ETHICS

Cards (68)

  • Stakeholders
    Any person, organization, social group or society at large that has interest which can affect or be affected by a business
  • Internal stakeholders
    Directly involved in company operations
  • External stakeholders
    Not directly involved in company operations but are affected by the activities and results of the business
  • Responsibility
    In the workplace, it refers to the obligation to perform a specific function assigned to a job
  • Accountability
    An obligation to take responsibility for the tasks assigned and at the same time being answerable for results of the actions
  • The main difference between responsibility and accountability is that responsibility can be shared while accountability cannot. Being accountable not only means being responsible for something but also ultimately being answerable for your actions
  • Accountability is answerability, blameworthiness, liability and expectation of account-giving, while responsibility may refer to being in charge, being the owner of a task or event
  • Responsibility can be before and/or after a task. Accountability owes an explanation, while responsibility does not necessarily owe an explanation
  • Responsibilities and Accountabilities of Entrepreneurs to different stakeholders
    • Employees
    • Government
    • Creditors
    • Suppliers
    • Consumers / Customers
    • General Public
    • Environment
  • Responsibilities to Employees
    • Pay Wages and Taxes
    • Create and Maintain a Safe Workplace
    • Facilitate Worker's Compensation Insurance
    • Enforce Anti-Discrimination Law
    • Respect Human Rights
    • Support Career Development
    • Train and Educate Employees
    • Manage Performance
    • Give Rewards and Benefits
  • Responsibilities to Government
    • Observe Laws, Rules and Regulations
    • Pay Taxes
    • Follow Environmental Regulations
    • Abide by Labor Laws
    • Avoid Restrictive Trade Practices
    • Disclose Financial Statements
    • Avoid Corruption
    • Assist in Implementing Socio-Economic Policies
    • Help Earn Foreign Exchange
    • Advise the Government
    • Contribute to Government Treasury
    • Contribute to Political Stability
  • Responsibilities to Creditors / Shareholders
    • Give Correct Information
    • Provide Fair Return on Investment
    • Strengthen Share Prices
  • Responsibilities to Suppliers
    • Practice Fair Pricing and Licensing
    • Avoid Coercion and Litigation
    • Maintain Stability and Confidentiality
    • Pay on Time
    • Select Suppliers with Discernment
  • Responsibilities to Consumers / Customers
    • Ensure Quality of Products and Services
    • Ensure Consumer's Health and Safety
    • Provide Free Training
    • Be Fair with Prices
    • Be Honest in Advertising and Marketing
    • Be Honest in Dealings
    • Attend to Complaints
    • Service Even After Sales
    • Respect Customers Time
    • Treat Customer's Well
  • Responsibilities to General Public
    • Be Fiscally Responsible
    • Consider Public Input
    • Take Care of the Community
  • Responsibilities to Environment
    • Comply with Environmental Legislation
    • Dispose Waste Properly
    • Recyle
    • Conserve and Protect Biodiversity
    • Prevent and Remedy Damages
    • Report an Incident
  • Ethical issues in the workplace
    Instances in which a moral dilemma arises and must be resolved within an organization
  • Ethical Issues in Business and Corporate Environment
    • Workplace Sexual Harassment
    • Just Wage
    • Gifts and Bribery
    • Conflict of Interest
    • Abuse of Power
    • Labor Strikes
    • Whistleblowing
    • Recruitment of Candidates
    • Employee Promotion
    • Employee Termination
    • Marketing and Advertising Morality
    • Fair Pricing
    • Trade Secrets
    • Product Misrepresentation
    • Multilevel Marketing and Pyramiding
    • Money Laundering
    • Insider Trading
    • Tax Evasion
  • Workplace Sexual Harassment
    Unwanted sexual advances, requests for sexual favors, direct or indirect threats or bribes for sexual activity, sexual innuendos and comments, sexually suggestive jokes, unwelcome touching or brushing against a person, pervasive displays of materials with sexually illicit or graphic content, attempted or completed sexual assault
  • Victims of sexual harassment are not always of direct supervision. Conduct may still amount to sexual harassment even if the victim is a co-worker, a supervisor in another area, or even a person not employed in the victim's workplace. A victim of sexual harassment does not necessarily have to be the person directly being harassed; the victim could be an employee who is not directly but negatively affected by the unpleasant conduct
  • Quid pro quo sexual harassment
    An employment decision like a promotion, an assignment or even keeping one's job is based on submission to the sexual harassment
  • Hostile work environment sexual harassment
    The sexual harassment makes the workplace environment frightening, intimidating, or offensive. All verbal or physical conduct of a sexual nature constitutes a hostile environment
  • Factors to establish whether an environment is hostile

    • Whether the behavior was verbal, physical or both
    • How often it was done again
    • Whether the behavior was hostile or obviously unpleasant
    • Whether the supposed victim was a co-worker or supervisor
    • Whether others connived in committing the harassment
    • Whether the harassment was aimed at more than one individual
  • Strategies for Prevention of Sexual Harassment
    • Implement a clear harassment policy
    • Train employees
    • Train supervisors and managers
  • Just Wage
    The amount required to sustain a frugal and decent worker plus his family
  • Labor rate negotiation tends to be concerning power. The stronger party always obtains the better deal. The big employer is likely to have the power in a negotiation over an individual worker. If the poor worker is presented with a low wage, he has very little or no bargaining power at all because there always be an option of another who will take the job. Most of the time free bargaining between management and worker does not produce a fair wage outcome
  • Principles necessary for implementation of the just wage
    • Principle of Need
    • Principle of Equity
    • Principle of Economic Order
  • Factors for Just Wage Determination / Salary Structure
    • External market factors
    • Laws and regulation
    • Cost of living
    • Existing industry rate
    • Organizational factors
  • Principles of Just Wage
    • Principle of Need
    • Principle of Equity
    • Principle of Economic Order
  • Principle of Need
    Relates to the wage rate necessary to keep going the individual worker and his family
  • Principle of Equity
    Defines what is appropriate to a person because of the worth of the particular skills, effort and talent that person is capable to bring to the job
  • Principle of Economic Order

    Refers to the reality that the individual's work and the firm itself must produce adequate values to give the wages
  • Factors in Just Wage Determination / Salary Structure
    • External market factors
    • Laws and regulation
    • Cost of living
    • Existing industry rate
    • Organizational factors
    • Job Factors
    • Individual performances
  • External market factors
    Refers to the supply and demand for labor, economic conditions and underemployment
  • Laws and regulation
    Workers must be paid with reference to the laws and regulations of the government
  • Cost of living
    Relates to essential maintenance needs and it must be fatally considered in the preparation of wages
  • Existing industry rate
    Paying workers the average of what other companies are paying for an identical job results in a fair wage
  • Organizational factors
    Evaluation on what nature of industry the organization operates, the size of the company and the organization's profitability to justify its ability to grant fair wages to its workers should be consider
  • Job Factors

    The kind of the job itself entails the formulation of a just wage
  • Individual performances

    The trend implies that individual performances or productivity ratings influence the determination of wage/salary increases