University of Waterloo Final Exam Info & Tips PDF

Final Exam Info & Tips in a l F io n ina t Exam Schedule here: Ex am a t : lt ip le Final examinations |...

Final Exam Info & Tips in a l F io n ina t Exam Schedule here: Ex am a t : lt ip le Final examinations | The For m 5 m u Centre | University of o u t 8 i on s A b es t Waterloo ic e qu c h of ch o me a f ro –6 ~4 s 1 u le m od o m e a c h 1 2 fr 7– ~ l e s Room Locations Found f m od u here a few days before o your final: 11 n s w er o rt a l f ro m l 3 sh tions (A https://odyssey.uwaterlo ques e 7-11 o.ca/teaching/schedule ul M o d n t) e co n t 1 1 Final Exam Info & Tips l Fina ion ina t Exam You should have o rm a t: received an email F E x am k from the course Mo c C h o i ce MC able l manager with the avai L e arn breakdown of your r o u gh ec th r d to D midterm averages by 3 Module. D ec 11 th n s w er h o rta t o be - To analyze and S t ion s qu e s understand where you d ed o v i can focus/improve pr 2 2 Reminders e & u r s r C o c t o s t r u n s o. I n a t o i aterlo a lu ns.uw Ev rceptio s:/ /pe ht t p c a/ no y o u to e ak 0 min s d t h o ul a n 1 is S h o o re t te and pful t m p le h el a nd m co eme ly t s r d e n ext re stu u fut elf. s my 3 3 Module 11: Ethics and Social Responsibility In the news … 5 5 Source: http://www.cbc.ca/news/business/facebook-mark-zuckerberg-cambridge-analytica-1.4586659 Still in the news … 6 6 Source: https://www.theguardian.com/technology/2022/aug/27/facebook-cambridge-analytica-data-breach-lawsuit-ends-in-11th-hour-settlement In the news … Source: http://rochistory.com/blog/? p=3260 7 7 Topics for discussion Ethics 1. What is the difference between legal and ethical? Can something be legal but unethical or ethical but illegal? 2. Why is good ethics equal to good business and what role does the organization’s leadership play in ensuring ethical decisions and choices are made? 3. What are the differences between a compliance-based ethics code and an integrity-based ethics code? 4. When faced with an ethical dilemma, what three questions could you ask yourself as you consider your options? 8 8 Topics for discussion Social Responsibility 1. What is corporate social responsibility, why is it good for business and in what ways is it demonstrated? Provide examples. 2. What is the difference between the strategic and pluralist views and how does a business demonstrate social responsibility towards each of its stakeholder groups? 3. How does a business measure the impact of its social responsibility activities? 4. As businesses enter global markets, what additional considerations are relevant to social responsibility and ethical decision making? 9 9 Module 11: Ethics and Social Responsibility Ethics – legal vs. ethical  What Are Ethics? A roadmap for your decisions The branch of study that asks: What Should We Do? What is Ethics? - YouTube Image source: https://www.youtube.com/watch?v=u399XmkjeXo 11 11 /  Legal vs. ethical Questions to consider Does legal = ethical? Can something be ethical but illegal? urce: https://www.techspot.com/news/73269-next-generation-technologists-need-lesson-ethics.html/ 12 12  Legal vs. ethical “…laws do not make Legal people honest, Defined by law reliable, or truthful. If – jurisdiction they did, crime would Laws disappear.” Govern our actions – Promote social order and protection of our citizens – Enforceable with a Consequence/punishment Image source: kmlmtz66/iStock/Thinkstock 13 13  Legal vs. ethical Ethics Guiding principles that help determine – Right vs Wrong – Good vs Bad Ethics as the standards of moral behavior – How we treat each other – What responsibility we should feel for others Image source: kmlmtz66/iStock/Thinkstock 14 14  Legal vs. ethical Ethics Challenge – Are common standards (morals) possible? Individual or Cultural – Values – Beliefs – Understandings “Do unto others as you would have them do unto you” Image source: kmlmtz66/iStock/Thinkstock 15 15 Module 11: Ethics and Social Responsibility Ethics and decision making in business Ethics and decision making in business Good ethics is good business WHY? 17 17 Ethics and decision making in business Businesses should be managed ethically to: 1. Keep/attract customers 2. Maintain a good reputation 3. Attract and retain top talent/reduce employee turnover 4. Avoid – lawsuits – government intervention 5. Do the right thing 18 18  Ethics and decision making in business 19 19 Image source: https://www.bizjournals.com/sanjose/news/2018/05/15/google-employees-quit-protest-pentagon-maven- deal.html  An example… Consider a pharmaceutical company – Introducing new drugs Investment of time, money, and expertise Could fail before going to market – Ethical considerations 1. Pressure to release the product early 2. Testing practices 3. Pricing strategies Image source: Alexander Raths/iStock/Thinkstock 20 20  If you want to learn more… Martin Shkreli – CEO of Turing Pharmaceuticals Raised the price of Daraprim (toxoplasmosis treatment) from $13.50 to $750 overnight Obligation to https://www.youtube.com/watch?v=L-U1MMa0S stakeholders: Hw Customers Investors Society Image source: YouTube 21 21  Ethics and decision making in business Ethics begins at the top “Tone from the top” – Leaders can help instill corporate values in employees Image source: Digital Vision/DigitalVision/Thinkstock 22 22  Ethics and decision making in business 23 23 Image source: https://www.forbes.com/sites/edwardlawler/2016/11/01/the-wells-fargo-debacle-how-proper-reward-practices-can- remedy-a-toxic-culture/#4be37005ac63  Test your knowledge “Tone from the top” refers to: A. employees deferring decision making to leaders since they know best. B. a democratic style of leadership.  C. leaders of an organization leading by example. D. The communication of strategy by senior management to the rest of the organization. 24 24  Test your knowledge Why is management leading by example so important in shaping a company’s ethical behavior? A. They are most educated about ethical compliance. B. They report to the Board of Directors.  D. C. They always know what’s best for the company. Employees will follow their example. 25 25 Module 11: Ethics and Social Responsibility Codes of ethics Codes of ethics 1. Compliance-based ethics Prevention through codes: increased control (rules) and penalizing wrong doers 2. Integrity-based ethics Prevention through codes: shared understanding of company values and shared accountability among employees 27 27  Codes of ethics Business ethics and values – Frank Bucaro Negative ethics (compliance) – So what’s not stated is permitted? – Managers police Positive ethics (integrity) – Shared accountability – Empower others to be ethical – Trust Moral Compass – Having a Moral Compass 5min – YouT ube – Focus on the Self-Esteem in People 28 28 Image source: http://www.frankbucaro.com/  Codes of ethics most important to help improve ethics Image source: theseamuss/iStock/Thinkstock 29 29  Codes of ethics Figure: Figure 5.3, Understanding Canadian Business, 9th Cdn ed. © 2016 McGraw-Hill Education Limited 30 30  Codes of ethics Whistleblowers: those who report illegal/unethical behaviour – Method of reporting – Protection from retaliation or harm Image source: ilyast/iStock/Thinkstock, https://cbc.radio-canada.ca/en/vision/governance/corporate-policies/legal/disclosure 31 31 Module 11: Ethics and Social Responsibility Questions to consider when faced with an ethical dilemma  Questions to consider when faced with ethical dilemmas Can’t expect society to become more moral/ethical unless we commit to becoming more moral/ethical ourselves Ethical orientation: – Ethics of justice? Based on fairness, equality, or authority – Ethics of care? Reduce harm or suffering Image source: Marek Polakovic from the Noun Project 33 33 Questions to consider when faced with ethical dilemmas Ethical Dilemma Choice between equally unsatisfactory alternatives Ethical checklist 1. Is it legal? am I violating any law, policy or code? 2. Is it balanced? am I acting fairly? who benefits/who doesn’t? 3. How will it make me feel about myself? what if it ends up on the front page of the news? 34 34  An ethical dilemma… You are a co-op student at XYZ Corp. You are also taking a night course while working to get an extra elective credit. It’s 2:00pm and you realize that the report that you printed last night that is due at tonight’s class doesn’t include one of the required sections. You are going straight from work to your class so you have no time to go home in between to edit and print your report. What do you do? Does your answer change if: 1. The employee handbook you were given on your first day includes the statement “Use of company resources for personal use is strictly forbidden.” 2. The employee handbook you were given on your first day includes the statement “XYZ Corp. values honesty, integrity, commitment and reliability and displays these values in all 35 35 Module 11: Ethics and Social Responsibility Corporate social responsibility Corporate social responsibility Corporate Social Responsibility (CSR): the concern businesses have for the welfare of society Examples: – hiring for diversity, pay equality, making safe products, etc. CSR critics – Investors invest to make more money, not improve society – CSR steals from investors CSR defenders – CSR makes more money for investors in the long run – Company wouldn’t exist without society’s influence 37  Corporate social responsibility Corporate charitable donations philanthropy: – Money, goods or time (volunteers) Tim Hortons Camp Day Bell let’s talk day Corporate social philanthropy directly initiatives: related to the company’s competencies - skills - goods/services Toms – one for one shoe donation e source: Tim Hortons, http://www.toms.ca/what-we-give-shoes 38 38  Corporate social responsibility Corporate The power of many philanthropy meets – voices Money, goods or time social media: (volunteers) MrBeast, the YouTuber Saving Our Oceans and Beaches Through Voluntary Action - Foundation for fee,org, ge source: Economic Education (fee.org) https://fee.org/articles/mrbeast-the-youtuber-saving-our-oceans-and-beaches-through-voluntary-action/ 39 39  Corporate social responsibility Corporate includes everything from responsibility: hiring minority workers to making safe products Image source: johavel/iStock/Thinkstock 40 40  Corporate social responsibility 41 41 Image source: https://bcorporation.eu/about-b-corps  Corporate social responsibility Corporate position a company takes policy: on social and political issues Image sources: Airbnb 7 42  Test your knowledge Those who argue in favour of corporate social responsibility suggest that: A. you need to justify socially responsible behaviour from an investor's standpoint only. B. being socially responsible is all about being ethical. C. business exists only to make money for  shareholders. D. companies who are perceived as being socially responsible will attract and retain better employees and draw more customers. 43 43 Module 11: Ethics and Social Responsibility Social responsibility and stakeholders  Social responsibility and stakeholders Responsibility is to stakeholders Investors Customers Employees Society “It affirms the essential role Environment corporations can play in improving our society when CEOs are truly committed to meeting the needs of all Image sources: Customers - Creative Stall from the Noun Project;stakeholders.” – Business Investors - Aha-Soft from the RoundTable Noun Project; Employees - Wilson Joseph from the Noun Project; Society - Wilson Joseph from the Noun Project; Environment - OCHA Humanitarian Icons Collection from the Noun Project Business round table source: 45 45 https://www.businessroundtable.org/business-roundtable-redefines-the-purpose-of-a-corporation-to-promote-an-economy-that-serv es-all-americans Social responsibility and stakeholders Views of corporate responsibility to stakeholders Strategic approach:management‘s primary orientation is the economic interests of shareholders Pluralist approach:recognizes the responsibility of management to optimize profits, but not at the expense of their stakeholders 46 46  Social responsibility and stakeholders Stakeholder – Investors Two thoughts: – “Before you can do good, you must do well” – “By doing good, you can also do well” Good ethics = good business – adds to the bottom line – Unethical behaviour leads to financial damage For some, “doing good” is an expectation: Image source: D_BANK/iStock/Thinkstock – Social responsibility 47 47  Social responsibility and stakeholders Stakeholder – Customers Customer rights – Safety – Be informed – To choose – To be heard Satisfy customers by delivering real value Image source: PSNJua/iStock/Thinkstock 48 48  Social responsibility and stakeholders Stakeholder – Employees Create jobs Safe work environment and fair employment practices Rewarded for effort and talent Treat employees well – Failure to do so can lead to employees who make poor choices that may lead to financial damage Image source: maximmmmum/iStock/Thinkstock 49 49  Social responsibility and stakeholders Stakeholder – Society Create wealth for society, to benefit employees, suppliers, shareholders, and other stakeholders Building and supporting a community Image source: Roy Verhaag/iStock/Thinkstock 50 50  Social responsibility and stakeholders Stakeholder – Environment Everyone benefits from a quality environment Increased consumer awareness impacting: – Purchase decisions – New product and process development Image source: Varijanta/iStock/Thinkstock 51 51 Module 11: Ethics and Social Responsibility Measurement of impact  Measurement of impact Social audit: systematic evaluation of a company’s progress toward implementing socially responsible and responsive programs Image source: Aha-Soft from the Noun Project 53 53  Measurement of impact Measurement Triple-bottom line (TBL): focuses not just on the economic value companies add, but also the environmental and social value they add Peopl Plan – People e et – Planet – Profit Other Profit – B Corp – Impact Reporting & Investment Standards (IRIS) https://iris.thegiin.org/standards/ Image source: University of Waterloo 54 54  Measurement of impact Accountability (the watchdogs): Socially conscious investors Environmentalists Customers People Planet Profit Image source: University of Waterloo 55 55  Measurement of impact Sustainable development: implementing a process that integrates environmental, economic, and social considerations into decision making – Development should be sustainable for the benefit of current and future 56 56 generations Image source: miakievy/iStock/Thinkstock  Measurement of impact 1. Circular Economy – What is a circular economy? | Ellen MacArthur Foundation – Explaining the Circular Economy and How Society Can Re- think Progress | Animated Video Essay - YouTube 2. UN Sustainable Development Goals mage source:http://www.un.org/en/index.html 57 57 Measurement of impact Key message for businesses? Measure what you value – Prioritize sustainability efforts and activities Allocate resources Recognize and reward Integrate Measure and communicate progress 58 58  Test your knowledge One problem of conducting a social audit is: A. that most businesses are really not very concerned with these issues.  B. determining what should be measured and how to calculate the effect on society. C. the primary focus of management is on the interests of stakeholders. D. governmental "red-tape." 59 59 Module 11: Ethics and Social Responsibility International ethics and social responsibility  International ethics and social responsibility Many companies demand socially responsible behaviour of international partners and suppliers Cultural sensitivities are important Image source: ojogabonitoo/iStock/Thinkstock 61 61  WHEN IN DOUBT, JUST DO: Image source: YouTube 62 62  IT’S BEEN A GREAT TERM – THANK YOU! All the best in your future studies! 63 63