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Ethics in Business: Conducting Ethical and Responsible Practices

Learn about the importance of ethics in the workplace, including ethical behavior, business ethics, and managerial ethics. Discover the stakeholder model of responsibility and areas of social responsibility, such as environmental responsibility, customer rights, and employee and investor treatment.

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Ethics in Business: Conducting Ethical and Responsible Practices

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  1. CHAPTER 3 • CONDUCTING BUSINESS ETHICALLY AND RESPONSIBLY

  2. Ethics in the Workplace • Ethics: are beliefs about what is right and wrong or good or bad. • Ethical Behavior: Behavior conforming to generally accepted social norms concerning beneficial and harmful actions. • Business Ethics: Ethical or Unethical behaviors by a manager or employer of an organization.

  3. Business and ManagerialEthics • Managerial Ethics: Standards or behavior that guide individual managers in their work. These can be classified in three categories: • 1. Behavior Toward Employees: cover such matters as hiring and firing, wages and working conditions and privacy and respect. • 2. Behavior Toward the Organization: Ethical issues arise from employee behavior toward employers in such areas as conflict of interest (e.g. accepting gifts from suppliers, using business phone / car for personal interests). • 3. Behavior Toward other Economic Agents: Ethics incorporated in the relationship between the firm and its employees, customers, competitors, suppliers, dealers.

  4. The Stakeholder Model of Responsibility • Customers: treat them fairly and honesty by charging fair prices, honor warranties, delivery commitments and stand behind the quality of the product they sell. • Employees: treat workers fairly, make them a part of the team, respect their human rights.

  5. The Stakeholder Model of Responsibility (continued) • Investors: Managers should follow proper accounting procedures, provide appropriate information to shareholders about financial performance, and protecting the shareholders’ rights. • Suppliers: The importance of mutually beneficial partnership arrangements with suppliers is recognized. • Local Communities: Being socially responsible.

  6. Areas of Social Responsibility • Responsibility Toward the Environment: air pollution, water pollution, land pollution; toxic waste disposal and recycling. • Responsibility Toward Customers: consumer rights (safe products, informing customers about all aspects of products, right to be heard, right to choose what they buy), Unfair pricing (illegal agreements between two or more companies) and ethics in advertising.

  7. Areas of Social Responsibility (continued) • Responsibility toward Employees; recruiting, hiring, training, promoting, and compensating employees are important. • Responsibility toward Investors; treat financial recourses in an efficient and effective way.

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