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Introduction of business ethics

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neha16sept

This document provides an introduction to business ethics. It discusses how business ethics prescribes standards for how business should be conducted, with responsibilities to stakeholders. Ethical behavior is defined as behavior that is morally good and right. Benefits of ethical behavior include higher revenues, improved brand recognition, and better employee motivation and recruitment. The relationship between business and ethics is discussed, noting that businesses with strong ethics are more prosperous. The importance of ethics in business is outlined, including ensuring goodwill, profitability, and sustainability. Different types of ethics like normative and applied ethics are mentioned. The distinctions between morality, legality, and ethics are introduced. The concept of rights and duties are discussed. Factors that make an organization ethical are

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INTRODUCTION OF BUSINESS ETHICS
Introduction of business ethics
IntroductionBusiness ethics is a branch of ethics which prescribes standards of how the business is to be carried out.Guidelines to stakeholdersThe responsibility of the managers and employeesThe application of ethical judgments to business activities.
WHAT IS ETHICAL BEHAVIOUR?Ethical behavior is that which is morally accepted as "good" and "right" as opposed to "bad" or "wrong" The advantages of ethical behaviour include:Higher revenues – demand from positive consumer support
Improved brand and business awareness and recognition
Better employee motivation and recruitment
New sources of finance – e.g. from ethical investorsRelationship between business and ethicsBusinesses that exhibit and promote strong corporate codes of ethics are more prosperous in the long runEnhances a company's reputationThe highly competitive environment in today's global economy puts pressures on company leaders to remain profitable
Need for business ethicsIntroducing Socialism in BusinessInterest of IndustryBuyers MarketBetter Relations with SocietyAdvantages to Business and Society
Importance of ethics in business GoodwillProfitabilityGoing concern is assuredSustainabilitySurvival of heated competitionSafety from legal perspectives.
Types of ethicsNormative ethicsApplied ethics
MoralityDerived from latin word “moralities”.It is a system of conduct which is virtuous.Refers to personal or cultural values.It refers to what is considered right or wrong by people.
Legality Legality means lawfulness by virtue of conformity to al legal statue.
Distinguish ethics and laws
Concept of rightLegal rightHuman rightEmployee rightMoral rights
Concept of dutyRights and duties are correlativeDuties are what he/she owes to others.
Ethical organisationOrganisation should posses ethical behaviour.Three theories provide a framework fro judging ethical nature in business.1. theory of corporate excellence.2. Ethics and shareholders value.3. ethics and corporate governance.
Code of conductA state of rules to guide behaviour and decisions.

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Introduction of business ethics

  • 3. IntroductionBusiness ethics is a branch of ethics which prescribes standards of how the business is to be carried out.Guidelines to stakeholdersThe responsibility of the managers and employeesThe application of ethical judgments to business activities.
  • 4. WHAT IS ETHICAL BEHAVIOUR?Ethical behavior is that which is morally accepted as "good" and "right" as opposed to "bad" or "wrong" The advantages of ethical behaviour include:Higher revenues – demand from positive consumer support
  • 5. Improved brand and business awareness and recognition
  • 6. Better employee motivation and recruitment
  • 7. New sources of finance – e.g. from ethical investorsRelationship between business and ethicsBusinesses that exhibit and promote strong corporate codes of ethics are more prosperous in the long runEnhances a company's reputationThe highly competitive environment in today's global economy puts pressures on company leaders to remain profitable
  • 8. Need for business ethicsIntroducing Socialism in BusinessInterest of IndustryBuyers MarketBetter Relations with SocietyAdvantages to Business and Society
  • 9. Importance of ethics in business GoodwillProfitabilityGoing concern is assuredSustainabilitySurvival of heated competitionSafety from legal perspectives.
  • 10. Types of ethicsNormative ethicsApplied ethics
  • 11. MoralityDerived from latin word “moralities”.It is a system of conduct which is virtuous.Refers to personal or cultural values.It refers to what is considered right or wrong by people.
  • 12. Legality Legality means lawfulness by virtue of conformity to al legal statue.
  • 14. Concept of rightLegal rightHuman rightEmployee rightMoral rights
  • 15. Concept of dutyRights and duties are correlativeDuties are what he/she owes to others.
  • 16. Ethical organisationOrganisation should posses ethical behaviour.Three theories provide a framework fro judging ethical nature in business.1. theory of corporate excellence.2. Ethics and shareholders value.3. ethics and corporate governance.
  • 17. Code of conductA state of rules to guide behaviour and decisions.
  • 18. Why Have a Code of ConductA code is an open disclosure of the way an organization operatesCodes of conduct offer an invaluable opportunity for responsible organizations to create a positive public identity for themselvesTool to encourage discussions of ethics and to improve how employees/members deal with the ethical dilemmas, prejudices and gray areas