business ethics
TRANSCRIPT
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Ethics What are ethics?
– Conscience– Religion– Law– Society
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What are Ethics? Firstly, the respect for human
Study and development of one’s own ethical standards, so that feelings, laws and norms do not deviate us from all that is ethical.
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Nature of Ethics
Religion specific Caste specific Culture specific Society specific
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Ethics are: The supreme propeller in one’s behaviour. Ethical character comprises of virtues like
honesty, integrity, loyalty. It represents the relationship between man and
man, man and organization, man and his profession and man and the society in general.
The possession and applications of virtues enhances moral, ethical and legal behaviours of employees and managers.
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God said, “You should build a better world.”
I questioned, “How? The world is such a wondrous place, so complicated, and I so small and useless man, there’s nothing I can do!”
But God, all kind and wise replied,“Just build a better you!”
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BusinessBusiness Ethics and Ethics and Social ResponsibilitySocial Responsibility
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Business Ethics The value of what should be
done and what should not be done from the business point of view
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Ethical issues for business
Product safety standards Advertising contents Working environment Unauthorized payments Employee’s privacy Environmental issues
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Genesis of Ethics Ethics is a Greek word, it means Character or
manners.
Ethics is subjective while morality is objective.
Ethics is about sense of belongingness to society of business. Formed with a limited vision for economic generation but should resolve conflict with society by servicing the community.
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3D of Ethics. UNITARIAN VIEW OF ETHICS
Business is a part of moral structure and moral ethics.
SEPARATISTS VIEWS OF ETHICS Morality and ethics has no role in business. Society and law deals with ethics and morality.
INTEGRATED VIEW OF ETHICSEthical behavior and business should be integrated in a new era called Business Ethics.
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Integration View of Ethics.
Business. Morality & ethics
BUSINESS ETHICSMarket system
GOVERNMENT LAW
SOCIETY
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NABARD, Bank of India, BPCL NABARD (National Bank for Agricultural and Rural
Development) helps 101 million poor people through micro finance program, providing access to credit.
Joint liability groups (JLG)- Rythu Mitra program- credit access to landless farmer's agricultural laborers, empowers women with micro credit, micro enterprise, created special funds for water shed development, Partnering with corporate like ITC, Tata’s, M and M, Ambuja cements etc, many more.
BPCL (Bharat Petroleum Corporation Limited) provides alternate source of energy, solar energy for street lights at villages, skill enhancement on modern farming practices, distributes smokless chulas, training for income generation projects.
Bank of India, focuses on below poverty line, adopted 101 villages.
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Some more examples Tata uses ‘Leadership with Trust’. Circulates a document ‘Tata code of
conduct’. Johnson and Johnson
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Morals and Values Morals are the standards, norms of
principles of right and wrong. Values comes from the Latin word ‘valere’
which means to be of worth, to be strong. Values are a set of principles or standards
of behaviour that are regarded as desirable, important and held in high esteem by society.
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Values in Business KEP (Key Ethical Principles) Honesty Integrity Fulfilling commitments Abiding by agreements in letter and spirit Being fair and open minded Willing to admit errors Caring and Compassion Respect for human dignity Responsible Pursuit of excellence Being accountable for decision and its consequences
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Relevance of Values in Management Young managers must be aware of the reasons that
underline moral principles. Ensure compliance by managers with company
standards for conduct. Help resolve ethical issues/dilemmas as they arise. Responsible judgments and decisions Approach to business Business ethics cannot be wholly governed by law
and government organizations but remains the concern of individual managers.
Social responsibility of the organization
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Inculcates high level of integrity in managers.
Goal of ethic education is to share knowledge, build skills and develop minds.
Avoids business misconduct in organizations.
Helps to arrive at ‘just’ decisions. Improves managerial conduct. Improve the reflective skills.
Relevance of Values in Management (cont.)
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A Study of CSR at Cadbury
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Key Issues in CSR Labour rights:
– child labour – forced labour – right to organise – safety and health
Environmental conditions– water & air emissions– climate change
Human rights– cooperation with paramilitary forces– complicity in extra-judicial killings
Poverty Alleviation– job creation– public revenues– skills and technology
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Pyramid of CSR
Philanthropic ResponsibilitiesPhilanthropic ResponsibilitiesBe a good corporate citizen.
Ethical ResponsibilitiesEthical ResponsibilitiesBe ethical.
Legal ResponsibilitiesLegal ResponsibilitiesObey the law.
Economic ResponsibilitiesEconomic ResponsibilitiesBe profitable.
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Case Study Corporate Social Responsibility towards the
environment – the case of Exxon
Toys: No child’s play
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Importance of CSR
Globalization Government and inter-govermental bodies Advances in communications technology Aware consumers Breaches of corporate ethics Awareness of legislature Brand image and reputation
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Corporate GovernanceIt is a system of structuring operating and controlling a company with a view to achieve long-term strategic goals to satisfy shareholders, creditors, employees, customers and suppliers with the legal and regulatory requirements apart from meeting environment and local community needs. It leads to the building of a legal commercial and institutional framework. It also demarcates the boundaries within which these functions are to be performed.
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Examples
ITC Cadbury Tata steel ICSI (Inst.of Company
Secretaries of India) IDBI Bank ONGC
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In the forward to the book ‘Corporate Governance: A Framework for Implementation’, Sir Adrian Cadbury wrote:
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Corporate Governance is concerned with holding the balance between economic and social goals and between individual and communal goals.
The incentive to corporations and to those who own and manage them to adopt internationally accepted governance standards is that these standards will help them to achieve their corporate aims and to attract investment.
The incentive for their adoption by states is that these standards will strengthen the economy and discourage fraud and mismanagement.
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The foundation of any structure of corporate governance is disclosure. Openness is the basis of public confidence in the corporate system, and funds will flow to the centers of economy activity that inspires trust.
Thus, the concept of corporate governance has become one of the wide and deep discussions around the globe, and needs to be taken up in earnest by all organizations.
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Corporate Governance: Importance for Industry
Survival of the Fittest Globalization – Foreign investors Interests of the Shareholders
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Ethical Issues related with Advertisements
ASCI (Advertising Standard Council of India) Guidelines:
– Truthful and honest representations and claims made by advertisements
– Protection against misleading and baseless advertisements
– Ensuring that advertisements are not offensive to the accepted standards
– Fairness in competition so that consumers are aware about the products and can make right decisions
– Safeguard against indiscriminate use of advertising for promoting a product which is regarded as hazardous in society and not accepted by the society in general.
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Ethical Issues related with Finance
Deception Concealment of information Churning (control on account) Unsuitable investments for clients Twisting (replacing policy) Flipping (loan)
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Ethical Issues related with Finance
Stock Market Speculation Insider Trading Hostile takeovers Tax Planning Financial Statements Internal AuditController: SEBI(Securities and Exchange Board of India)
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Ethical Issues related with Investment
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Ethical Issues related with Technology
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Secular vs Spiritual Values in Management
A way of living that emphasizes a constant awareness of the spiritual dimensions of nature, without any acknowledgement of a contractual relationship between the material world and the spiritual.
Spirituality is a relationship that unites oneself with the divine. It is a journey to the search of eternal truth or the path of enlightenment at the end of which salvation lies. It can be achieved through regular Yoga and Meditation.
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Secular vs Spiritual Values in Management (cont.)
Spirituality is basically dissolving one’s ego and being absolutely truthful in all affairs of life.
Spirituality is that subtle truth of life in absence of which no living being can survive.
Spirituality is a sense of higher power, having a feeling of peace and something greater than oneself in fact it is the true inner self.
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Self Confidence
Self Improvement
Inner Peace
Positivism
Concentration Power
Wisdom
Moksha
Nirvana
Goals of Spirituality
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Spirituality and BusinessEmployees are spiritual entities and their souls need nourishment at the workplace.
Values like loyalty, tolerance, commitment, passion, and belongingness at workplace is spirituality
Eternal quest of a person in search of eternal meaning, significant experience and a greater sense of life purpose in order to navigate through this materialize world.
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Examples of Companies
Xerox – spiritual retreat – Vision QuestMicrosoft – Online spiritual serviceApple Computers – Spiritual room
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Benefits to the Organization Environment of trust, loyalty, openness, honesty,
commitment and clear communication. Cultivates inclusiveness and value diversity. Increases ethical behaviour which in turns
increases productivity. Retention of the best talent with the company. Enhances the job satisfaction level which results
in personal satisfaction.(A report shows spirituality is an important source of
happiness after health.)
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Work Ethics: Concept of Swadharma
Workplace ethics is how one applies values to work in actual decision-making, a proper set of ‘right’ and ‘wrong’ actions that directly affect the workplace.
Best example in Indian scenario is that of ‘Khadi’.
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Factors affecting ethical behaviour at workplace
Factors affectingworkplace ethics
Corporate CultureAnd
Mythology
Individual StandardsAnd Values
Boss and Co-workers’
influences
Different CodesAnd
CompliancesRequirements
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Ethics Tools: Codes of EthicsAcc. to Wallace, “credo generally describes the highest values to which the company aspires to operate. It contains the ‘thou shalt’s. A code of ethics specifies the ethical rules of operation.”
Occasionally, employees react to code with suspicion, believing the codes and values are for window dressing. But, when managing a complex issue, especially in a crisis, having a code is critical.
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Developing Code of EthicsGuidelines:1. Review values needed to adhere to be
relevant with laws and regulations.2. Review which values produce the top three
or four traits of a highly ethical and successful product or service in your area.
3. Identify values needed to address current issues in your workplace.
4. Identify values needed, based on findings of SWOT analysis.
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Developing Code of Ethics (cont.)5. Consider any top ethical values that might
be prized by stakeholders.6. Associate with each value, two example
behaviours which reflect each value.7. Obtain review from key members of the
organization.8. Announce and distribute the code of ethics.9. Update the code atleast once a year.
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Ethics Tools: Codes of ConductAcc. to Craig Nordlund, Associate General Counsel and Secretary at Hewlett Packard, “codes of conduct specify actions in the workplace and codes of ethics are general guides to decisions about those actions.”
Codes of conduct contain examples of appropriate behaviour to be meaningful.
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Developing a Code of ConductGuidelines:1. Identify key behaviours needed to adhere to the
ethical values proclaimed in your code of ethics.2. Include wordings that indicate all employees are
expected to conform to the behaviours specified in the code of conduct.
3. Obtain review from the key members of the organization.
4. Announce and distribute the new code of conduct.5. You cannot include preferred behaviours for every
possible ethical dilemma that might arise.
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Developing a Code of Conduct (cont.)6. Examples of topics typically addressed by
codes of conduct include:• Preferred style of dress• Avoiding illegal drugs• Following instructions of superiors• Being reliable and prompt• Maintaining confidentiality• Not accepting personal gifts from stakeholders• Avoiding racial or sexual discrimination• Avoiding conflict of interest• Complying with laws and regulations• Not using organization’s property for personal use• Reporting illegal or questionable activity
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The Five Principles Underpinning Ethics Codes
Leadership
Diversity ofthe System
Adaptation
TransparencyIntegration into
Management
Foundation
Evolution
Commitment
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The Five Principles Underpinning Ethics Codes
Leadership
Diversity ofthe System
Adaptation
Transparency
Integration intoManagement
Foundation
Evolution
Commitment
Two-prongedApproach
Balance
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Benefits of Ethics in the Workplace
Attention to business ethics has substantially improved society.
Ethics programmes help maintain a moral course in turbulent times.
Ethics programmes cultivate strong teamwork and productivity.
Ethics programmes support employee growth and meaning.
Ethics programmes are an insurance policy – they help ensure that policies are legal.
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Benefits of Ethics in the Workplace (cont.)
Ethics programmes help avoid criminal acts “of omission” and can lower fines.
Ethics programmes help manage values associated with quality management, strategic planning and diversity management.
Ethics programmes promote a strong public image.
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Advantages of Ethical Behaviour at the Workplace
Better imageand reputationof the enterprisein the industryand community
Ability toattract and
retain talentedpeople
Doing lesserlegal action
and no actionwithout any
cause.
Reduced risk of employees
making ethicaldecisions
Competitiveadvantagein the marketplace