Lesson 4 - Codex.pptx

Lesson 4: Code of Ethics What is code of ethics (CodEx)? A code of ethics is a set of official standards of conduct that the members of a group are expected to uphold. is a guide of principles designed to help professionals conduct business honestly and with integrity. Global Business S...

Lesson 4: Code of Ethics What is code of ethics (CodEx)? A code of ethics is a set of official standards of conduct that the members of a group are expected to uphold. is a guide of principles designed to help professionals conduct business honestly and with integrity. Global Business Standard Codex 1. Fiduciary Principle Company must have a legal fiduciary duty to act in the best interest of the stakeholders Fiduciary duty of every employee is to act in the way that generates positive benefits for the firm No actual or potential conflict of interest given the actions of employees Employees will not put his or her self-interest above the overall interest of the company Employees will perform good faith efforts in carrying out their duties Global Business Standard Codex 2. Property Principle Every employee should respect property and the rights of owner of the property The employees is expected to protect the tangible and intangible asset of the company Examples of violation of this principle include theft, misappropriation of fund, and wasting resources and misappropriation of intellectual property. Global Business Standard Codex 3. Reliability Principle This is based on the belief that it is the employees responsibility to honor the commitment that he or she has made to the firm Traditional violations of this principle include breaching of promise or contract or non fulfillment of promised action. Global Business Standard Codex 4. Transparency Principle This is based on the belief that employees should conduct business in truthful and open manner. Employees are expected to act not on a deceptive manners to keep an accurate and current record of all business obligations Example violation of this principle is fraudulent and deceptive actions of employee. Global Business Standard Codex 5. Dignity Principle This is based on the belief that employees needs to respect the dignity of all individuals This include ensuring human rights of health, safety and privacy Any type of humiliation, coercion or other type of human offenses directly violates this principle Global Business Standard Codex 6. Fairness Principle This is based on the belief that stakeholders who have interest in the company must be treated fairly There are four types of fairness: a. Reciprocal – treating another party fairly and having other party treat the firm fairly b. Distributive- allocation of resources within the firm will be districted fairly based on maximizing the benefits of those allocation Global Business Standard Codex 6. Fairness Principle This is based on the belief that stakeholders who haves interest in the company must be treated fairly There are four types of fairness: c. Fair competition – focuses on fair treatment given by firm as it interacts with the existing and potential competitors d. Procedural – deals with ensuring that parties that interact with the firm are treated fairly from due process perspective Global Business Standard Codex 7. Citizenship Principle This is based on the belief that stakeholders act as responsible citizen in the community Employee should respect the law of the community like criminal law, environment, competition and corporate social responsibility laws. Employees should also cooperate with community officials, this includes notifying authorities if there are health and safety issues relate to the goods and services provided by the firm. Global Business Standard Codex …cont. 7. Citizenship Principle Employers should contribute to general well being of the community by volunteering to help community. Global Business Standard Codex 8. Responsiveness Principle This is based on the belief that employees have a responsibility to respond to requests for information about the operation of various stakeholders From a customer perspective, a being responsive is one which the goods and services offered at least meet or even exceed customers expectation A responsive company are expected to react in timely manner to resolve issues concerning employees, community, and other stakeholders. Hospitality Code of Ethics  Hospitality Code of Ethics (HCODE) Conceptual Frames of HCODE Ethical Standards Ethical Responsibilities Fair Treatment Commitment to Equality Commitment to Diversity Cultural Sensitivity Fair Play Standards Equal Opportunity Standards Avoidance of Human Trafficking Avoidance to Sexual Harassment The HCODE prescribes the following as 10 core values required of hospitality practitioners: Respect—show respect toward all individuals. Humility—show humility in all interactions. Kindness—show kindness toward all individuals. Honesty—be honest in all interactions. Community—focus on supporting and improving the local community. Integrity—show integrity in professional and personal interactions. The HCODE prescribes the following as 10 core values required of hospitality practitioners: Perseverance—demonstrate persistence even in the most challenging situations. Optimism—maintain a positive outlook and a sense of hopefulness. Innovation—practice creative thinking and be receptive to new ideas and technologies Hard work.