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Values & Ethics in Business

Values & Ethics in Business. X420 Discussion Session #80 Kelley School of Business. Values. Abstract ideals that shape an individual’s thinking and behavior – a moral compass Instrumental values – certain way of behaving is appropriate in all situations – “means”.

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Values & Ethics in Business

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  1. Values & Ethics in Business X420 Discussion Session #80 Kelley School of Business

  2. Values • Abstract ideals that shape an individual’s thinking and behavior – a moral compass • Instrumental values – certain way of behaving is appropriate in all situations – “means”. • Terminal values – enduring belief in the attainment of a certain end state – “ends”.

  3. A moral compass These abstract ideals can result from • Religion • Philosophy • Family teachings

  4. Instrumental values As the means to an end they become the ingrained ways of behavior: • Rituals • Politesse • Good habits

  5. Terminal values With the end always in sight: • Heaven • Respect • Financial Success • Personal Independence • Power

  6. Ethics • The study of moral obligation involving the distinction between right and wrong. • Business Ethics: right or wrong in the workplace – value management.

  7. Two Areas of Business Ethics • Obvious mischief • Moral mazes RIGHT vs. RIGHT

  8. Common Misconduct in Organizations • Misrepresenting hours worked • Employees lying to supervisors • Management lying to employees, customers, vendors or the public • Misuse of organizational assets • Lying on reports/falsifying records • Sexual harassment • Stealing/theft • Accepting or giving bribes or kickbacks • Withholding needed information from employees, customers, vendors or public

  9. Common Causes of Unethical Behavior • Pressure • Fear • Greed • Convenience

  10. Causes of Unethical Behavior (cont’d) • Following boss’s directives • Meeting overly aggressive business/financial objectives • Helping the organization survive • Meeting schedule pressures • Be a team player (group think) • Rationalizing that others do it • Resisting competitive threats • Advancing own career

  11. Ethical Dilemmas Making decisions under stress or dealing with complex issues that have no clear indication of what is right or wrong. There are NO simple ethical dilemmas… all have layers of meaning and effect.

  12. Business Ethics Myths • Business ethics is a new fad. • Business ethics – religion vs. management. • Business ethics is obvious – “do good!” • Business ethics is good guys preaching to bad guys.

  13. “Whistleblower’s” Reluctance • Didn’t believe action would be taken. • Feared retaliation from mgmt. • Didn’t trust confidentiality. • Feared not being a team player. • Feared retaliation from co-workers. • Didn’t know who to contact. • Nobody cares, why should I?

  14. Business Ethics Myths (cont’d) • Ethics can’t be managed. • Being legal = being ethical. • Managing ethics has little practical relevance.

  15. Ethical Tips for Organizations • Develop a code of ethics. • Communicate code and bake it into culture top-down. • Treat ethics as a process. • Create open lines of communication. • Set good examples. • Educate employees – frame issues through storytelling. • Value forgiveness.

  16. Benefits of Managing Ethics in the Workplace • Improves society. • Maintains a moral course in turbulent times. • Cultivates employee teamwork, productivity, morale and development. • Acts as an insurance policy.

  17. Benefits of Managing Ethics in the Workplace (cont’d) • Establishes values for quality management, strategic planning and diversity management. • Promotes strong public image. • It is the RIGHT thing to do!

  18. Ethical Tips for Individuals • Establish personal values. • Be aware of ethical events. • Develop critical thinking techniques. • Be reflective. • Make it a priority every day.

  19. “The simple step of a simple courageous man is to not take part in the lie, not to support deceit. Let the lie come into the world, even dominate the world, but not through me.” -- Alexander Solzhenitsyn

  20. Puzzling things out…. As we watch the video vignettes, keep these questions in mind: • What is the ethical dilemma? • What is the apparent cause of the unethical behavior? • Is there an ethical resolution to the problem portrayed? • If so, who should do what?

  21. EVALUATION QUESTIONS:Values and Ethics in Business - #80 1. I found the presentation material easy to understand. 2. This Advantage session increased my knowledge of the subject presented. 3. I will be able to use some of the information from this session in the future. • USE: • a. Strongly agree • b. Agree • c. Disagree • d. Strongly disagree • e. Don’t know 4. The presenter was well prepared for this Advantage session. 5. This presentation should be repeated in future semesters.

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