BUSINESS ETHICS AND SOCIAL RESPONSIBILITY

• According to (Mohapatra, 2016), business ethics, also known as corporate ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that can arise in a business environment.
• According to (Investopedia, 2018), business ethics is the study of proper business policies and practices regarding potentially controversial issues
• According to (R.T. De George, 2018), business ethics is simply the application of everyday moral and ethical norms to the business.
• The very foundation of Ethics is when As ancient as in the times of Moses when he was given the Ten Commandments in the Bible, the foundation for sound basis of all moral principles that govern a person's behavior or the conducting of an activity was laid down before all men.
• The evolution of business ethics ensued in the US and in the Europe after much unethical conduct of corporations happened and business ethics application is called for.
• ETHICS

  • Moral principles that govern a person’s behavior or the conducting of an activity.
  • A branch of philosophy which seeks to address issues related to concepts of right and wrong.
• Child Labour

  • Work that deprives children of their;

  1. Childhood
  2. Potential
  3. Dignity

  • And is harmful to physical and mental development
• CHILD LABOR LAW - RA 9231 Section 3
• Peter Drucker, educator and author notably wrote in The Practice of Management that the purpose of a business is to create and keep a customer.

  Because it is the purpose, to create a customer, any business enterprise has two - and only two - basic functions: marketing and innovation. These are the entrepreneurial functions.

  • Marketing is the distinguishing, the unique function of the business.
  • Innovation is to constantly make changes in something established, especially by introducing new methods, ideas, or products.
• Fairness - refers to equal treatment.
• ACCOUNTABILITY - Some things cannot go wrong. If they do, a responsible party pays for it.
• Transparency - is the practice of openly and honestly disclosing information to stakeholders in an organization such as the public, investors, employees and customers.
• The heart and soul of a company is - its code of conduct
• A code - is a basic guide and reference for employees to support day-to-day decision making.