Business Studies Chap 12 Flashcards
Define ethical and professional behavior
PROFESSIONAL
-Is when a person acquires specialized knowledge and skills to become competent to practice a specific job.
ETHICAL
-Is guided by principles of what is wrong, right, and acceptable behavior following what society and individuals regard as good values
Distinguish between professional and ethics
PROFESSIONALISM
-Applies a code of conduct of a profession or business
-Focuses on upholding the rep. of a bus. or profession
ETHICS
-Forms part of a code of conduct to guide employees to conduct themselves ethically
-Focuses on developing a moral compass for decision-making
Outline the principles of professionalism and ethics
-Competency is when employees use their knowledge, skills, and ability in their area of expertise for the good of the org., society, and the envir.
-Integrity- means to perform all your work-related duties in a correct manner even when you’re not being monitored
-Respect- is the behavior, performance and the way in which employees conduct themselves in the workplace
-Objectivity- Employees should remain objectives and act in a fair manner to all without any bias or favor
Consequential theory
-Suggests that an action is good or bad depending on its outcome
-It determines whether to do or not do something based on the expected result of the action
The common good approach
-Ensures that bus. values and ethical principles are in line with the society in which the business operates
-It recognizes that ethics and values vary from area to area and from country to country
The rights approach
-The focus of the R.A is on individual rights- where people are treated with respect and dignity
-Bus. should not impose its mission or products on people
Differentiate between good and bad decisions
GOOD
-Are usually taken after giving a situation a lot of thought and considering ethical principles attached to it.
-It’s in the best interest of individuals and bus. to follow their instincts once they have all the facts when making these decisions
BAD
-Are made on the spur of the moment without critical analyzing or consulting due process
-As bus. may not have taken all the correct info. into account, these decisions could be regretted
Suggest ways in which professional, responsible, ethical, and effective business practice should be conducted
-The bus. should ensure that they pay employees fair wages and salaries which corresponds to the requirements of the BCEA
-Employees should be paid for working overtime and on public holidays
-The bus. should respect employees and treat the with dignity by recognizing the value of their human capital for work well done
-All goods and services should be done according to the required standards and ethical requirement
Explain the benefits of ethical business ventures
-Bus. can bulid a good rep and attract more investors thus increasing profitability
-Customer loyalty is created and nurtured and a pos. bus. image will be created
-Staff morale can be bulit and maintained by paying employees fairly
-Staff who are hard-working and productive will be loyal and dedicated to the bus.
Give examples of ethical business practices
-Put policies ad procedures in place to maintain the confidentiality
-Conduct transparent and honest bus. deals
-Avoid illegal bus. practice through compliance with the bus. code of conduct
-Make use of fair advertising practices
Evaluate a code of ethics for any business and make recommendations for improvement
-Corporate governance is the framework of rules and practice by which a Board of Directors ensures accountability, fairness and transparency in all company relationships
Discuss the different perspective on ethics
-The way in which an employee views ethical perspectives is determined by their culture, religion, education, and background.
-The employees’ background will influence the way in which he/she will respond to ethical dilemmas within the bus.
-Bus will manage ethical dilemmas according to their code of ethics or bus. code of conduct
-Bus. are entitled to decide the kinds of behavior that is demanded from its employees and customers
