Ethics Flashcards
Morals/Values
Core beliefs or desires that guide or motivate attitudes and actions
Ethical Dilemma
Quandary people find themselves in when they have to decide if they should act in a way that might help another person or group even though doing so might go against their own self interest
Moral Relativist
In philosophy moral relativism is the position that moral or ethical propositions do not reflect universal moral truths
Moral Absolutist
Is the meta ethical view that certain actions are absolutely right or wrong, devoid of the context of the act
Trust
Willingness of one person or group to have faith or confidence in another person’s goodwill, even though that puts them at risk
Reputation
Esteem or high repute that individuals or organizations gain when they behave ethically
Stockholder Theory
Social responsibility of business is to increase profits
Stakeholder theory
Businesses have a responsibility to stakeholders outside of the company
Triple bottom line
Profit
People
Planet
Profit
Economic value after deducting the cost of all inputs
People
Fair and beneficial business practices toward labor and the community and region in which a corporation conducts its business
Planet
Sustainable environmental practice
Four ethical decision making rules
Utilitarian rule
Justice rule
Practical rule
Moral rights rule
Utilitarian rule
Produce greatest good for most people
Justice rule
Distributed benefits and harms impartially
Practical rule
What the typical person would think it is acceptable
Moral rights rule
Maintains fundamental rights and privileges of others
Societal ethics
Standards that govern how members of a society are to behave
Professional ethics
Standards that govern hoe people within a certain profession behave
Individual values
Personal values (terminal and instrumental) that govern behavior
How leaders shape (un)ethical culture
What they pay attention to How they behave How they allocate rewards How they hire and fire Policies they set forth and foster The values they instill in the company
Rationalizations for unethical behavior
False necessity trap Part of the job Ok if I don't gain personally For a good cause Everyone's doing it (fighting fire with fire) It doesn't hurt anyone
How to solve ethical dilemma
Know your own values Be guided by your values Spot red flags Decide what's right Take action to do the right thing
Managing diversity means
Establishing a heterogeneous workforce to perform to its potential in an equitable work environment where no members have an advantage or disadvantage
Diversity challenges
Changing demographics
Discrimination
Glass ceiling
Sexual harassment
Why diversity is important
Cost (less turnover more productivity) Resource acquisition (reputation) Marketing (insight) Creativity Problem solving Flexibility (react better to environmental changes) Avoid litigation
How to manage diverse workforce
Top down support for diversity
Diversity education and training
Diverse managers
Open communication about diversity
Ethics
Set of values and principles that defines right and wrong conduct
