Module 3 Flashcards
is derived from the Greek word ethos
Ethics
which means
“characteristic way of thinking”
ethos
are moral principles that guide the conduct of the individual
Ethics
Why is ethics important in business?
because it helps establish trust and reputation, ensures legal and regulatory compliance, boosts employee morale and engagement, and demonstrates social responsibility.
Examples of Ethical Issues in Business
Ethical Issues in Finance
Ethical Issues in Human Resource
Ethical Issues in Sales and Marketing
Ethical Issues in Production
Under the umbrella of finance and accounting, fairness in trading practices, trading conditions, financial contracting, etc.
Ethical Issues in Finance
include hiring and orientation, performance evaluation, training and development, labor relations, and health and safety concerns.
Ethical Issues in Human Resource
deals with the beliefs, standards and/or morals that advertisers and marketing organizations will operate upon.
Ethical Issues in Sales and Marketing
typically deals with company’s duties to ensure its goods and industrial procedures do not inflict unnecessary harm.
Ethical Issues in Production
is a set of rules about good and bad behavior.
Code of Ethics
This four-way test consists of asking four questions:
- Is my decision truthful?
- Is my decision fair to all who are affected by it?
- Will this build the organization’s goodwill?
- Will the decision benefit all parties with vested interest in the outcome?
Code of Ethics contains the following:
- Vision
- Values
- Mission
- Principles
means something that you imagine; a picture that you see in your mind
Vision
help to ensure that all of the employees work towards the company goals.
values
a specific task with which a person or a group is charged
mission
