Ethical Concepts in Business Organisations PDF

UNIT 2: ETHICAL CONCEPTS IN BUSINESS ORGANISATIONS ================================================== Being a Professional of Integrity ================================= - Describe the role of ethics in a business environment - Explain what it means to be a professional of integrity - Dist...

UNIT 2: ETHICAL CONCEPTS IN BUSINESS ORGANISATIONS ================================================== Being a Professional of Integrity ================================= - Describe the role of ethics in a business environment - Explain what it means to be a professional of integrity - Distinguish between ethical and legal responsibilities - Describe three approaches for examining the ethical nature of a decision Acting with Integrity --------------------- +-----------------------------------+-----------------------------------+ | [[https://www.patagonia.com/one-p | Since 1985, Patagonia has | | ercent-for-the-planet.html]{.unde | **pledged 1% of sales to the | | rline}](https://www.patagonia.com | preservation and restoration of | | /one-percent-for-the-planet.html) | the natural environment.** We\'ve | | | awarded over \$140 million in | | | cash and in-kind donations to | | | domestic and international | | | grassroots environmental groups | | | making a difference in their | | | local communities. | | | | | | By contributing 1% of total | | | annual sales to grassroots | | | environmental groups, members of | | | 1% for the Planet affect real | | | change. And members receive other | | | benefits: The satisfaction of | | | paving the way for more | | | **corporate responsibility** in | | | the business community and the | | | recognition, support and | | | patronage of conscientious | | | consumers who value serious | | | commitment to the environment. | +-----------------------------------+-----------------------------------+ such a code? Essentially, a commitment to treat with honesty and integrity customers, clients, employees, and others affiliated with a business. Here's a **new oath recently created by Business students**: +-----------------------------------------------------------------------+ | **As a business leader I recognize my role in society.** | | | | My purpose is to lead people and manage resources to create value | | that no single individual can create alone. | | | | My decisions affect the well-being of individuals inside and outside | | my enterprise, today and tomorrow. | | | | Therefore, **I promise** that: | | | | - I will manage my enterprise with loyalty and care, and will not | | advance my p\_\_\_\_\_l i\_\_\_\_\_\_\_\_s at the expense of my | | enterprise or society. | | | | - I will understand and uphold, in letter and spirit, the laws and | | contracts governing my conduct and that of my enterprise. | | | | - I will refrain from c\_\_\_\_\_\_\_\_\_n, unfair competition, or | | business practices harmful to society. | | | | - I will protect the human rights and dignity of all people | | affected by my enterprise, and I will o\_\_\_\_\_\_\_e | | discrimination and exploitation. | | | | - I will protect the right of f\_\_\_\_\_\_e g\_\_\_\_\_\_\_\_s to | | advance their standard of living and enjoy a healthy planet. | | | | - I will report the performance and risks of my enterprise | | accurately and honestly. | | | | - I will invest in developing myself and others, helping the | | management profession continue to advance and create | | s\_\_\_\_\_\_\_\_\_e and inclusive prosperity. | | | | - (ADD 1 idea) \... | | | | In exercising my professional duties according to these | | p\_\_\_\_\_\_\_s , I recognize that my behavior must set an example | | of i\_\_\_\_\_\_\_y , eliciting trust and esteem from those I serve. | | I will remain accountable to my peers and to s\_\_\_\_\_\_y for my | | actions and for upholding these standards. This oath I make freely, | | and upon my h\_\_\_\_\_\_\_r. | +-----------------------------------------------------------------------+ Ends, Means, and Character in Business -------------------------------------- Ethics and Profitability ======================== - Differentiate between short-term and long-term perspectives - Differentiate between *stockholder* and *stakeholder* - Discuss the relationship among ethical behavior, goodwill, and profit - Explain the concept of corporate social responsibility Profitability and Success: Thinking Long Term --------------------------------------------- Stockholders, Stakeholders, and Goodwill ----------------------------------------  A Brief Introduction to Corporate Social Responsibility ------------------------------------------------------- **time that they do *well.*** This is a simplistic summation, but it speaks to how CSR plays out within any corporate setting. The idea is that a corporation is entitled to make money, but it should not only make money. It should also be a good civic neighbor and commit itself to the general prospering of society as a whole. It ought to make the communities of which it is part better at the same time it pursues legitimate profit goals. These ends are not mutually exclusive, and it is possible---indeed, praiseworthy---to strive for both. When a company approaches business in this fashion, it is engaging in a commitment to corporate social responsibility.