Chapter 4 Flashcards
Is a branch of philosophy that prescribes and guides acceptable
human conduct.
Ethics
Is the study of morality (examines
what is morally right or wrong).
Ethics
guides us to tell the truth, keep our promises, or help someone in need.
Ethics
Rules and principles, and standards
of deciding what is morally right or
wrong when working.
Business Ethics
It refers to the implementation of
appropriate business practices and
policies in the workplace
Business Ethics
It is the study of ethics with a
particular focus on business.
Business Ethics
simply a situation, a problem, or even an opportunity that requires thought, discussion, or investigation to make a decision.
Ethical issue
Importance of business ethics
• Avoid legal and regulatory problems
• Attracts and retains a strong customer base
• Maintains a talented workforce
• Payoff in steady or increased revenues
• Increase trust in products and services
• Brand recognition and growth
is a repeated, unwanted behavior of a sexual nature perpetrated upon an individual by another.
Sexual Harassment
3 TYPES OF SEXUAL HARASSMENT
•Physical
•Verbal
•Non-Verbal
To avoid sexual misconduct, a firm needs:
- Statement of policy
- Definition of sexual harassment
- Non-retaliation policy
- Specific procedures for prevention
- Establish, enforce, and encourage victims to report
- Establish a reporting procedure
- Timely reporting requirements to the proper authorities
characteristic of sexual harassment
- The conduct was unwelcome
- The conduct was severe, pervasive, and regarded by claimant as hostile/offensive
- The conduct was such that a reasonable person would find it hostile or offensive
types of wage
- Just Wage
- Family Wage
- Living Wages
- Minimum Wage
- Real Wages
- Nominal Wages
defined as the remuneration which is enough to support the wage-earner in reasonable and frugal comfort.
just wage
is the legitimate fruit of labor
just wage
as an amount needed to support a thrifty and upright worker plus his family, and prescribed that it must be sufficient enough to allow the
worker to save and acquire property of
his own.( Pope Leo XIII)
just wage
The amount of money that the worker needs to provide for the needs of
the family.
family wage
Minimum hourly wage necessary for a person to achieve some specific
standard of living.
living wages
The goal of a _________ is to allow employees to earn enough income for a
satisfactory standard of living and to prevent them from failing into poverty.
living wage
Minimum rate of a
worker can legally be paid
as set by the statute or
government.
minimum wage
Measured in terms of actual
purchasing power
( Inflation).
real wages
show the value of
wages adjusted for inflation
real wages
Measured in terms of
money paid, not purchasing
power.
nominal wages
rate of employees are compensated
nominal wages
declared the policy of the state to rationalize the fixing of minimum wages and to promote productivity-improvement and gain-sharing scheme to ensure a decent standard for the workers and their families
wage rationalization act
wage rationalization act
republic act 6727
(wage rationalization act of 1989)
common issues on wages
- The minimum wage mandated by the government is not a guarantee of a just and fair wage.
- Organizations and businesses usually conclude that they are legally and morally right when they fulfill their ‘mutual agreement’ with the employees.
- Geographic differences hinder the formulation of a perfectly common definition of fair wage.
- Wage indexation to cost of living, where wage is automatically adjusted with the increases of cost of living, is not usually met by majority of the employers.
- Companies have different interpretations of the justifiable pay for certain job positions, skills and tasks.
- The Law of Supply and Demand on labor.
- Inflation Rate.
Factors to Consider in the Formulation of Fair Wages
- External Market Factors
- Laws and Regulations
- Cost of Living
- Prevailing Industry Rate
- Organizational Factors
- Job Factors
- Individual Performances
the trend suggests that individual performances or productivity
ratings affect the determination of wage/salary increases.
Individual Performances
the nature of the job itself entails the formulation of a just wage. Duties,
responsibilities, and the skill requirements of the job are probably the most considerable determinants of fair wage.
Job Factors
assessment on what type of industry the organization operates, the
size of the company and the organization’s profitability to justify its ability to provide fair wages to
its workers should be considered.
Organizational Factors
some claim that paying workers the average of what other companies
are paying for the same job results in a fair wage.
Prevailing Industry Rate
the cost of living relates to basic maintenance needs and it must be seriously considered in the formulation of wages.
Cost of Living -
workers should be paid in accordance with laws and regulations issued
by the government. It requires that employers pay at least the minimum wage.
Laws and Regulations
refers to the supply and demand for labor and so-called economic conditions and underemployment.
External Market Factors -
is the practice of offering something to gain an illicit advantage
bribery
is an act of extending goodwill to an
individual in an effort to share something with particulars to others.
gift-giving
common forms of gift-giving
-samples
-premiums
-tie up promotions
-allowance
-tips
-free goods
-prizes
-coupon
-certificate
Providing customers with fair
knowledge of what they are trying to
achieve with their company mission and
vision.
the morality of advertising
Companies need to show they have
morals when advertising to consumers
because that makes consumers’ feel like
the company cares about what they
need.
morality of advertising
Do not use false advertisement to entice
people.
morality of advertising
Do not use offensive advertisement.
the morality of advertising
problem of fair pricing
- The cost of the product is
concealed. - Suggested Retail Price.
- Promotional Pricing
- Follow the leader pricing.
- Price Gouging
- Price Fixing
Is a about company’s activities or assets that would significantly affect
company’s competitive advantage.
(e.g. secret food recipes)
TRADE SECRETS
Is the process of making facts or
information known to the
public.
corporate disclosure
is the act of
making its customers, investors,
and any people involved in doing
business with the company
aware of pertinent information.
proper disclosure by corporations
liability occurs when the manufacturer or seller of a defective
product allows that defective product to get into the hands of a consumer. When a manufacturer or seller
misrepresents a product, that misrepresentation can
be the basis for a product liability action.
PRODUCT MISREPRESENTATION
describes the concept in contract law that places the burden of due diligence
on the buyer of a good or service.
Buy at your own risk.
CAVEAT EMPTOR-
