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| are the standards of conduct and moral values governing actions and decisions in the work environment |
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| Businesses must also take into account a wide range of social issues |
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consumers
enviroment
employees |
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| the philosophies, policies, procedures, and actions that enhance society’s welfare |
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| businesses find the balance between doing what is right and doing what is profitable |
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| Through ethics and social responsibility |
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| In business, as in life, deciding what is _____ or ____ is not always _____ cut |
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| A company has responsibilities to many groups: |
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i. To its consumers
ii. To its employees
iii. To its investors
iv. To society as a whole |
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| _________ can arise in trying to serve the _______ needs of each of these _____ |
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| of staff at all levels, not just executives, shape a firm’s decisions and actions |
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| Business ethics are shaped by several factors: |
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i. By individuals weighing what’s right and wrong before deciding or taking action
ii. By the ethical climate, the prevailing combination of a company’s stated beliefs and its real actions
iii. By a firm’s codes of conduct, usually made up of statements in which the “right thing to do” is encouraged and applauded
iv. By a firm’s framework designed to encourage, or demand, high ethical standards from its workers |
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| Business ethics are continually in the news because |
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| investigations, lawsuits, arrests, convictions, and business collapse due to fraud and corruption |
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| These stories may have ______ the fact that ___ firms are _____ |
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| that their employers kept promises and that honesty and respect were on the rise |
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| Most business owners and managers have |
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| led companies without breaking the rules; some have created formal documents that state the company’s beliefs |
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| General Electric’s CEO says |
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| says that a firm stays on the “most admired” list due to virtue, execution, growth, and great people |
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| greed, poor values, and disinterest in preserving jobs affected too many companies |
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| preserving jobs was a business issue, not an ethical issue |
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| The Sarbanes-Oxley Act of 2002 |
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| was passed to set new rules for business trading and financial reporting |
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| It establishes new for securities trading and accounting practices |
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| People often develop ethical standards through three steps |
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| preconventional, conventional, and postconventional |
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| In the preconventional stage: |
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Definition
i. They think of their own needs and desires when making decisions
ii. They obey external rules due to fear of punishment or hope of reward for complying |
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| In the conventional stage |
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i. They respond based on their duty to others, including obligations to family, co-workers, and organizations
ii. They decide what is acceptable or not based on the influence of these groups
iii. Self-interest continues to play a role |
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| d. In the postconventional stage: |
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