business ethics

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it gives u the way of formation of business ethics & its importance,and some related data...

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Presentation Transcript

Business Ethics : 

Business Ethics A Presentation by Dileep kumar

Definition & History : 

Definition & History Business Ethics is the behaviour that a business adheres to in its daily dealings with the world Historically, firms started highlighting their ethical stature since the late 1980s and early 1990s, as the world witnessed serious economic and natural disasters because of unethical business practices. Ex:-( The Bhopal disaster).

General Business Ethics : 

General Business Ethics Business ethics overlaps with the philosophy of business. If a company's main purpose is to maximize the returns to its shareholders, then it should be seen as unethical for a company to consider the interests and rights of anyone else.

Slide 4: 

Issues regarding the moral rights and duties between a company and its shareholders: stakeholder concept v. shareholder concept. Ethical issues concerning relations between different companies Leadership issues: corporate governance; Corporate Social Entrepreneurship Political contributions made by corporations. . The misuse of corporate ethics policies as marketing instruments.

Business ethics in the field : 

Business ethics in the field Many companies have formulated internal policies pertaining to the ethical conduct of employees. They are generally meant to identify the company's expectations of workers and to offer guidance on handling some of the more common ethical problems that might arise in the course of doing business.

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It is hoped that having such a policy will lead to greater ethical awareness, consistency in application, and the avoidance of ethical disasters. Companies also require employees to do the fallowing Attending seminars regarding business conduct, which often include discussion of the company's policies specific case studies, and legal requirements. Some companies even require their employees to sign agreements stating that they will abide by the company's rules of conduct.

APPROACHES TO BUSINESS ETHICS : 

APPROACHES TO BUSINESS ETHICS May Business ethics overlaps with the philosophy of business. But they should fall under one of these three aspects. Avoid breaking the criminal law in one’s work-related activity. Avoid action that may result in civil law suits against the company. Avoid actions that are bad for the company image.

Business Ethics with Profit Motive : 

Business Ethics with Profit Motive There are both weak and strong versions of this approach The weak version is often expressed in the dictum that “good ethics results in good business”. Which simply means that moral businesses practices are profitable.

Problems with this weaker version : 

Problems with this weaker version First, many moral business practices will have an economic advantage only in the long run. Second, some moral business practices may not be economically viable even in the long run. Third, and most importantly, those moral business practices that are good for business depend upon what at that time will produce a profit. In a different market, the same practices might not be economically viable.

The strong version : 

The strong version The strong version can be expressed in the dictum that “good business results in good ethics”. Since this view maintains that the drive for profit will create morality. Which is the converse of the above dictum.

Problems with this stronger version : 

Problems with this stronger version It assumes that consumers or workers will demand the morally proper thing. Consumers may opt for less safe products if they know they will be saving money,which is morally irresponsible. Similarly, workers may forego demands of privacy at work if they are compensated with high enough wages.

Business Ethics with Law : 

Business Ethics with Law Moral obligations in business are restricted to what the law requires. Moral principles beyond what the law requires or supra-legal principles appear to be optional. According to our culturally pluralistic society,some business-related moral obligations that are majority-endorsed by our national social group are those obligations that are already contained in the law.

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These include a range of guidelines for honesty in advertising, product safety, safe working conditions, and fair hiring and firing practices. Corporations that assume an obligation beyond the law, either in their corporate codes or in practice, take on responsibilities that most outsiders would designate as optional. A good example is found in the mission statement of Ben & Jerry's Ice Cream. The “highest paid employees of Ben & Jerry's would not earn more than seven times more than the lowest paid full-time employees”.

Business Ethics with General Moral Obligations : 

Business Ethics with General Moral Obligations The third approach to business ethics is that morality must be introduced as a factor that is external from both the profit motive and the law. This is the approach taken by most philosophers.

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Five fairly broad moral principles suggested by philosophers are as follows Harm principle: businesses should avoid causing unwarranted harm. Fairness principle: business should be fair in all of their practices. Human rights principle: businesses should respect human rights. Autonomy principle: businesses should not infringe on the rationally reflective choices of people. Veracity principle: businesses should not be deceptive in their practices.

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The above principles are abstract in nature. They will be difficult to apply to concrete situations and consequently not give clear guidance in complex situations. The recent stakeholder approach to business ethics attempts to do this systematically. Stakeholder principle: businesses should consider all stakeholders' interests that are affected by a business practice.

Conclusion : 

Conclusion We’ve looked at three approaches to business ethics, and we’ve seen that all three have limitations. If we hope to find an approach to business ethics that is free from conceptual problems, we will not likely find any. Ethics is a complex subject and its history is filled with diverse theories that are systematically refuted by rival theories. So, we should expect to find controversies when applying ethics to the specific practices of business.

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Thank you

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