Group 2 Report Flashcards
Examines the rational justification for our moral judgments; it studies what is morally right or wrong, just or unjust
Ethics
refers to implementing appropriate business policies and practices with regard to arguably controversial subjects.
Business Ethics
ensure that a certain basic level of trust exists between consumers and various forms of market participants with businesses.
Business Ethics
12 business ethic principles
(1) Leadership
(2) Accountability
(3) Integrity
(4) Respect for others
(5) Honesty
(6) Respect for laws
(7) Responsibility
(8) Transparency
(9) Compassion
(10) Fairness
(11) Loyalty
(12) Environmental Concern
Why is Business Ethics Important?
- Brand recognition and growth
- Increased ability to negotiate
- Increased trust in products and services
- Customer retention and growth
- Attracts talent
- Attracts investors
Types of Business Ethics
(1) Corporate Social Responsibility
(2) Transparency and Trustworthinenss
(3) Technological practices and ethics
(4) Fairness
is the concept of meeting the needs of stakeholders while accounting for the impact meeting those needs has on employees, the environment, society, and the community in which the business operates.
Corporate Social Responsibility
it’s essential for companies to ensure they were reporting their financial performance in a way that is transparent. This not only applies to required financial reports but all reports in general.
Transparency and Trustworthiness
The growing use of technology of all forms in business operations inherently comes with a need for a business to ensure the technology and information it gathers is being used ethically.
Technology practices and ethics
A workplace should be inclusive, diverse, and fair for all employees regardless of race, religion, beliefs, age, or identity. A fair work environment is where everyone can grow, be promoted and become successful in their own way.
Fairness
What are the Ethical Decision Making Process?
(1) Identify the Ethical Problem
(2) Collect The Relevant Information
(3) Evaluate the Information
(4) Act or Implement
(5) Make a Decision
(6) Consider Alternatives
(7) Review Action
The decision maker must be able to identify all the possible violation of any important principle, societal law or organizational standard or policy.
Identify the Ethical Problem
The decision maker should seek to gather as much as information as possible about which rights are being forsaken.
Collect The Relevant Information
The decision makers must apply some types of standard or assessment to evaluate the situation.
Evaluate the information
The decision maker must now act according to its chosen decision.
Act or implement
