Business Ethics

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Business Finance

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Presentation about Business Ethics .

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What is Ethics? Developed by Manuel Velasquez, Claire Andre, Thomas Shanks, S.J., and Michael J. Meyer • A few years ago, sociologist Raymond Baumhart asked business people, "What does ethics mean to you?" Among their replies were the following: • "Ethics has to do with what my feelings tell me is right or wrong." "Ethics has to do with my religious beliefs." "Being ethical is doing what the law requires." "Ethics consists of the standards of behavior our society accepts." "I don't know what the word means." What is Ethics? • Like Baumhart's first respondent, many people tend to equate ethics with their feelings. But being ethical is clearly not a matter of following one's feelings. • Nor should one identify ethics with religion. Most religions, of course, advocate high ethical standards. But ethics applies as much to the behavior of the atheist as to that of the saint. Ethics, however, cannot be confined to religion nor is it the same as religion. • Being ethical is also not the same as following the law. The law often incorporates ethical standards to which most citizens subscribe. But laws, like feelings, can deviate from what is ethical. Our own pre-Civil War slavery laws and the apartheid laws of present-day South Africa are grotesquely obvious examples of laws that deviate from what is ethical. What is Ethics? • Finally, being ethical is not the same as doing "whatever society accepts." In any society, most people accept standards that are, in fact, ethical. But standards of behavior in society can deviate from what is ethical. An entire society can become ethically corrupt. Nazi Germany is a good example of a morally corrupt society. What is Ethics? • What, then, is ethics? Ethics is two things. First, ethics refers to well based standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues. • Secondly, ethics refers to the study and development of one's ethical standards. As mentioned above, feelings, laws, and social norms can deviate from what is ethical. So it is necessary to constantly examine one's standards to ensure that they are reasonable and well-founded. What is business ethics? (Trevino & Nelson) • Business ethics is the "principles and standards that guide behavior in the business world."[1] • In informal language, business ethics is about how to conduct business in the "right" way • Business ethics and the determination of what is right and wrong in the business world is shaped by the opinion of many stakeholders -customers, employees, investors, interest groups, the legal system, the community, among others[1] What are some broad categories of ethical issues common to business? (Baker & Comer) Drawing from several classification schemes based on ethical issues, Baker & Comer identify these four broad categories of ethical issues: • Human resource issues: – Describe ethical issues that occur when people work together. These are responsibilities that employers have to employees. – The specific types of issues include: • • • • Discrimination (Discrimination occurs when something other than qualifications determines how an employee is treated.) Sexual harassment (Sexual harassment is unwelcome sexual behavior that makes someone feel uncomfortable at work.) Privacy issues Hiring, performance appraisal, discipline, and termination practices – Human resource issues concern FAIRNESS. Categories of Ethical Issues 2. • Consumer confidence issues: Occurs when the issue is about your or your company's relationship with the customer/client. These are responsibilities that employers and employees have to their customers/clients. The specific types of issues include: • • – – – – – confidentiality (right of privacy); product safety; truth in advertising; fiduciary responsibilities (codes of conduct that establish standards of professional behavior for accountants, doctors, and other professionals) Consumer confidence issues broadly concern TRUST, PRIVACY, and/or HONESTY. The customer TRUSTS you and your company to protect his/her PRIVACY, TRUSTS that product safety is protected, TRUST that product advertising is HONEST, and TRUSTS that you and your company’s employee have adhered to all standards of professional conduct. Categories of Ethical Issues 3. Use of corporate resources: – • • • • • • • • Includes your being truthful with your employer and your being responsible in the use of corporate resources, including its finances and reputation. These are responsibilities that employees have to employers. The specific types of issues include: use of corporate reputation; use of corporate financial resources; Compliance with oversight agencies; Reporting practices; Providing honest information; Employee theft (time, ideas, money); and Employee integrity (honesty; taking credit for someone else’s work; not accepting responsibility for one’s mistakes). Use of corporate resources issues concern HONESTY and FAIRNESS, specifically your being honest and fair with your employer Categories of Ethical Issues 4. • Conflicts of interest: Occur when one's judgment or objectivity is compromised -- or appears to be compromised (appears to be compromised means that a third party could think that your judgment or objectivity in your judgment or decisions) – Appearance of a conflict of interest is generally regarded as damaging as an actual conflict. These are responsibilities that employees have to employers and stakeholders. • • • • • • • • The specific types of issues include: overt bribes or kickbacks; subtle bribes (gifts and entertainment); use of influence (this is not the use or misuse of positional power or legitimate authority; rather, it is use of influence to gain an outcome that likely wouldn’t occur otherwise); use of privileged information (e.g., insider trader);and Company-vendor relations Conflicts of interest issues concern TRUST, specifically your employers’ and stakeholders’ trust of YOU. TRUST is the basis of every personal and corporate relationship
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Business Ethics
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Introduction
• Every business, company and organization has a set of
ethics.
• Ethics are simply standards of the wrong and the rights and
prescribed what human beings or workers ought to do.
• Business ethics are simply the standards that seek to
examine the ethical principles as well as the ethical
problems that arise in the business.
• They refer to the standards, the principles, set values and
norm of the company.
• They originate and are shaped by the opinions of the
customers, investors, interest groups as well as the
employees of an organization (Bruce, 2017).

Categories of Ethical Issues
• Ethical issues can be categoriz...


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