholders
Legality is only a first step
Questions to ask: When faced with a potentially unethical action.
Management’s role
Compliance/Integrity based codes
Corporate social responsibility
A definition and stakeholders
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”.
,
basic principles: ethics and business
,
ethics and morality
,
five characteristics of moral standards
,
what is business ethics?
,
types of ethical issues
,
moral reasoning
,
can ethical qualities be attributed to corporation
,
factors that mitigate moral responsibility
,
four steps leading to ethical behavior
,
arguments against business ethics
,
resolving cross-cultural ethical differences
,
kohlberg’s three levels of moral development
,
arguments supporting business ethics
,
new issues in business ethics
,
corporate social responsibility
Business ethics can be defined as written and unwritten codes of principles and values that govern decisions and actions within a company.
In the business world, the organization’s culture sets standards for determining the difference between good and bad decision making and behavior.
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.
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”.
,
basic principles: ethics and business
,
ethics and morality
,
five characteristics of moral standards
,
what is business ethics?
,
types of ethical issues
,
moral reasoning
,
can ethical qualities be attributed to corporation
,
factors that mitigate moral responsibility
,
four steps leading to ethical behavior
,
arguments against business ethics
,
resolving cross-cultural ethical differences
,
kohlberg’s three levels of moral development
,
arguments supporting business ethics
,
new issues in business ethics
,
corporate social responsibility
Business ethics can be defined as written and unwritten codes of principles and values that govern decisions and actions within a company.
In the business world, the organization’s culture sets standards for determining the difference between good and bad decision making and behavior.
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.
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
Ethics impact in business, Ethical issues in capitalism and market
systems, Ethics and social responsibility, Ethics and marketing,
Ethics in finance, Ethics in human resource, Ethics in information
technology, Intellectual property rights, Designs, Patents, Trademarks
and copyrights.
The Importance of Ethics in Business
When business are engaged in multinational activities, a variety of important issues arise that do not have the same easy answers as are offered by doing business in only one area of legal jurisdiction or nation. Because of this dilemma that is increasingly plaguing the large multinational corporations, international business ethics has arisen to help address these sticky subject matters. International business ethics attempts to deal with questions of what to do in situations where ethical morals come into conflict as a result of the differing cultural practices.
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Ethics
1.
2. Ethics
Ethics is a subject that deals with human being.
Human by their nature are capable of judging
between right and wrong, good and bad behavior.
Thus, the question of ethics arises, as the human
beings are associated with values and morals.
3. Nature of Ethics
It is associated with values and morals.
Ethics deals with human conduct i.e. voluntary,
force by any persons or circumstances.
Ethics is both Science & Art, but it is more a science,
because it provides systematic knowledge about
moral behaviour and conduct of human beings.
4. Objectives of Ethics
Ethics deals with human behavior. It assesses
whether a particular act or decision taken by an
individual is moral or not.
To establish moral standards and norms of the
behavior
To judge human behavior based on these standards
and norms.
To assess human behavior and express an opinion
or attitude about the behavior.
To set a standard or code for the moral behavior and
make recommendations about the desired behavior.
5. Business Ethics
It refers to the application of ethical judgements to
business activities.
6. Need for Business Ethics
All businesses exist and operate within society and
therefore they should contribute to welfare of
society.
To survive in the market, businesses should gain
loyal customers and perform social responsibility.
7. Nature of business ethics
Most businesses encounter two types of ethical
problems known as overt and covert ethical
problems.
Overt ethical problems deal with bribery, theft,
collusion, etc. They are clear.
Where as covert ethical situations occur in corporate
acquisitions, marketing and personnel policies, capital
investment etc. They are complex, clear and have
skillful ethical solutions.
8. Business Ethics and
Profits
Survival is the name of any business game. If a company
wants to survive it has to think about its profits. Most
businesses operate on the principle that profit is not
linked to ethical consideration.
9. Eg: Johnson & Johnson
Johnson & Johnson is often recognized as a company
whose ethical behavior is exemplary.
The company clearly prioritizes its responsibilities in its
corporate credo:
first to its customer,
second to its employees,
third to its management
fourth to the communities in which it operates,
fifth to its stockholders, “Business must make a sound
profit,” states the credo in describing fifth responsibility,
but at Johnson & Johnson that concern comes after the rest.
10. A firm that is not performing well is considered as
liability and burden to the society as it cannot discharge
its responsibility to the community welfare of its
employees, revenue to shareholders, and meet customer
demands.
Thus profit today is recognized as a characteristic of the
success of a business and justification for its existence.
11. Stages of Ethical Consciousness in
Business
Stage 1
Law of Jungle
Stage 2
Anything for
profit
Stage 5
Stakeholder
concept
Stage 6
Corporate
Citizenship
Stage 3
Profit
maximization in
the short-term
Stage 4
Profit
maximization in
the long-term
12.
13.
14.
15. GENERAL BUSINESS
ETHICS
This part of business ethics overlaps with the
Philosophy of business, one of the aims of
which is to determine the fundamental purposes
of a company.
If a company's main purpose is to maximize the
returns to its shareholders, then it should be
seen as unethical for a company to consider the
interests and rights of anyone else.
Corporate Social Responsibility
16. Issues regarding the moral rights and duties
between a company and its shareholders:
Fiduciary responsibility, Stakeholder concept Vs.
Shareholder concept.
Ethical issues concerning relations between different
companies:
Hostile takeovers
Political contributions made by corporations.
The misuse of corporate ethics policies as marketing
instruments.
17. Ethics of Accounting
Information
Management of
Earnings
Misleading
financial
analysis
Insider trading
Securities fraud Forex Scams
Excessive
payments made
to corporate
CEOs
Bribery
18. Ethics of Human Resource
Management
The ethics of Human
Resource
Management (HRM)
covers those ethical
issues arising
around the
employer-employee
relationship, such as
the rights and duties
owed between
employer and
employee.
Discrimination
•Ageism
•Race
•Religion
•Sex
Union
Busting
Strike
Breaking
19. Issues affecting
the privacy of
the employee:
•Workplace
surveillance
Issues affecting
the privacy of
the employer
Issues relating to
the fairness of the
employment
contract and the
balance of power
between employer
and employee:
• Slavery System
• Occupational
Safety and health
20. Ethics of sales and
marketing
Marketing, which goes beyond the mere
provision of information about a product,
may seek to manipulate our values and
behaviour. To some extent society regards
this as acceptable, but where is the ethical
line to be drawn?
Marketing ethics overlaps strongly with
media ethics, because marketing makes
heavy use of media.
Pricing:
Price Fixation, Price Discrimination, Price
Skimming
21. Anti-competitive practices.
Specific marketing strategies:
Green wash, Spams (electronic), Planned
obsolescence.
Content of advertisements:
Attack ads, concealed messages, products
regarded as immoral or harmful
Children and marketing:
Marketing in schools.
Black markets, Grey Markets
23. Ethics of
Production
This area of business ethics usually deals with the
duties of a company to ensure that products and
production processes do not cause harm.
Some of the more acute dilemmas in this area arise
out of the fact that there is usually a degree of
danger in any product or production process and it
is difficult to define a degree of permissibility.
Defective, addictive and inherently dangerous
products and services (e.g. tobacco, alcohol,
weapons, motor vehicles)
24. Ethical relations between the company and the
environment:
(Pollution, Carbon emissions trading, Environmental
ethics).
Ethical problems arising out of new technologies:
Genetically modified food, Mobile phone radiation
and its effects on health.
Product testing ethics:
Animal testing, use of economically disadvantaged
groups (such as students) as test objects.
26. Green initiatives
Environment friendly bike
Green initiatives in business range from
environmentally friendly technological
innovation, green tourism, green community,
environmental campaigning and environmental
counseling
27. Ethics of intellectual property,
knowledge and skills
Knowledge and skills are valuable but not easily
"ownable" as objects. Nor is it obvious who has the
greater rights to an idea: the company who trained
the employee, or the employee themselves?
The country in which the plant grew, or the
company which discovered and developed the
plant's medicinal potential?
As a result, attempts to assert ownership and
ethical disputes over ownership arise.
28. Patent Infringement,
Copyright
Infringement,
Trademark
Infringement.
Misuse of the
intellectual property
systems to stifle
competition: Patent
Misuse, Copyright
misuse.
Employee Raiding: The
practice of attracting
key employees away
from a competitor to
take unfair advantage
of the knowledge or
skills they may
possess.
The practice of
employing all the most
talented people in a
specific field,
regardless of need, in
order to prevent any
competitors employing
them.
30. Ethics and
Technology
The computer and the WWW are two of the most
significant inventions of the twentieth century. There are
many ethical issues that arise from this technology.
It is easy to gain access to information. This leads to data
mining, workplace monitoring, and privacy invasion.
Medical technology has improved as well.
Pharmaceutical companies have the technology to
produce life saving drugs.
These drugs are protected by patents and there are no
generic drugs available. This raises many ethical questions.
31. International business
ethics
Comparison of business ethical traditions in different
countries. They may be on the basis of their respective
GDP and [Corruption rankings].
Ethical issues arising out of international business
transactions
Biopiracy in the pharmaceutical industry.
Issues such as Globalization and Cultural Imperialism.
Varying global standards
The use of Child Labour.
The way in which multinationals take advantage of
international differences, such as outsourcing production
(e.g. clothes) and services (e.g. call centers) to low-wage
countries.
32. Foreign countries often use dumping as a
competitive threat, selling products at prices lower
than their normal value. This can lead to problems in
domestic markets. It becomes difficult for these
markets to compete with the pricing set by foreign
markets.
In 2009, the International Trade Commission has been
researching anti-dumping laws. Dumping is often
seen as an ethical issue, as larger companies are taking
advantage of other less economically advanced
companies.
33. Religious Views on Business
Ethics
The historical and global importance of religious views
on business ethics is sometimes underestimated in
standard introductions to business ethics.
In Asia and the Middle East, religious and cultural
perspectives have a strong influence on the conduct of
business and the creation of business values.
Examples
Islamic banking, associated with the avoidance of
charging interest on loans.
Traditional Confucian disapproval of the profit-seeking
motive.
34. Benefits of Managing
Ethics
Attention to
business ethics
has
substantially
improved
society.
Helps maintain
a moral course
in turbulent
times.
Ethics programs
cultivate strong
teamwork and
productivity.
Supports
employee
growth and
meaning.
35. Is an insurance
policy -- they help
ensure that
policies are legal.
Helps avoid
criminal acts
“of omission”
and can lower
fines.
Promotes a strong
public image.
Last and most
formal
attention to
ethics in the
workplace is
the right
thing to do.