Application of VALUES & ETHICS in Business

Application of VALUES & ETHICS in Business Organization Individual A Comprehensive Study

Values( set of preferences) are said to be the cause and Ethics effect.If one operates in a given instance from a Value emotion within the outward action will tend to be Ethical. Values & Ethics

Oxford Advanced Learner’s Dictionary defines the word ‘ethics’ as “moral principle that govern or influence a person’s behavior”. Ethics is thus a benchmark of human behavior. The conduct of human beings is influenced either by the emotions of life or the actions people perform in different situations. The coordination of action and emotions generates ethics. ETHICS

Ethics in Organizations Key Terms Used – ‘Ethics’,’Ethical’,’Unethical’,’Corporate Values',' Personal values', Value statement', 'Ethical Framework of a company’ etc.

Value Statement of ITC ITC's Core Values are aimed at developing a customer-focused, high-performance organization which creates value for all its stakeholders: Trusteeship As professional managers, we are conscious that ITC has been given to us in "trust" by all our stakeholders. We will actualize stakeholder value and interest on a long term sustainable basis. Customer Focus We are always customer focused and will deliver what the customer needs in terms of value, quality and satisfaction.

(Contd) Respect For People We are result oriented, setting high performance standards for ourselves as individuals and teams. We will simultaneously respect and value people and uphold humanness and human dignity. We acknowledge that every individual brings different perspectives and capabilities to the team and that a strong team is founded on a variety of perspectives. We want individuals to dream, value differences, create and experiment in pursuit of opportunities and achieve leadership through teamwork. Excellence We do what is right, do it well and win. We will strive for excellence in whatever we do. Innovation We will constantly pursue newer and better processes, products, services and management practices. Nation Orientation We are aware of our responsibility to generate economic value for the Nation. In pursuit of our goals, we will make no compromise in complying with applicable laws and regulations at all levels

TATA Steel: The Tata Group has always sought to be a value-driven organisation. These values continue to direct the Group's growth and businesses. The five core Tata values underpinning the way we do business are: • Integrity • Understanding • Excellence • Unity • Responsibility

SAIL (Steel Authority of India): • To be a respected world Class Corporation and the leader in Indian steel business inquality, productivity, profitability and customer satisfaction

Maruti Udyog: We believe our core values drive us in every endeavor: • Customer obsession; • fast, • flexible and first mover; • innovation & creativity; • networking & partnership; • openness & learning.

ONGC: To be a world-class Oil and Gas Company integrated in energy business with dominant Indian leadership and global presence. • World Class • Integrated in Energy Business • Dominant Indian Leadership

WIPRO: The Spirit of Wipro is the core of Wipro… the Spirit is rooted in current reality, but it also represents what Wipro aspires to be – thus making itfuture active. The Spirit is an indivisible synthesis of all three statements. • Manifesting intensity to win, • Acting with sensitivity and • being unyielding on integrity all the time.

Honesty, Integrity, Respect, Fairness, Purposefulness, Trust, Responsibility, Citizenship and Caring. Growth is care for good health Growth is care for safety Growth is care for the environment Growth is conservation Growth is betting on our people Growth is thinking beyond business Reliance Industries:Reliance believes that any business conduct can be ethical only when it rests on the nine core values of

To be a globally respected corporation that provides best-of-breed business solutions, leveraging technology, delivered by best-in-class people. To achieve our objectives in an environment of fairness, honesty, and courtesy towards our clients, employees, vendors and society at large Values Customer Delight: Leadership by Example: Integrity and Transparency: Fairness: Pursuit of Excellence: INFOSYS TECHNOLOGIES:

A world class integrated power major, powering India’s growth, with increasing global presence Develop and provide reliable power, related products and services at competitive prices, integrating multiple energy sources with innovative and eco – friendly technologies and contribute to society" Our Core Values(BCOMIT) Business Ethics Customer Focus Organizational & professional Pride Mutual Respect and Trust Innovation and Speed Total Quality for Excellence NTPC:

Malaysian Airlines :Shukur(gratefulness),Amanah(trustworthiness),Ikhlas (sincerity), Displin (discipline) Canon: • To foster good relations with customers and communities. • Also to maintain good relation with nations and environment • Bear responsibility for the impact of their activities on society

Johnson & Johnson • High quality and prompt service at reasonable price with a view to making fair profit. • To respect individuality of employees keeping in mind their job security and means of fulfilling family responsibility. • Informal communication • Just and ethical action • Encourage community service

Ford Motor Company • Doing right thing for the customer,people,environment and society • Providing superior returns to our shareholders • The customer is job 1

IBM • Respect for individual • IBM anthem • Devotion to customers • Lifetime employment • Open door program.

NIKE :Nike follows three mission statements to pursue the goal. Climate mission statement. Community mission statement and Considered mission statement. Nike salvaged its image through such measures. • Climate mission statement : “Climate change is no longer “What if” but “What now?” It is real and it is impacting the environment, the marketplace, and our supply chain. We see greater constraints on natural resources. More importantly, we see and agree with the growing need to take immediate action.”

Community mission statement : Unleashing potential through sport. In the last two years, Nike invested $100 million worldwide in community-based sports initiatives. By 2011, we expect to invest another $315 million. These investments will be used to give excluded youth around the world the chance to play because as access to sport can enhance their lives. We’ll provide Nike product, resurface playing fields, support community-based programs, and help young people create their own communities. This is all part of our Let Me Play commitment. Considered mission statement : We see sustainability as a source of innovation. A way to inspire new thinking and deliver tangible results. Nike has recently taken up a project to start an N.G.O.

Respect Integrity Excellence Social Performance Just & Ethical action Activate self-esteem Trusteeship Concern for people Refinery song Human values Purposefulness Caring Mutual respect & trust Openness & learning Credibility Concepts behind those statements

CSR CSR has been defined in several ways. A good definition refers to a company's commitment to operating in an economically, socially and environmentally sustainable manner, while recognizing the interests of its stakeholders, including investors, customers, employees, business partners, local communities, the environment and society at large.

Ethics matters because it makes good business sense to "do the right thing". • Additionally good corporate ethics results in: • Attracting better talent • Retaining employees • Attracting new customers • Retaining customers • A Positive effect on ROI • Positive effect on Corporate Reputation

Competitive Strategy and CSRResearch has shown that consumers give preference to companies that adopt CSR practices. According to the 2002 Edelmen Strategy Of Survey of Opinion Leaders, 76% would switch to a company with strong CSR practices, if price and quality are equal to non-CSR competitors. In the same survey, 75% surveyed reported they would give a CSR company the “benefit of the doubt” if the company were subjected to negative publicity.

Individual Value System & Conflict Ethics Through Unethicalty: ‘It is unethicalty when one entity intentionally tries to gain at the expense of another, or just to cause loss to another without any gain ,while the other entity is unaware of such intention or is powerless to defend itself against it.’

Educating the Organization & the Individual Code of Conduct, Cognitive Ethics, Consciousness Ethics

Vivekananda,Gandhi,Gita,Peter Drucker • Universal Ethical Principle –For the salvation of the Individual & the welfare of the Society • Think poorest of the poor • Lok sangraha – Individual I dissolves in Universal I • Conflict Resolution of Arjun • Managing Oneself

Application of VALUES & ETHICS in Business