Business Ethics Lesson 3 & 4 PDF

CORE PRINCIPLES UNIT I: Lesson 3  CORE PRINCIPLES 1. Consumer Responsibility Consumers should take responsibility for their decisions 2. Efficiency and Economy A company must be committed in using their resources in the most efficient and economical way. 3. Openness and...

CORE PRINCIPLES UNIT I: Lesson 3  CORE PRINCIPLES 1. Consumer Responsibility Consumers should take responsibility for their decisions 2. Efficiency and Economy A company must be committed in using their resources in the most efficient and economical way. 3. Openness and Disclosure We should publish relevant market information about regulated persons or require them to publish it (with appropriate safeguards). 4. Proportionality We must ensure that any burden or restriction that we impose on a person, firm activity is proportionate to the benefits we expect as a result. 5.Recognising the Differences in the Business Carried on by the Different Regulated Persons Where appropriate, we exercise our functions in a way that recognises differences in the nature of, and objective of, business carried on by different persons subject to requirements 6. Senior Management Responsibility A firm’s senior management is responsible for the firm’s activities and for ensuring that its business complies with the regulatory requirements 7. Sustainable Growth- We must ensure there is a desire for sustainable growth 8. Transparency We should exercise our function as transparently as possible.  The Principles for Business 1. Integrity 2. Skill, care and diligence 3. Management and control 4. Financial Prudence 5. Market Conduct 6. Costumers’ interests 7. Communications with clients 8. Conflicts of interest 9. Costumers: relationship of trust 10. Clients’ assets 11. Relations with regulators  Core Principles of Good Corporate Governance Corporate governance- is the system by which businesses are directed and controlled Good corporate governance-is a key factor in underpinning the integrity and efficiency of a company 1. FAIRNESS 2. ACCOUNTABILITY 3. RESPONSIBILITY 4. TRANSPARENCY  LESSON 4: COMMON PRACTICES LEGISLATIVE REQUIREMENTS- Some employment- related laws include a requirement for a policy to be in place and that the policy fulfils certain specifications CODES OF CONDUCT- many companies have policies relating to matters that are not regulated by law, but which is based on standards set by the employer in an effort to ensure a high standard of behaviour in the work place. (Policies can deal with such matters such as fighting, language, dress standards, alcohol, drugs, confidentiality, borrowing the company property, theft, statements of media)  CONDITIONS INCLUDED IN POLICIES: 1. attendance 2. Absenteeism 3. Punctuality 4. Transfer 5. Training 6. Promotion  CONDITIONS INCLUDED IN POLICIES: 7. Probation 8. Performance review 9. Discipline 10. Abandonment of employment 11. Exit interviews 12. Notice 13. Termination of Employment  EMPLOYEE ENTITLEMENTS 1. Redundancy 2. Annual Leave 3. Long Service Leave 4 Compassionate Leave 5. Parental Leave  EMPLOYEE ENTITLEMENTS 6. Personal/ Career’s Leave 7. Jury service 8. Special Leave 9. Overtime 10. Shift work  COMMON PRACTICES EMPLOYEE BENEFITS- an employer may provide a number of different benefits as part of their contract of employment Breach of Company Policy- Failure to comply with an employer’s policies can be a valid reason for a termination of employment POLICIES a Term of Contract of Employment- where policies are referred to in an employment contract, there is the possibility a court could determine that the those policies are contractually  To make sure that your workplace is free of rude behaviour requires a two- pronged approach: a. Encouraging Good Manners 1. Email and Internet expectations 2. Where people eat 3. What people wear 4. Meeting routines and etiquette 5. Physical state of individual workstations 6. Community styles 7. Use of supplies and equipment's a. Encouraging Good Manners 8. Telephone manners 9. Demonstrate all the appropriate behaviours in your own actions 10. Until things improve, consider adding a MANNERS 11. Recognize people of demonstrating polite behaviour 12. Until, things improve, Consider adding manners B. STAMPING OUT BAD MANNERS Open communication and empathy perhaps your strongest weapons for controlling discourtesy in the office  OFFICE PROTOCOL SPECIALIST Is a consultant to businesses She advises clients on matters such as conflict resolution and sexual harassment procedures Protocol specialists create training programs that help employees learn the boundaries of politically and socially acceptable behaviour thus help a PREVENTING CONFLICT Preventing conflict and properly addressing it when it occurs in the workplace are the goals of office protocol A good set of written procedures, along with training and proper implementation of conflict and resolution policies helps achieve this goals  PLEASANT, PRODUCTIVE WORKPLACE Small behaviors are an important part of office protocol DECORUM Decorum is essentially the suitable way of presenting something for a given circumstances In ordinary usage, decorum is basically means good taste and appropriate propriety in both dress and conduct  MARKETING MANAGEMENT It is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside the enterprises and organizations and on the management of firm’s marketing resources and activities BOOKKEEPING It is the recording of financial transactions, and is part of the process of accounting business REPORTORIAL REQUIREMENT and DOCUMENTATION If you are sole proprietor, you may not believe you need to keep reports or develop them on a regular basis , since no one else is involve in running your business. TO PRESERVE PROFESSIONAL IMAGE, MAKE SURE THAT YOUR WRITING IS AS AFFECTIVE, AS POSSIBLE BY FOLLOWING THESE GUIDELINES: 1. Know the purpose and scope of your document. 2. Tell readers early on how they benefit from reading your document. 3. Identify (and write)your audience 4. as you write, do be careful of technical and other jargon, acronyms and abbreviations 5. Understand the needs of your reader 6. Organize your documents 7. For, Long Documents, start with an outline, and work from there. TO PRESERVE PROFESSIONAL IMAGE, MAKE SURE THAT YOUR WRITING IS AS AFFECTIVE, AS POSSIBLE BY FOLLOWING THESE GUIDELINES: 8. In your introduction, tell the reader the purpose of your document and what you want him or her to do. 9. For longer works, also use headings and subheadings to indicate the sections of your documents 10. In your conclusion, restate the main purpose of your document, and tell the reader what you want her or him to do with the information you are providing , whether that be to buy a product or service, change or adopt a company policy, give your promotion , etchetera TO PRESERVE PROFESSIONAL IMAGE, MAKE SURE THAT YOUR WRITING IS AS AFFECTIVE, AS POSSIBLE BY FOLLOWING THESE GUIDELINES: 11. Identify the benefits to the reader. 12. Be concise 13. Substantiate your claims 14. Proofread