Lecture Introduction to business - Lecture 5: Conducting business ethically and responsibly

The following will be discussed in this chapter: Ethics in the workplace, social responsibility, areas of social responsibility, implementing social responsibility programs. | Lecture 5 Chapter 3 Conducting Business Ethically and Responsibly Chapter Outline Ethics In The Workplace Social Responsibility Areas of Social Responsibility Implementing Social Responsibility Programs Ethics In The Workplace Beliefs in Right/Wrong & Good/Bad Actions Individual behavior + society context determines ethical behavior Ethical- Conforms To Social Norms Ethics In The Workplace Unethical Behavior Behavior that conforms to beliefs and norms about what is defined as wrong Business Ethics Ethical or unethical behavior by employees Individual Ethics Vary from person to person, situation to situation and culture to culture Determined party by culture and partly by individual Individual Ethics Ambiguity/Law/Real World Laws are adopted regarding acceptable ethical behavior Unambiguous laws Ethical ambiguities Individual Ethics Sources of Individual Values & Codes Parents Peers Experience Personal Priorities Financial Gain Family/Friends Business Ethics Managerial Standards that guide managers in work Behavior Toward Employees Hiring, firing, wage, respect Organization Others Business Ethics Behavior Toward Employees Hiring, firing, wage, respect Organization (employer) Conflict of interest Stealing supplies, padding expenses account Others (customers, competitors, stock holder, suppliers, unions) Financial reporting Assessing Ethical Behavior Subjective and subjected to opinion Assessing Ethical Behavior Smooth? Clear-Cut Facts? Agreed-Upon Moral Values? Ethical Norms Utility Act optimize benefits for those who are affected Rights Does it respect the rights of those involved? Ethical Norms Justice Is it consistent with what is fair? Caring Consistent with people responsibilities to each other Ethical Norms (figure ) No on all criteria No on one or two criteria Reason for overriding One more important than the other Forced Yes on all criteria Company Practices & Business Ethics Written Codes- Code of ethics Implement Codes Top downwards Core . | Lecture 5 Chapter 3 Conducting Business Ethically and Responsibly Chapter Outline Ethics In The Workplace Social Responsibility Areas of Social Responsibility Implementing Social Responsibility Programs Ethics In The Workplace Beliefs in Right/Wrong & Good/Bad Actions Individual behavior + society context determines ethical behavior Ethical- Conforms To Social Norms Ethics In The Workplace Unethical Behavior Behavior that conforms to beliefs and norms about what is defined as wrong Business Ethics Ethical or unethical behavior by employees Individual Ethics Vary from person to person, situation to situation and culture to culture Determined party by culture and partly by individual Individual Ethics Ambiguity/Law/Real World Laws are adopted regarding acceptable ethical behavior Unambiguous laws Ethical ambiguities Individual Ethics Sources of Individual Values & Codes Parents Peers Experience Personal Priorities Financial Gain Family/Friends Business Ethics Managerial Standards .

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