ethics m2

Cards (18)

  • Ethics
    Moral principles that guide the conduct of the individual
  • Ethics are rules of behavior based on ideas about what is morally good and bad
  • Ethical issues in business
    • Finance and accounting (fairness in trading practices, financial contracting, sales practices, tax payments, insider trading, bribery/kickbacks, misleading financial analysis, fraud)
    • Human resource management (discrimination, sexual harassment)
    • Sales and marketing (promotion of harmful products, truthfulness in advertising, price manipulation)
    • Production (environmental damage, unsafe products)
  • Socrates
    • "The unexamined life is not worth living"
    • Philosophical idea that human choice is motivated by the desire for happiness
    • The Socratic Method is a way of thinking that allows individuals to define their own purpose of learning and exploring its purpose through open-minded questioning of what they hold to be true
  • Plato
    • "Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws"
    • Virtue-based eudemonistic conception of ethics - happiness or well-being (eudaimonia) is the highest aim of moral thought and conduct, and the virtues (aretê: excellence) are the requisite skills and dispositions needed to attain it
  • Aristotle
    • "Happiness is the meaning and the purpose of life, the whole aim, and end of human existence"
    • "Let people seek fulfillment"
    • The role of the leader is to create an environment in which all members of an organization can realize their potential
  • Immanuel Kant
    "Duty based Ethics" - focused on motives and the willingness of individuals to act for the good of others, even if the action might result to personal loss. Doing something for the right reason was more important than any particular outcome
  • Utilitarianism (Jeremy Bentham and John Stuart Mill)
    Revolves around the concept of "the end justifies the means". Believes that outcomes, as a result of an action have a greater value compared to the latter. Advocates actions that promote overall happiness or pleasure and reject actions that cause unhappiness or harm
  • Code of Ethics
    Principles adopted by an organization to assist those in the organization called upon to decide; it is about understanding the difference between "right" and "wrong" and to apply this understanding to their decision
  • Code of Conduct
    A document designed to influence the behavior of employees. Sets out the procedures to be used in specific ethical situations and delineates whether a violation of the code of ethics occurred and, if so, remedies should be imposed
  • Code of Practice
    Adopted by a profession or by a governmental or non-governmental organization to regulate that profession. Discusses difficult issues, difficult decisions that will often need to be made, and provide a clear account of what behavior is considered "ethical" or "correct" or "right" in the circumstances
  • Code of Ethics is not written solely for the purpose of doing ethical business practice. It can also be applied and practiced in school, government, and even professional groups
  • Four-way test to evaluate ethical decisions
    • 1. Is my decision truthful?
    • 2. Is my decision fair to all who are affected by it?
    • 3. Will this build the organization's goodwill?
    • 4. Will the decision benefit all parties with vested interest in the outcome?
  • Vision
    Something that you imagine; a picture that you see in your mind. The vision statement helps to ensure the alignment of the decisions to the company goals
  • Values
    Something thought of as important or useful. Values in business help to ensure that all of the employees work towards the company goals
  • Mission
    A specific task with which a person or a group is charged. The mission statement clearly and effectively guides the business or the organization in its decision-making
  • Principles
    Moral rules or beliefs that help you know what is right and wrong and that influence your actions
  • The Code of Ethics aims to lessen conflicting issues as it explains to what degree such conflicts can be avoided and what parties could do if these conflicts happened