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MGMT 1051/1053: Chapter 2

Business Ethics
by

Melissa Newman

on 12 October 2017

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Transcript of MGMT 1051/1053: Chapter 2

Chapter 2:
Business Ethics &
Social Responsibility

design by Dóri Sirály for Prezi
Business Ethics &
Social Responsibility
The Role of Ethics in Business
Social responsibility refers to a business's obligation to maximize positive impact and minimize negative impact on society.
The Nature of Social Responsibility
Business Ethics
Ethics are an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical.
Social
Responsibility
Social responsibility is an ethical framework which suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. It's a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems.
Recognizing
Ethical Issues
An ethical decision requires a person to choose from among several actions that may be evaluated as right or wrong.
Ethical Issues
What unethical behaviors have
YOU seen in the workplace?
Unethical Behaviors in the Workplace
Most commonly observed misconduct
Time theft
Use of personal email and social networks
Stealing office supplies
Unauthorized use of equipment and software
Misuse of Resources
Spreading rumors
Abuse of authority
Discrediting others' ideas
Insults, yelling and shouting
Discriminatory terminology
Taking credit for others' work
Abusive Behavior
Advance personal interest over others' interests
Benefit self at the expense of the company
Bribes represent a conflict of interest because they benefit an individual at the expense of an org or society
Conflict of Interest
How employees use resources
No deceit, coercion or misrepresentations
Fair competition
Disclosure of potential harm caused by products
Fairness & Honesty
False/misleading advertising
Deceptive personal selling tactics
Truthfulness in product safety and quality
Unsubstantiated claims
Product labeling
Communications
Relationships with customers, suppliers and co-workers
Keeping company secrets
Meeting obligations
Avoiding undue pressure
Managers' responsibility to create ethical work environment and provide a positive example.
Business Relationships
Making Decisions About Ethical Issues
In business, managers must try
to improve ethical behavior.
The Ethical
Equation
Individual Standards & Values
Managers' & Co-workers' Influence
Opportunity
(Rules & Requirements)
Ethical or Unethical Choices
+
+
=
Codes of
Ethics
A written set of guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standards.


Laws &
Regulations
Some business ethics decisions are governed by laws. For example, the Dodd-Frank Act is supposed to lower risk in various parts of the U.S. financial system.
Whistleblowing
The Dodd-Frank Act (and others) pay whistleblowers.
Occurs when an employee exposes an employer's wrongdoing to outsiders.
Many companies have internal reporting mechanisms in place.
Whistleblowers are often treated negatively and have a difficult time finding other work.
What Would
You Do?
You are an accountant manager in the purchasing department of a small business that does construction work. When you arrive home from work on December 22, you find a large ham in a box marked “Happy Holidays – It’s a pleasure to work with you.” The gift is from a supplier who has a bid on a contract your employer plans to award next week.
The Ham Scenario
Other Common Ethical Issues...
Social
Entrepreneurship

Social entrepreneurship is the attempt to draw upon business techniques to find solutions to social problems.
Corporate
Citizenship
The extent to which businesses meet the legal, ethical, economic,
and voluntary responsibilities placed on them by their stakeholders.
Social Responsibility Issues
The extent to which businesses meet the legal, ethical, economic,
and voluntary responsibilities placed on them by their stakeholders.
Responsibility to Stakeholders
Employees
Employee safety
Fair treatment
Equal opportunities
Shareholders
Profit/ROI
Proper accounting
Protect Investments
Consumers
Safe products
Consumer rights
Right to safety
Right to be informed
Right to choose
Right to be heard
Kennedy's Consumer Bill of Rights
Sustainability
Pollution
Waste disposal
Consumption
Pyramid
of Social
Responsibility
Microfinance
Microfinance, also called microcredit​, is a type of banking service that is provided to unemployed or low-income individuals or groups who otherwise have no other access to financial services.


Kiva
Kiva is an international nonprofit, founded in 2005 and based in San Francisco, with a mission to connect people through lending to alleviate poverty. Kiva celebrates and supports people looking to create a better future for themselves, their families and their communities.
Full transcript