WK1 ETHICS AND BUSINESS.pdf

ETHICS AND BUSINESS WEEK1_AMGMNT1 ETHICS AND BUSINESS Business is a part of society. It works together with every human being and act like a distinct entity. It is complex and dynamic interaction among the people and the institutions. Its activities must be observed and viewed to see their...

ETHICS AND BUSINESS WEEK1_AMGMNT1 ETHICS AND BUSINESS Business is a part of society. It works together with every human being and act like a distinct entity. It is complex and dynamic interaction among the people and the institutions. Its activities must be observed and viewed to see their points as a major factor in our society. That is why business must be observed by their ethics because these 2 cannot be separated from each other. A business without good ethics can destroy the interactions and relationships of people to institution and vice-versa. Studying Business Ethics can give us better understanding the concepts of right and wrong actions and how they practice this conducts to the business and its effect to other people or institutions(Pixel Media Publishing.Com, 2014.) BUSINESS, ITS HISTORY AND NATURE Business is classified according to its activities: Service Business is a business wherein you render service for a certain fee; Merchandising or Trading or Commerce Business is the act of buying and selling goods for the consumer and; Production or Manufacturing Business wherein you process or convert raw materials into finish goods or products. And always in business there are certain good practices and questionable or wrong practices or activities. However, it depends to the objective or motive of one‟s entrepreneur: you respect the common interest through being loyal to your interest of serving right and fair while you disrespect the interest of all for your own personal interest and selfishness. BUSINESS ETHICS  BUSINESS ETHICS is the study of what is the right and wrong human behavior and conduct in business.  BUSINESS ETHICS is a study of perceptions of people about morality, moral norms, moral rules, and ethical principles as they apply to peoples and institutions in business.  BUSINESS ETHICS is the study, evaluation, analysis and questioning of ethical standards, policies, moral norms, and ethical theories that managers and decision makers use in resolving moral issues and ethical dilemmas affecting business. BUSINESS UNITED WITH ETHICS Through ethics in business,  we enable to analyze one‟s activity if we are following the right way in business.  We are reflected through the proper guidelines of the business ethics in proper examination and confrontation several ethical issues and problems affecting the business activities or transactions.  Through business ethics we can resolve this issues and prevent the possible repetition of the said ethical issue or problem. ETHICS CONSIDERATION OF THE PROFIT MOTIVE MORAL RESPONSIBILITY DEFINED Roa (2013) wrote that, the Shaw (1999) in his book Business Ethics, came up with three meaning of moral responsibility: 1. Moral Responsibility refers to holding to people morally accountable for the past action or actions. This simply means assigning to people blame or praise for particular actions that they have performed. 2. Moral Responsibility also means care, welfare or treatment of others as derived from the specific social role that one plays in the society. 3. Moral Responsibility likewise refers to one‟s capacity for making moral or rational decisions on his own. According to Shaw, if a person is not normally responsible in this third sense, he or she cannot be considered morally responsible in either of the other senses. WHY STUDY ETHICS The Ethics and Compliance Initiative (ECI), a terrific organization that provides important ethics and compliance insights and leadership. Starting in 1994, ECI has conducted a longitudinal, cross-section study of workplace conduct. ECI recently issued its sixteenth GBES results, which provide important benchmarks on the state of ethics and compliance programs in business. The disturbing findings presents that between 2017 and 2020, the most common types of observed misconduct included: management lying to employees (25 percent); conflicts of interest (23 percent); improper hiring practices (22 percent), abusive behavior (22 percent) and health violations (22 percent). WHY STUDY ETHICS Many people believe that if a company hires good people with strong ethical values, then it will be a “good citizen” organization. Studying business ethics will help you begin to identify ethical issues when they arise and recognize the approaches available for resolving them. You will also learn more about the ethical decision making process and about ways to promote ethical behavior within your organization. By studying business ethics, you may begin to understand how to cope with conflicts between your own personal values and those of the organization in which you work. (Ferrel, et. al, 2019) DEVELOPM ENT OF BUSINESS ETHICS BENEFITS OF BUSINESS ETHICS