Podcast
Questions and Answers
What is one of the key benefits of having ethical management practices in an organization?
What is one of the key benefits of having ethical management practices in an organization?
Which of the following is NOT a step towards building a sustainable organization?
Which of the following is NOT a step towards building a sustainable organization?
What is the primary purpose of a code of ethics in an organization?
What is the primary purpose of a code of ethics in an organization?
What percentage of Fortune 500 companies have a code of ethics?
What percentage of Fortune 500 companies have a code of ethics?
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Which of the following is NOT a recommended step for creating an ethical workplace environment?
Which of the following is NOT a recommended step for creating an ethical workplace environment?
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What is the primary role of ethics in management practices?
What is the primary role of ethics in management practices?
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Which of the following is NOT listed as a potential benefit of ethical management practices in the text?
Which of the following is NOT listed as a potential benefit of ethical management practices in the text?
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Which of the following is a reason why managers should build sustainable organizations?
Which of the following is a reason why managers should build sustainable organizations?
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What is the role of a Chief Ethics Officer in an organization?
What is the role of a Chief Ethics Officer in an organization?
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How often should an organization's code of ethics be evaluated and refined?
How often should an organization's code of ethics be evaluated and refined?
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Study Notes
Social Responsibility
- Social responsibility is the managerial obligation to take action that protects and improves both the welfare of society as a whole and the interests of the organization.
- Areas of social responsibility include:
- Urban/Consumer Affairs
- Community Volunteerism
- Employment Practices
- Ecology Conservation (Going Green)
Arguments For and Against Social Responsibility
- Arguments for social responsibility:
- Businesses are a subset of society and have a responsibility to help maintain and improve overall welfare.
- Performing social responsibility activities earns greater organizational profits.
- Arguments against social responsibility:
- Businesses being socially responsible conflict with profit interests of business owners.
- Socially responsible public activities conflict with private organizational objectives.
- Unethical to use owner profits for society's interests.
Social Obligation, Responsiveness, and Responsibility
- Social obligation: a business's intention to meet its legal responsibilities and nothing more.
- Social responsiveness: when a firm engages in social actions in response to some popular social needs.
- Social responsibility: the obligation of the business to meet its legal responsibilities and beyond.
Federal Agencies and Social Responsibility
- Equal Employment Opportunity Commission: investigates and conciliates employment discrimination complaints.
- Environmental Protection Agency: formulates and enforces environmental standards.
- Consumer Product Safety Commission: reduces consumer misunderstanding of product design, labeling, and more.
- Occupational Safety and Health Administration: regulates safety and health conditions in nongovernment workplaces.
- National Highway Traffic Safety Administration: reduces traffic accidents through regulation of transportation-related manufacturers and products.
Social Responsiveness and Decision Making
- Social responsiveness is the degree of effectiveness and efficiency an organization displays in pursuing its social responsiveness.
- Stakeholders include stockholders, suppliers, banks, government agencies, employees, consumers, competitors, and local communities.
Approaches to Meeting Social Responsibilities
- Incorporate social goals into annual planning process
- Seek comparative industry norms for social programs
- Present reports to owners and stakeholders
- Experiment with different approaches
- Attempt to measure cost of social programs
Meeting Social Responsibility Challenges
- Social Audit Challenge: process of measuring social responsibility activities to assess organizational performance.
- Philanthropy Challenge: promotes welfare of others through general monetary donations to social causes.
- Sustainability Challenge: conserving national resources, reducing waste, recycling, and protecting threatened species.
Sustainability
- Sustainability is the degree to which a person or entity can meet its present needs without compromising the ability of others to meet their needs.
- A sustainable organization is one that can meet its present needs without compromising future generations' ability to meet theirs.
- Triple Bottom-Line: economy, environment, and society.
Ethics in Management
- Ethics is the capacity to reflect on values in the corporate decision-making process.
- Ethical managers strive for management practices that are fair and just.
- Benefits of ethics in management practices include:
- Increased Productivity
- Improved Stakeholder Relations
- Minimizing Government Regulation
- Code of Ethics: a formal statement that acts as a guide for how employees should act and make decisions.
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Description
Test your knowledge on social responsibility, social responsiveness, social audit challenges, philanthropy challenges, building sustainable organizations, and the role of ethics in management.
