Professionalism And Ethics

Question 1

Business ethics descriptions

Answer 1

The study of how personal values and principles are applied in a business situation

Question 2

Questions a manager should consider

Answer 2

1. What does the law say and do we agree
2. What about choices regarding economic and social issues not covered by legislation
3. Issue of self interest vs interest of the business may raise some ethical dilemmas

Question 3

Benefits of implementing ethical programs

Answer 3

1. Helps business stay within the boundaries of the law
2. Makes business question on moral and legal grounds if it receives payments in large amounts of cash
3. Ethical codes improve teamwork and productivity
4. Clear codes help employees feel secure in what is acceptable and what is not
5. Improves relationship without and outside the business as a sense of trust is built
6. Adherence to king code will enhance ethical culture in the business

Question 4

Ethics in different spheres of society

Answer 4

Private sector: shareholders often pressure organisations and businesses to focus only on profit. While profit is critical to commerce, if it is the main goal, it can lead to some companies behaving unethically without any consequences
Public sector: government is responsible for acting in best interests of civilians. Legislation and code of conduct are aimed at providing guidance for all public servants to assist as part of their decision-making process. One of the main principles of the code of conduct is DISCLOSURE of any conflict of interest

Question 5

Levels of business ethics

Answer 5

• Individual level: to cheat on an expense accounts accepting a bride, plagiarism
• Organisational level: asking an employee to perform an unethical act, pressure staff to commit fraudulent activities.
• Professional level: business ethics laid down in code of conduct. E.g. A lawyer offering plea bargain for benefit of his/her career rather than interest of client.
• Societal level: laws, values, and norms differ in each society. Moral relativism: what is right for you may not be right for me. Moral absolutism: all actions are naturally right or wrong
• Internationally level: economic sanctions against countries such as North Korea, Russia. Companies that are involved with countries who practice child labour and other human rights violations.

Question 6

Code of ethical conduct

Answer 6

• ethics and values differ from culture to culture and person to person
• the Code of Ethics should explain values, ethics and beliefs
• it describes and lays down standards of acceptable behaviour
• limits uncertainty on what is acceptable and what is not
• gives customer sense of protection and confidence
• includes values such as: accountability, responsibility inclusivity, etc.

Question 7

Code of ethics vs code of conduct

Answer 7

Code of ethics:
- is a set of principles based on values and morals by which a company makes decisions about what is right or wrong
- explains how decisions are made
- focuses on values
- has a narrower scope
- publicly disclosed

Code of Conduct:
- is a set of rules and regulations that explain appropriate behaviour in specific situations
- dictates how employees must act
- focuses on rules and compliance
- has a broader scope
- usually only accessible to employees