NAME- MOHD TUFAIL
CLASS- MBA(II SEM)
ROLL NO- MBAB-25
ENR NO.- GI5497
SUB- BUSINESS LAW & ETHICS
ASSIGNMENT - 1
[Year]
Ethics
Ethics is a system of moral principles. They
affect how people make decisions and lead
their lives.
Ethics is concerned with what is good for
individuals and society and is also described
as moral philosophy.
The term is derived from the Greek word
ethos which can mean custom, habit, character
or disposition.
Ethics covers the following dilemmas:
-How to live a good life
-Our rights and responsibilities
-The language of right and wrong
-Moral decisions - what is good and bad?
Our concepts of ethics have been derived from
religions, philosophies and cultures. They
infuse debates on topics like abortion, human
rights and professional conduct.
Approaches to ethics
Philosophers nowadays tend to divide ethical
theories into three areas: met ethics, normative
ethics and applied ethics.
Meta-ethics deals with the nature of moral
judgement. It looks at the origins and meaning
of ethical principles.
Normative ethics is concerned with the
content of moral judgements and the criteria
for what is right or wrong.
Applied ethics looks at controversial topics
like war, animal rights and capital punishment.
Use of ethics
If ethical theories are to be useful in practice,
they need to affect the way human beings
behave.
Some philosophers think that ethics does do
this. They argue that if a person realises that it
would be morally good to do something then it
would be irrational for that person not to do it.
But human beings often behave irrationally -
they follow their 'gut instinct' even when their
head suggests a different course of action.
However, ethics does provide good tools for
thinking about moral issues.
Ethics can provide a moral map
Most moral issues get us pretty worked up -
think of abortion and euthanasia for starters.
Because these are such emotional issues we
often let our hearts do the arguing while our
brains just go with the flow.
But there's another way of tackling these
issues, and that's where philosophers can come
in - they offer us ethical rules and principles
that enable us to take a cooler view of moral
problems.
So ethics provides us with a moral map, a
framework that we can use to find our way
through difficult issues.
Ethics can pinpoint a disagreement
Using the framework of ethics, two people
who are arguing a moral issue can often find
that what they disagree about is just one
particular part of the issue, and that they
broadly agree on everything else.
That can take a lot of heat out of the argument,
and sometimes even hint at a way for them to
resolve their problem.
But sometimes ethics doesn't provide people
with the sort of help that they really want.
Ethics doesn't give right answers
Ethics doesn't always show the right answer to
moral problems.
Indeed more and more people think that for
many ethical issues there isn't a single right
answer - just a set of principles that can be
applied to particular cases to give those
involved some clear choices.
Some philosophers go further and say that all
ethics can do is eliminate confusion and
clarify the issues. After that it's up to each
individual to come to their own conclusions.
Ethics can give several answers
Many people want there to be a single right
answer to ethical questions. They find moral
ambiguity hard to live with because they
genuinely want to do the 'right' thing, and even
if they can't work out what that right thing is,
they like the idea that 'somewhere' there is one
right answer.
But often there isn't one right answer - there
may be several right answers, or just some
least worst answers - and the individual must
choose between them.
For others moral ambiguity is difficult because
it forces them to take responsibility for.
Origin of ethics
God-based ethics - supernaturalism
Supernaturalism makes ethics inseparable
from religion. It teaches that the only source of
moral rules is God.
So, something is good because God says it is,
and the way to lead a good life is to do what
God wants.
Intuitionism
Intuitionists think that good and bad are real
objective properties that can't be broken down
into component parts. Something is good
because it's good; its goodness doesn't need
justifying or proving.
Intuitionists think that goodness or badness
can be detected by adults - they say that
human beings have an intuitive moral sense
that enables them to detect real moral truths.
They think that basic moral truths of what is
good and bad are self-evident to a person who
directs their mind towards moral issues.
So good things are the things that a sensible
person realises are good if they spend some
time pondering the subject.
Consequentialism
This is the ethical theory that most non-
religious people think they use every day. It
bases morality on the consequences of human
actions and not on the actions themselves.
Consequentialism teaches that people should
do whatever produces the greatest amount of
good consequences.
One famous way of putting this is 'the greatest
good for the greatest number of people'.
The most common forms of consequentialism
are the various versions of utilitarianism,
which favour actions that produce the greatest
amount of happiness.
Despite its obvious common-sense appeal,
consequentialism turns out to be a complicated
theory, and doesn't provide a complete
solution to all ethical problems.
It teaches that some acts are right or wrong in
themselves, whatever the consequences, and
people should act accordingly.
Virtue ethics
Virtue ethics looks at virtue or moral
character, rather than at ethical duties and
rules, or the consequences of actions - indeed
some philosophers of this school deny that
there can be such things as universal ethical
rules.
Virtue ethics is particularly concerned with the
way individuals live their lives, and less
concerned in assessing particular actions.
It develops the idea of good actions by looking
at the way virtuous people express their inner
goodness in the things that they do.
To put it very simply, virtue ethics teaches that
an action is right if and only if it is an action
that a virtuous person would do in the same
circumstances, and that a virtuous person is
someone who has a particularly good
character.
Situation ethics
Situation ethics rejects prescriptive rules and
argues that individual ethical decisions should
be made according to the unique situation.
Rather than following rules the decision maker
should follow a desire to seek the best for the
people involved. There are no moral rules or
rights - each case is unique and deserves a
unique solution.
Ethics and ideology
Some philosophers teach that ethics is the
codification of political ideology, and that the
function of ethics is to state, enforce and
preserve party.
Definition of Values
Values refer to the important and enduring
beliefs or principles, based on which an
individual makes judgements in life. It is at the
centre of our lives which act as a standard of
behaviour. They severely affect the emotional
state of mind of an individual. They can be
personal values, cultural values or corporate
values.
Values are forces that cause an individual to
behave in a particular manner. It sets our
priorities in life, i.e. what we consider in the
first place. It is a reason behind the choices we
make. It reflects what is more important for
us. So, if we are true to our values and make
our choices accordingly, then the way we live
to express our core values. Moreover, if you
understand an individual’s values, you can
easily identify what is important for them.
Key Differences between Ethics
and Values
Ethics refers to the guidelines for conduct, that
address question about morality. Value is
defined as the principles and ideals, which
helps them in making the judgement of what is
more important.
Ethics is a system of moral principles. In
contrast to values, which is the stimuli of our
thinking.
Values strongly influence the emotional state
of mind. Therefore it acts as a motivator. On
the other hand, ethics compels to follow a
particular course of action.
Ethics are consistent, whereas values are
different for different persons, i.e. what is
important for one person, may not be
important for another person.
Values tell us what we want to do or achieve
in our life, whereas ethics helps us in deciding
what is morally correct or incorrect, in the
given situation.
Ethics determines, to what extent our options
are right or wrong. As opposed to values,
which defines our priorities for life.
Business ethical value
Business ethical values vary by company, and
are defined largely by the behaviours and
values that govern a business environment. In
general, business ethical values are a set of
guiding principles that encourage individuals
in an organization to make decisions based on
the company’s stated beliefs and attitudes
toward business practices within its industry.
Corporate Culture
Companies that define key elements of a
corporate culture communicate their core
values, beliefs and preferred approaches to
handling common and uncommon business
situations. Employees with a firm grasp on a
company’s values will make the most
appropriate choices when facing a business
dilemma.
Conveying Company Values
Managers define ethical business behaviour in
their workplaces by explaining to employees
how behaviour and action affects the business’
overall mission. An example is demonstrating
the link between respectful workplace
relationships and low turnover, or lenient
return policies and increased customer
satisfaction surveys. This approach helps
employees understand the link between ethical
business behaviour and corporate success.
Creating an Ethical Workplace
While there are many shades of gray in
business dealings, companies can define
ethical business values by outlining clear
examples of right and wrong behaviour as it
applies to them. This can be achieved by role-
playing scenarios such as customer
interactions, employee disputes or negotiations
with vendors and contractors.
Fair Treatment
A business can define ethical behaviour by
outlining what it considers fair and just
treatment of employees and customers. This
includes goodwill among co-workers and
toward customers, a willingness to give back
to the community and the self-control to avoid
situations where unethical behaviour could
occur. When employees understand how a
company defines business ethical values, they
become more likely to comply with corporate
policies and management decisions.
Acting with Integrity
A company that defines business ethical
values as a core element of a corporate culture
encourages employees to perform their job
responsibilities accordingly. This often
involves doing what’s right for the business,
without regard to personal outcomes or
ulterior motives.
Dealing with Unethical Business Values
Many poor personal and professional
decisions are based on a rationalization of the
ethics involved. For example, a person who
embezzles from his company may fully
understand the behaviour was unethical, but he
justifies it by saying he was under-paid, so the
company got what it deserved. Truly defining
business ethical values in a workplace
environment involves following examples of
ethical behaviour and fair treatment, starting
from management and trickling down.
Look behind successful, honest businesses and
you will see a set of values that have stood the
test of time. Think about how these values are
communicated in your organization and what
you can do to support them.
Principle of Business Ethics values
Honesty- The old adage, "honesty is the best
policy" is true today more than ever. It's not
just lip service. Employee manuals from most
scandalized corporations are likely to contain
slogans touting its commitment to honesty.
Claiming to be honest in an employee manual
is passé. You're either honest or not. Even if
you haven't got caught yet, most people know
who is and who isn't.
Integrity- Integrity connotes strength and
stability. It means taking the high road by
practicing the highest ethical standards.
Demonstrating integrity shows completeness
and soundness in your character and in your
organization.
Responsibility- Blaming others, claiming
victimhood, or passing the buck may solve
short-term crises, but refusal to take
responsibility erodes respect and cohesion in
an organization. Ethical people take
responsibility for their actions. Likewise,
actions show the ability to be responsible both
in the little and big things.
Quality- Quality should be more than making
the best product, but should extend to every
aspect of your work. A person who recognizes
quality and strives for it daily has a profound
sense of self-respect, pride in accomplishment,
and attentiveness that affects everything From
your memos to your presentations, everything
you touch should communicate
professionalism and quality.
Trust- There's no free ride. Trust is hard to
earn and even harder to get back after you've
lost it. Everyone who comes in contact with
you or your company must have trust and
confidence in how you do business.
Respect- Respect is more than a feeling, but a
demonstration of honour, value, and reverence
for something or someone. We respect the
laws, the people we work with, the company
and its assets, and ourselves.
Teamwork- Two or more employees together
make a team. It is a business necessity to work
openly and supportively in teams whether
formal or informal.
Leadership- How many hardworking, honest
employees have been tainted and led astray by
corporate leadership failings? Managers and
executives should uphold the ethical standards
for the entire organization. A leader is out
front providing an example that others will
follow.
Corporate Citizenship- A foundational
principle for every company should be to
provide a safe workplace, to protect the
environment, and to become good citizens in
the community.
Shareholder Value- Without profitability,
there is no company. Every employee should
understand how he or she fits into the
profitability picture. Everyone's common goal
should be to build a strong, profitable
company that will last.
Applied Ethics
Applied ethics is the problem-solving branch
of moral philosophy. It uses the insights
derived from met ethics and the general
principles and rules of normative ethics in
addressing specific ethical issues and cases in
a professional, disciplinary or practical field.
Applied ethics is the vital link between theory
and practice, the real test of ethical decision-
making. Applied ethics often requires not only
theoretical analysis but also practical and
feasible solutions.
Some of the key areas of applied ethics are:
-Decision Ethics
-Professional Ethics
-Clinical Ethics
-Business Ethics
-Organizational Ethics
-Social Ethics
Applied ethics takes into consideration issues
such as abortion, euthanasia, capital
punishment, drug decriminalization.
Professional ethics
Professional ethics may be understood as
professionally acknowledged measures of
individual and business conduct, values, and
guiding principles. Professional ethics is
nothing but a code of conduct applicable to
different professions and is set up by the
expert members of such profession or
professional. The underlying philosophy of
having professional ethics is to make the
persons performing in such jobs to follow the
sound, uniform ethical conduct. Hippocratic
Oath undertaken by medical students is one
such example of professional ethics that is
adhered by even today.
Some of the important components of
professional ethics that professional
organizations necessarily include in their code
of conduct are integrity, honesty,
transparency, respectfulness towards the job,
confidentiality, objectivity etc.
Ethics are often confused with morals but
there are key differences between the two.
Morality is something that defines the
difference between the goodness or badness of
a thing or rightness and wrongness of a
particular thing and living according to that.
On the other hand, ethics is a kind of a
philosophy of how such morality guides the
individual and group behaviour. Morals, when
violated, are not punishable by law whereas
ethics once violated are punishable by the
statutory body of such profession. Similarly,
morals are not enforced but ethics are
enforced.
In the end, I would like to conclude that
professional ethics are fundamental to any
profession or business. Organizations
endeavours ceaselessly to be in the quest for
its objectives and goals while profiting the
employees in working up their high abilities.
In this course, the adherence to high
professional ethics of the representatives can
be particularly contributory to the amazing
accomplishments of business objectives being
turned out as arranged and proposed.
