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Social Implications of Business Ethics

Unit 37 Understanding Business Ethics
by

Lani Douangchak

on 22 April 2013

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Transcript of Social Implications of Business Ethics

Social Implications of Business Ethics Executive Pay Ethics in Finance Bribery Social implications refer to those actions of business that have an effect on society as a whole. These issues relate to a number of activities. In pairs, consider these ethical issues and critically evaluate how they affect society as a whole.

Relate to specific business examples.

We will present back to the class! The average debt of the typical family is so high that about a quarter of families cannot afford to repay. Businesses in the financial sector that offer loans which are expensive to repay are increasingly subject to scrutiny.

Inaccurate financial advice (PPI) has led to Financial advice Services being increasingly regulated. The use of financial muscle to gain unfair advantage over others. Bribery is a form of corruption.

e.g. Attempting to gain planning permission by giving money to a planning official or councillor A key problem is excessive pay for top executives. This will also include perks and pensions. It's response to public concern about pay rises that are unrelated to effort.

This at least tells shareholders eactly what their top executives are earning. Insider Trading Insider trading refers to the illegal use of privileged information in dealing on a stock exchange. e.g. when a company take over bid is imminent, shares are bought rapidly and then sold for a big profit. Lobbying Lobbying politicians can be a source of corruption.

To 'Lobby' means to approach an MP or minister with requests for actions or information. The intention is to persuade politicians to adopt a cause or issue in order to benefit it. The affect of Social implications Activity In business matters, finance is always an area with a great deal of scope for unethical behaviour.

There are a number of areas in financial affairs where unethical behaviour arises. Aims Objective One Objective Two Objective Three Objective Four http://www.bbc.co.uk/news/business-21765738 http://www.bbc.co.uk/news/business-21146973 Activity To understand there are many social implications that effect business ethics by the activities organisations carryout for their own benefit/gains.

Business practices can have local, national and global implications. Explain impacts of Ethics in finance and the term for 'Bribery' using a current business activity in today's news. Explain what we mean by
'Executive Pay'
and explore the current views
of this for businesses and
local communities. Explain the term 'insider trading' and 'Lobbying'
and provide examples of these activities. Identifying the ethical activities within finance and critically evaluate the affects on society as a whole. Next lesson to prepare... In the groups you have been allocated, you are to create a presentation explaining the ethical activities in the following business areas:

Human Resource Management - Discrimination, 'Big Brother', Whistle blowing.
Production - Animal testing, Medical experiments, Free market economy.
Sales and Marketing - Spamming, Spoofing, Raising own status 'Shills'.
Intellectual Property - Patents, Trademarks, Copyright, illegal downloading.

Relate your answers with a real life business example and we will present these back next lesson. Unit 37 Understanding Business Ethics Groups Group One

Josh
Louise
Tamid Group Two

Tim
Sam Group Three

Curtis
Yasmin Group Four

Danielle
Dan Recap of Previous lessons topics Intro to Business Ethics

Operational Activities- Mission Statements, decisions affecting ethical issues and Professional Ethics.

Roles of Stakeholders and their interest/concerns of organisations
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