1) Introduction/ King code

Cards (11)

  • Ethical behaviour:
    • Refers to acting in ways consistent with what society and individuals think are good values
    • Ethical behaviour expected from every employee in business
  • Ethics:
    • Set standards of expected behaviour between employer/ employee/ business partners
    • Forms part of code of conduct of employees
    • Try avoid harm while promoting benefits to others
  • Examples of ethical business practices:
    Ethical:
    • Using fair advertising
    • Paying fair wages
    • Operating within the law
    Unethical:
    • Unfair advertising
    • Paying employees unfair wages
    • Taxation/ Tax evasion
  • Professional behaviour:
    • Closely linked to ethics, it includes issues such as appearance, communication, skills, etc.
    • Example - business person dressed in suit and tie, has good manners and shows good business sense
  • Professionalism:
    • Set standards of expected behavior
    • Refers to what is right/ acceptable in enterprise
    • Focus on maintaining reputation of business/ profession
  • Examples of professional business practices:
    Professional:
    • Good use of work time
    • Treating all people the same
    • Keeping clients details confidential
    Unprofessional:
    • Using rude/ impolite language
    • Abuse of work time
    • Overstating number of hours worked
  • Difference between professionalism and ethics:
    Ethical behaviour:
    • Refers to principles of right and wrong/ acceptable in society
    • Conforms to set of values that are morally acceptable
    • Focuses on upholding reputation of a business/ profession
    Professional behaviour:
    • Refers to what is right/ acceptable in a business
    • Set standards of expected behaviour
    • Applying code of conduct of a profession or business
  • Transparency:
    • Decisions/ actions must be clear to all stakeholders
    • Staffing and other processes should be open and transparent
    • Regular audits should be done to determine effectiveness of business
  • Accountability:
    • Must be regular communication between management and stakeholders
    • Businesses should be accountable/ responsible for their decisions/ actions
    • Board should ensure company's ethics are effectively implemented
  • Responsibility:
    • Business/ board should develop and implement programmes that aim at protecting communities in which they operate
    • Business/ board should develop remedial programmes to protect environment, example reduce air and water pollution
  • Ways in which, professional, responsible, ethical and effective business practice should be conducted
    • Plan properly and put preventative measures in place
    • Mission statement should include values of equality/ respect
    • Treat workers with respect/ dignity by recognising work done well