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CHAPTER 6 Business Ethics & Social Responsibility - Coggle Diagram
CHAPTER 6
Business Ethics & Social Responsibility
Comprises the principles, values and standards
that guide behaviours in the world of business
Perform sort of social
responsibility to :
Employees
Provide electricity, safe
working place and more
Treat fairly and paid them both men and women equally
Customers
Provide good, safe product or services with a rational price
worth paying
Environment
Businesses have a
responsibility to conserve resources, and to protect their community.
Business ethics help firms
decide what actions are right or wrong
in certain circumstances.
Employees Duties :
Being Honest
Being Loyal to The Company
Giving a fair day’s work
Employees Rights :
Safe working conditions
Equal pay and treatment
Provided Insurance when
Going for Outstation
Paid Time Off
Retirement Benefits
Models of Management Ethics
Immoral
the opposite of moral in which more to ethical principles
Ammoral
does not consider ethical factors
unintentionally make considerations in business
Moral
the taller the rules/standards of ethical behaviour
Moral of Judgement
Many of Us
to be responsive
to be a good citizen
Very Few of Us
to do what is right ; justice
Most of Us
to avoid punishments
to receive rewards
Examples of Unethical
Business Practices :
Dishonest Hiring Practices
Insurance Fraud / Credit Card Fraud
Invasion of Privacy or Confidentiality
Internet Abuse
Bribery, Gift-giving and Receiving
Lying to Supervisors
Conflict of Interest
Recording More Expenses
Factors Impacting
Organizational Ethics
Norms for acceptable behaviour
Financial reward system
Formal and informal
policies and rules
System for recognizing accomplishments
Existence and application
of a written code of ethics
Company attitude towards employees
Corporate culture
Why Do We Need Code of Ethics ?
to Increase Public Confidence
to Reduce Regulation
to Improve Internal Operations
to Respond to Transgressions
Who Need to Cares About Ethics ?
Pressure Groups/Activists
Workforce
Managers/Owners/Shareholders
The Community
Customers
Trading Partners
Why Does It Need to Be Ethical ?
because the owners want to be
it is one of their unique selling points
to act within the law
to attract customers/
employees/investors
create good image & good press
to be socially responsible
Conflict of Interest
tempted to do something
else though they've made
a promise not to act
another way round
Whistle Blowing
Reporting unethical or illegal
actions by a superior or
co-worker to authorities
or the media
Civil Rights Act (1964)
Prohibits all discrimination
on the grounds of race, color,
gender, religion or national origin
Affirmative Action
the representation of women & minorities in areas of employment, education, and business