Business Ethics
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Ethics
⏹The principles of conduct governing an individual or a group
⏹Guidelines for human behavior
Ethical退休证明
⏹Knowing the difference between right and wrong and choosing to do what is right
⏹Conforming to the accepted standards of conduct
Morals
⏹Means by which individuals judge their actions and the actions of others
幽的组词Integrity
⏹Integrity is feeling comfortable that your actions were morally ‘right’
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Integrity Is Doing The Right Thing When No One Is Looking.
(Abraham Lincoln)
“To e what is right and not to do it is want of courage.” (Confucius)
The reputation of a thousand years may be determined by the conduct of one hour.
Japane proverb
Definitions of Business Ethics as…
新妇女‘The study of what constitutes right and wrong (or good or bad) human conduct in a business context.’ (Shaw and Barry, 2007)
How do we define ‘good or bad’?
‘Principles and standards that guide behaviour in a world of business.’ (Ferrell et al., 2002)otg连接线
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The Purpo of Business
⏹Ethicists do not always agree about the purpo of business in society – some e the main purpo of business is to maximi profits for its owners or its shareholders.
Business and Moral Responsibility?
⏹Others consider that business have moral responsibilities to their stakeholders; including employees, consumers, the local community and even society as a whole.
Social contract?
Other ethicists have adapted social contract theory to business, so that employees and other stakeholders are given a voice as to how the business operates
What are Ethics in Business?
⏹Moral behaviour (doing the right thing)
⏹Fair and honest.
⏹Business Ethics v. Profit?
How do we define ‘the right thing’?
Company Definitions
⏹Companies interpret ‘business ethics’ as they like
⏹Law provides minimum ethical standards:
- No stealing/cheating/deceiving
新古典主义绘画-Do not discriminate becau of:
race/gender/disability/xuality
- Any kind of harassment is illegal (racial, xual, bullying)
The Relationship between Business and Consumers
Who are stakeholders?
Consumer power
⏹Consumers now influence business ethics, and have been instrumental in bringing about change: consumers expect business to demonstrate ethical responsibility in its widest n – affecting the treatment of employees, the community, the environment, working conditions etc.
‘We will operate our business with a strong
commitment to the well being of our fellow
humans and with the prervation of the
planet.’ (B.S. International, 2006, p.1)
⏹The Body Shop emphasis the ‘well being of our fellow humans and with the prervation of the planet.’
⏹Other companies promi only high quality products or good rvice.
Discuss:
⏹Should other companies include society and the environment in their ethics policies?
⏹What el should companies include in their business ethics policies?
⏹Some companies have been the focus of the consumer criticism and forced to change their practices, e.g:
☐Nike, Gap and Primark over child labour
☐Shell over Brent Spar and Ogoniland
☐Monsanto over GM food
Do we have to accept lower profits/less success in order to be ethical?
What are the (long-term) advantages of ethical business practice?
⏹Assures investors that their finances are safe.
⏹Assures customers that their products are quality.
⏹Encourages loyalty in staff
⏹Keeps companies in good stead with SRI, Dow Jones, government, etc.
One of the most important attributes for small business success, is the distinguishing quality of practicing admirable business ethics. Business ethics, practiced throughout the deepest layers of a company, become the heart and soul of the company's culture and can mean the difference between success and failure.
"If you have integrity, nothing el matters. If
you don't have integrity, nothing el matters.“
Alan K. Simpson
Benefits of Practicing Business Ethics
⏹In the rearch study, "Does Business Ethics Pay?" by The Institute of Business Ethics (IBE), it was found that companies displaying a "clear commitment to ethica
l conduct" consistently outperform companies that do not display ethical conduct. The Director of IBE, Philippa Foster Black, stated:
--"Not only is ethical behavior in business life the right thing to do in principle, we have shown that it pays off in financial returns."
⏹The findings derve to be considered an important insight for companies striving for long-term success and growth.