BUSINESS & CORPORATE ETHICS

Presentation by:Names Kirtan Patel Nakul Patel Akshay Sharma Bharat Sudra Jignesh Suthar Roll No. 28 37 04 09 26

Guided by:Prof. Vijayanti Tikyani

Defining Ethics
Understanding of right and wrong Ability to distinguish between the right and the wrong. Integral part of life Running a business is a part of life

What Is Ethics?
Ethics
Right or wrong, good or bad, in actions that affect others

Business ethics
Ethical or unethical behavior by employees of organizations. Ethics refers to a set of moral principles which should play a very significant role in guiding the conduct of managers and employees in the operation of any enterprise.

BUSINESS ETHICS
Focuses on - Stakeholders, and employees Quality of product and services Customer satisfaction. Community and environment

Business Ethics are implemented To.

Define the framework of the acceptable behavior. Follow high standards of practice. Create benchmarks for self evaluation. Enhance sense of community. Create transparency in the business activities. Foster higher standards of business ethics. Comply with government laws and norms.

Surveys - Incidence of unethical behaviors in areas (from a Wall Street Journal survey)
Government: 66% Sales 51% Law 40% Media 38% Finance 33% Medicine 21% Banking 18% Manufacturing 14%

Who is responsible for ethics in the company?

Everyone

How Does Ethics Relate to Leadership?

It is essential that leaders include an assessment of ethics the qualities and impacts of their actions on others. Ethics tools can help.

Persons with integrity are trusted with leadership, executing our collective values and goals and making decisions that affect us all. They exemplify human values despite enormous pressures toward expediency and self interest. Such individuals who have achieved respected leadership positions are held up as examples for all to follow.

What Are Characteristics of Ethical Leaders?

Ethics-Tool to Evaluate Leadership

1. 2. 3. 4. 5.

Respect Others Serve Others Show Justice Are Honest Build Community

What Are Characteristics of Ethical Leaders?

Ethics-Tool to Evaluate Leadership

Respect Others treat others as ends in themselves and never a means to ends, listen closely, are tolerant of opposing points of view, make others feel competent, treat others as worthy human beings.

Serve Others place stakeholders and followers welfare foremost in their plans, mentor and empower others, practice stewardship, act in ways that benefit others and the greater good

Ethics-Tool to Evaluate Leadership (cont..)

Show Justice treat people in an equal manner, demonstrate fairness, communicate rules and reasons for allocation of resources/rewards/ punishments, explain reasons for differential treatment of others

Are Honest tell the truth, represent reality as fully and completely as possible, are sensitive to attitudes and feelings of others, are trustworthy, reward honest behaviour in the organization
Build Community influence others for a common goal that benefits leaders and followers, attend to the needs and demands of the community, build voluntary followership, advance the human condition

Corporate Ethics: Individuals Perspective

Signs of ethical deterioration. In business, people have made immoral millions In government, public officials are involved in bribery. In education, cheating scandals among students are common. under-the-table payments for admission People believe that they have to cheat to win.

Corporate ethics: Management perspective

Accountable for corruption in a company. Boards decisions on resource allocation, Performance targets or promotions Always trump official statements of ethical values. Whistleblowers are to be given protection Influence the pressures which the CEOs handle in managing ethics.

Principals for ethically run Business

Principle 1 Productivity Is Much More Important Than Profitability

Principle 2 The Customer Is Not Sheep That Can Be Sheared

Principle 3 The Buyer's Domain Is More Important Than the Middlemen's Domain Principle 4 Be Diplomatic With Your Competitors

Any question?

THANKING YOU IN ANTICIPATION OF YOUR VALUED CO-OPERATION.