Values and Ethics • Values are ideals of someone (or a group) about what is good or bad (or desirable or undesirable). • Ethics is all about reasoning how to do the right action. Values motivate, while morals and ethics constrain. • The word Morals originated from the Latin word Mos. What is business ethics? • Business ethics is a practice that determines what is right, wrong, and appropriate in the workplace. • Business ethics is often guided by laws, and keep companies and individuals away from engaging in illegal activity such as insider trading, discrimination and bribery. • Other principles can influence how employees treat one another, corporate social responsibility and relationships with clients and vendors. • The purpose of business ethics is to ensure a consistent moral attitude within the company, from executive-level management to new hires. It helps to ensure everyone is treated with respect, fairness and honesty. Personal ethics • Personal ethics refers to the ethics that a person identifies with in respect to people and situations that they deal with in everyday life. • Professional ethics refers to the ethics that a person must adhere to in respect of their interactions and business dealings in their professional life. Business Ethics Business ethics refers to implementing appropriate business policies and practices with regard to arguably controversial subjects. • Business ethics refers to implementing appropriate business policies and practices with regard to arguably controversial subjects. • Some issues that come up in a discussion of ethics include corporate governance, insider trading, bribery, discrimination, social responsibility, and fiduciary responsibilities. • Business 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. • It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations What is business ethics? • Business ethics is a practice that determines what is right, wrong, and appropriate in the workplace. • Business ethics is often guided by laws, and keep companies and individuals away from engaging in illegal activity such as insider trading, discrimination and bribery. • Other principles can influence how employees treat one another, corporate social responsibility and relationships with clients and vendors. • The purpose of business ethics is to ensure a consistent moral attitude within the company, from executive-level management to new hires. It helps to ensure everyone is treated with respect, fairness and honesty. Importance of business ethics in the workplace • 1. Improved employee retention Strong business ethics often encourage managers to show appreciation for an employee’s hard work. As a result, team members may be more loyal to the company and strive to be more productive. It also means employees at all levels are less likely to be let go for reasons related to unethical behavior. 2. Stronger collaboration Team members who practice business ethics have respect for one another and work well together. This camaraderie not only fosters a pleasant work environment but also helps with team collaboration and productivity. 3. More effective leadership When a manager follows business ethics, they’re more likely to treat employees well. As a result, teams are more inclined to follow their lead. This minimizes discipline issues and teams’ trust in managers and supervisors when tough decisions need to be made. 4. Increased professional value When you have a positive attitude toward your work and those you work with, you can increase the quality of your work. It also increases your value to your team and the company as a whole. Role of ethics 1. Report conflicts of interest Many organizations have a policy regarding receiving gifts from clients or other external parties. Some may even have rules about part-time work, freelance opportunities and other side jobs. In all cases, these rules are meant to ensure employees operate within the limitations of conflicts of interest, which can impact an employee’s integrity. 2. Take care of company property You’re likely to use tools, technology, equipment and supplies provided by your employer. These items are typically reserved for work use only. Follow any rules related to the use and maintenance of these items to ensure you are using company property respectfully. 3. Lawfulness Business ethics also include abiding by legal regulations and obligations regarding their business activities like taxes, worker safety and employment and labor laws. Companies that work within the boundaries of the legal system are more credible and honorable, which can establish a strong positive reputation as an employer that encourages high-quality candidates to apply for roles. 4. Use discretion with sensitive information Some workplaces and roles may interact with sensitive data or materials, which requires employees to practice discretion through careful organization, the use of passwords and other security measures. Consult your code of conduct to understand the stipulations of discussing and handling sensitive information in the workplace. 5. Practice integrity Hold your work to a high standard of fairness, honesty and quality. You should be transparent in how well you’re doing and areas you may be able to improve. Own up to your mistakes, and work to correct them as soon as possible. Keep your team and supervisors informed of mistakes and progress to ensure everyone is updated. 6. Keep a high attendance Your workplace may have an attendance and tardiness policy to hold employees accountable for going to work and being on time. Showing up for work when you are expected demonstrates respect for your colleagues as well as your employer. You may request time off per your company’s policy. If you are unexpectedly prevented from being at work by illness, accident, or some other cause, let your manager or supervisor know as soon as possible. Your manager or supervisor can then make sure your work is handled by someone else in your absence. If you will be late, give your manager advance notice, if possible. 7. Respect coworkers and other office personnel You can communicate respect for your colleagues by treating them professionally and as you would like to be treated. Workplaces typically abide by anti-harassment laws established by the federal government. Review these behavior limitations or discuss the policies with your employer or human resources department should you have questions. 8. Workplace Diversity A business might express fairness by placing a high importance on having a diverse workplace. Achieving a diverse workplace means using recruiting practices that give equal opportunity to people from different ethnic, gender and social groups. Employing a diverse range of people gives the business the benefit of different perspectives and demonstrates that the company is serious about equality and treating all people with respect. Personal ethics v/s societal ethics • Social ethics is the systematic reflection on the moral dimensions of social structures, systems, issues, and communities. • Social ethics can be thought of as a branch of 'applied ethics,' the application of ethical reasoning to social problems. Personal code of ethics Distinguish between “Code of ethics” and “Code of conduct” Code of conduct A legally enforceable code of conduct sets out the standards of behaviour . The Service code outlines the Service's core values, and the standards of behaviour expected of all. The code of behaviour as enunciated in the Conduct Rules, while containing some general norms like ‘maintaining integrity and absolute devotion to duty’ and not indulging in ‘conduct unbecoming of a government servant is generally directed towards cataloguing specific activities deemed undesirable for government servants. Code of Ethics Such a code contains a declaration of values for the civil services, reflecting public expectations of the relationship between the civil service and the government, the legislature, and the members of the public, with specific reference to political impartiality, maintenance of the highest ethical standards, accountability for actions and responsibilities to the government of the day. Examples Code of conduct include guidelines on acceptance of gifts by government servants and specific behaviour regulating codes (class I officer shall not permit son or daughter to take employment with a company with which she has official dealings’ or ‘acquiring immovable property with previous knowledge of prescribed authority’ and so on). Code of ethics would include the principles of integrity, impartiality, commitment to public service, accountability, devotion to duty, exemplary behaviour etc. Formula for success • https://www.youtube.com/watch?v=2PKrgx1GuaY • https://www.youtube.com/watch?v=hev7OtdDe2M Azim Premjis 10 rules
