Topics: Ethics, Morality, Business ethics Pages: 9 (2307 words) Published: December 17, 2012
What is Ethics
Is the set of beliefs about right and wrong behavior.
It is certainly a subject that is used in discussions about how we should live, what is right and wrong and what we mean when we use words like right and wrong, good and bad. Ethical Behavior – conforms to the generally accepted social norms, many of which are almost universal.

A persons opinion of what represents an ethical behavior is strongly influenced by a combination of: 1. Family influences
2. Life experiences
3. Education
4. Religious beliefs
5. Personal values
6. Peer influences
People also develop habits that make it easier to choose between what society considers good or bad. 1. Virtues – are habits that incline people to do what is acceptable. Example: fairness, generosity, honesty, loyalty and etc. 2. Vices – are habits of unacceptable behavior. Example: vanity, greed, envy, and anger. 3. Peoples virtues and vices help define their value system, the complex scheme of moral values by which they live. Each society forms a set of rules that establishes the boundaries of generally accepted behavior.

Moral Code – are rules that often expressed in statements about how people should behave by which a society lives. Morality – refers to social conventions about right and wrong that are so widely shared that they become the basis for an established consensus.

However ones view of moral may vary by:
1. Age
2. Cultural group
3. Ethnic background
4. Religion
5. Gender
Importance of Integrity
Moral principles – are statements of what you believe to be rules of right conduct. A person who acts with integrity acts in accordance with a personal code of principles- integrity is one of the cornerstone of ethical behavior.

Example: You might believe that it is important to do as your employer requests and that you should be fairly compensated for your work. However, if your employer insists that you not report recent overtime hours due to budget constraints, a moral conflict arises. Ethics in the Business World

Risk is the product of multiplying the likelihood of an event by the impact of its occurrence.
Ethics has risen to the top of business agendas because of: 1. The risks associated with inappropriate behavior have increased. 2. Greater globalization has created a much more complex work environment that making it much more difficult to apply principles and code of ethics consistently. 3. Heightened vigilance raises the risk of financial loss for business that do not foster ethical practices or run afoul of required standards. Why Fostering Good Business Ethics Is Important?

1. To gain the goodwill of the community – basic responsibility to society. 2. To create an organization that operates consistently. Operate with honesty and integrity, staying true to corporate principles Operate according to standards of ethical conduct, in words and action. Treat colleagues, customers, and consumer with respect.

Accept personal responsibility for actions.
Value diversity.
Make decisions based on facts and principles.
3. To produce good business.
Companies that provide excellent service maintain their customers instead of losing them to competitors. Companies that produce safe and effective products avoid costly recalls and lawsuits. Companies that develop and maintain a strong employee relations suffer less turnover and enjoy better employee morale. Suppliers and other business partners often prefer to work with companies that operate in a fair and ethical manner. 4. To protect the organization and its employees from legal action Identify its core beliefs, which need to include a commitment to complying with the letter and spirit of the law and ethical conduct. Understand the strengths and weaknesses of its culture and organizational...
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