Ethics Flashcards
What does the word ethics mean
Standards of rights and wrong behavior…. another word used is morality
Definition of ethics
Refers to the morals and value systems which govern the behavior and decision making of people of groups
Are everyone’s morals the same
No, they differ from cultures to different people and from countries…. so you can never say someone is wrong if it is illegal
How to live in harmony with everyone
There must be a specific set of values and morals in place so that everyone knows what is acceptable and not
Why are values important for a business
This is because employees all come from different backgrounds and have their own values… therefor it is important to set the standards and make sure they all understand the businesses values. This will create a healthy and safe environment
managing ethics
This can be very tricky for a manager, this is why a properly managed workplace is very beneficial to the productive capacity of a business as well as creating an environment which is conductive to good teamwork
Code of ethics
Describes the appropriate behavior that s expected from employees in workplace
What does a code of ethics do for a business
It defines the values by which the business will operate.. and provides a general set of principals for everyone
The pillars of ethics
There are 6.... Trustworthiness Respect Responsible Caring Civic justice and citizenship Justice and fairness
How can business approaches the implementation of ethics
There are many different approaches, and many business combine them when doing so
The utilitarian approach
Focuses on decisions which promote the wellbeing of the society while harming as few people as possible
The rights approach
Focuses on peoples rights and treating them with respect and dignity. The business will not impose their mission or products on people
The justice approach
The is focuses on treating all humans fairly regardless of their color or race, class, position, religion or culture… this respects peoples rights to be treated fairly
The common good approach
This focuses on ensuring the businesses values and ethical principals are in Linde with the society in which it operates… it recognizes that morals and values vary from area to area and from culture to culture
The virtue approach
This focuses on ethical principals that should be upheld in society sometimes these principals are not being practiced and they need to be brought into society to benefit all. This might cause conflict while society takes time to accept new values
What does behaving ethically for a business entail
Making sound business decisions that wont negatively effect people
Finding ways to achieve objectives of business while doing what is right for people and planet
Must take into consideration wellbeing of people and planet when making any decision
Principals of ethics
Be trustworthy
Meet obligations
Community involvement
Accounting control
Ethical dilemmas
This is where it is difficult to decide whether a situation is ethical or not. Not all situations are clear cut… ex death penalty, animal testing, unauthorized use of founds, affirmative action
Three point test
Being able to make the right ethical decision
How three point test works
Ask yourself the three questions and if you have an answer no to any of them.. rather it is probably unethical
The questions are..
How will it make me feel
Will all stakeholders benefit or is their a party that wont benefit
Will i clash with any of the laws of the country or company
What is the relationship between ethics and the law
All countries have laws to protect the rights of people and create and maintain an orderly society. In south Africa the legal system consists of the police force, the department of correctional services and the judicial system
The difference between ethics and laws
The state determines and enforces the laws where as individuals determine the ethical rules according to their own values and beliefs. An individual can make a decision that is different from that of another person because they hold different values. Sometimes ethical behavior is the same as the law or sometimes it can be considered ethically acceptable but it is actually against the law
The relationship between ethics Wanda the reputation of the business
The reputation of as business is a reflection of the opinions that they stakeholders have of the business. A reputation affects a business ability to sell products, attract investors and keep employees. Therefore a business reputation has a direct impact on profitability…. and can be spoilt very easily
What are stakeholders
People involved in the business... Shareholders Customers Investors Employees Suppliers potential customer
