Podcast
Questions and Answers
What are some examples of ethical dilemmas in the workplace?
What are some examples of ethical dilemmas in the workplace?
Human resource issues, customer safety issues, conflicts of interest issues, use of corporate resources, downsizing
Explain the utilitarian view of ethics.
Explain the utilitarian view of ethics.
Greatest good to the greatest number of people
What is cultural relativism in relation to ethics?
What is cultural relativism in relation to ethics?
Suggests there is no one right way to behave and ethical behavior is determined by its cultural context
What are some rationalizations for unethical behavior?
What are some rationalizations for unethical behavior?
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How can you maintain your moral center according to the text?
How can you maintain your moral center according to the text?
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What is the purpose of creating a formal statement of an organization's values and beliefs?
What is the purpose of creating a formal statement of an organization's values and beliefs?
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Why do companies choose to incorporate as a corporation?
Why do companies choose to incorporate as a corporation?
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Define Corporate Social Responsibility (CSR) and state one benefit of implementing CSR in an organization.
Define Corporate Social Responsibility (CSR) and state one benefit of implementing CSR in an organization.
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What is a stakeholder in the context of business ethics?
What is a stakeholder in the context of business ethics?
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Differentiate between primary stakeholders and secondary stakeholders.
Differentiate between primary stakeholders and secondary stakeholders.
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Study Notes
Ethics and Code of Conduct
- Ethics is a set of moral principles that defines standards of "good" and "bad" behavior, shaping our understanding of right and wrong.
- Ethics in the workplace is crucial, as it reveals how organizations manage dilemmas and affects the well-being of businesses and society.
Ethical Dilemmas and Issues
- Ethical dilemmas are situations with no clear right or wrong answer, often existing in a grey area.
- Examples of ethical dilemmas include human resource issues, customer safety issues, conflicts of interest, use of corporate resources, and downsizing.
- Examples of ethical issues include fraud, accounting scandals, and insider trading.
Views of Ethical Behaviour
- Utilitarian view: the greatest good for the greatest number of people.
- Individualism view: primary commitment is to one's long-term self-interests.
- Moral-rights view: respects and protects the fundamental rights of all people.
- Justice view: treats people impartially and fairly.
Approaches to Ethics Across Cultures
- Cultural relativism: ethical behavior is determined by its cultural context.
- Universalism: ethical standards apply absolutely across all cultures.
- Ethical imperialism: an attempt to impose one's ethical standards on other cultures.
Rationalizations for Unethical Behaviour
- It's not really illegal.
- It's actually going to help a lot of people.
- Nobody needs to know about it.
- I'll only do it this one time.
- No one will get hurt.
- This is how business is done.
- If I don't, others will.
Maintaining Moral Centre
- Social media test: would you be comfortable with your actions being reported on any social media site?
- Do your actions correspond with your religion?
- How would your family and friends respond if they were aware of your actions?
- Do your actions reflect your personal beliefs?
- How would society be if all acted as you?
Codes of Ethical Conduct
- A formal statement of an organization's values and beliefs.
- Offers guidelines to behave in specific situations.
Corporations and Incorporation
- A corporation is a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
- Reasons to incorporate:
- Easier access to capital
- Perpetual existence
- Protection of personal assets (limited liability)
- Anonymity
- Lower tax rates
Corporate Social Responsibility (CSR)
- The obligation of an organization to serve both its own interests and those of society.
- Benefits of CSR:
- Is a marketing tool
- Dissuades government from implementing regulations that could interfere with business
- Attracts and retains desired employees
Stakeholders
- A person or group with an interest in something.
- Stakeholder analysis is used to determine which group's interests are most important when a company is faced with an ethical dilemma.
- Primary stakeholders directly affect the company and its profitability.
- Secondary stakeholders can influence the company but don't directly influence its success or contribute to profitability.
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Description
Explore the concept of ethics, the code of moral principles that set standards of 'good' and 'bad', as well as the importance of ethical behavior in the workplace. Delve into ethical dilemmas, situations that lack clear right or wrong answers, often residing in a grey area.
