Podcast
Questions and Answers
What is a code of ethics?
What is a code of ethics?
A code of ethics is a set of official standards of conduct that the members of a group are expected to uphold.
Which principle states that company must have a legal fiduciary duty to act in the best interest of the stakeholders?
Which principle states that company must have a legal fiduciary duty to act in the best interest of the stakeholders?
- Fairness Principle
- Reliability Principle
- Property Principle
- Fiduciary Principle (correct)
Employees are expected to put their self-interest above the overall interest of the company.
Employees are expected to put their self-interest above the overall interest of the company.
False (B)
What is a traditional violation of the Reliability Principle?
What is a traditional violation of the Reliability Principle?
What does the Transparency Principle require from employees?
What does the Transparency Principle require from employees?
Which principle is associated with treating all individuals with respect and ensuring human rights?
Which principle is associated with treating all individuals with respect and ensuring human rights?
What are the four types of fairness in the Fairness Principle?
What are the four types of fairness in the Fairness Principle?
Employees should cooperate with community officials according to the Citizenship Principle.
Employees should cooperate with community officials according to the Citizenship Principle.
What is expected from a responsive company?
What is expected from a responsive company?
Which core value requires hospitality practitioners to show kindness toward all individuals?
Which core value requires hospitality practitioners to show kindness toward all individuals?
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Study Notes
Code of Ethics (CodEx)
- A code of ethics is an official set of conduct standards for group members, guiding principles for honest and integral business practices.
Global Business Standard Codex
- Fiduciary Principle: Employees must prioritize stakeholders' best interests and avoid conflicts of interest, performing duties in good faith.
- Property Principle: Respect for both tangible and intangible properties is mandatory; violations include theft, resource wastage, and intellectual property misappropriation.
- Reliability Principle: Employees are expected to honor commitments and contracts; breaches indicate a failure in this principle.
Transparency Principle
- Conduct business truthfully and openly; accurate and current records of obligations are necessary. Fraudulent actions violate this principle.
Dignity Principle
- Respect for individual dignity is essential, ensuring health, safety, and privacy; any form of humiliation or coercion is unacceptable.
Fairness Principle
- Stakeholders must be treated fairly, featuring four types:
- Reciprocal Fairness: Mutual fairness in treatment between parties.
- Distributive Fairness: Fair resource allocation to maximize benefits.
- Fair Competition: Treating competitors fairly in business dealings.
- Procedural Fairness: Ensuring fair processes and interactions with all parties.
Citizenship Principle
- Employees must act as responsible citizens, comply with laws, and support community well-being through volunteering and reporting relevant issues.
Responsiveness Principle
- Employees have a duty to respond to stakeholder inquiries and ensure that offered goods/services meet or exceed customer expectations. Timely issue resolution is critical.
Hospitality Code of Ethics (HCODE)
- HCODE emphasizes ethical standards, responsibilities, and fair treatment, promoting equality, diversity, cultural sensitivity, and fair play.
Core Values of Hospitality Practitioners
- Respect: Valuing all individuals.
- Humility: Demonstrating modesty in interactions.
- Kindness: Practicing kindness towards others.
- Honesty: Upholding truthfulness in all dealings.
- Community: Supporting and enhancing local community welfare.
- Integrity: Commitment to ethical principles in all practices.
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