Business Roles Flashcards
Ethics and Professionalism
Ethical Behaviour
Set of values that are morally acceptable when conducting business.
Business practices that are acceptable to the group/community.
Inherently forms part of the employees code of conduct.
Developing a moral compass to use in decision making.
Professional Behaviour
Professional behaviour is a certain standard of behaviour/ specific level of competence that adheres to an ethical code of conduct.
It is a behaviour suitable for a job/ profession done for payment.
It includes showing respect for others/ take responsibility or your work/ performing according to a job description etc.
Transparency
Regular audits should be done to determine the effectiveness of the business.
Auditing and other reports must be accurate/ available to shareholders/ employees.
Staffing and other processes should be open and transparent.
Business deals should be conducted openly so that there is no sign of dishonesty/ corruption.
Accountability
Company should appoint internal auditors to audit financial statements.
Businesses should present accurate reports to shareholders at the AGM.
There must be regular communication between management and the stakeholders like shareholders.
Businesses should be accountable/ responsible for their decisions/ actions.
Responsibility
The business/ board should develop and implement programmes that should be aimed at protecting the communities in which they operate.
The business/ board should develop remedial programmes to protect the environment for example, reduce air and water pollution.
Ways in which professional, responsible, ethical and effective business practice should be conducted.
Mission statement should include, values of equality/ respect.
plan properly and put preventative measures in place.
Treat workers with respect/ dignity by recognising work well done.
All workers should have access to equal resources.
Unfair advertising (Unethical business practices)
Deceptive advertising can violate the trust of consumers and destroy business relationships.
Unfair advertising could be harmful to consumers.
Strategy to deal with Unfair Advertising
Advertisements should be legal/ honest and not abuse consumer’s trust/ lack of knowledge.
Consumers must report unfair advertisements to ASA.
Prices of Goods in Rural Areas (Unethical)
Some business in the rural areas exploit their customers by adding much more than necessary to their prices.
Businesses may form monopolies in rural areas and increase their prices unilaterally.
Strategy to deal with it
Charge fair/ market related prices for good and services.
Avoid unethical business practices to attract customer loyalty
Tax (Unethical)
Corporate tax and personal income tax are the main source of income for the government.
Some businesses may falsify their financial records.
Strategy to deal with it.
Submit all tax returns on time.
Businesses should pay the correct amount of tax to SARS.
Sexual Harassment (Unprofessionalism)
Manager promises an increase in salary/ a promotion/ Quid pro quo harassment in exchange for sexual favours.
Sexual harassment causes discomfort/ humiliation and interferes with the job.
Strategy to deal with it
Educate employers on sexual harassment matters.
Ensure compliance with the law/ business code of conduct.
Unauthorised use of workplace funds and resources (Unprofessionalism)
This form of fraud is the misuse of money without prior authorisation from a senior manager.
Use of company assets for private use/ personal use.
Strategy to deal with it
Conduct regular audits.
Identify risk areas/ vulnerable areas.
Abuse of work time (Unprofessionalism)
Employees abuse work time by arriving late/ leaving early and taking longer lunch breaks.
Employees use work time for personal gain.
Strategy to deal with it
Speak directly to those employees who abuse work time.
Conduct training on the contents of the code of conduct.
