AREAS OF BUSINESS ETHICS

Business Ethics

Managerial Mischief Moral Mazes

Moral Mazes

•According to Madsen and Shafritz, managerial mischief is “illegal, unethical or questionable practices of individual managers or organizations.

Managerial Mischief

•Moral mazes includes numerous ethical problems that managers must deal with, such as potential conflicts of interest, wrongful use of resources, mismanagement of contracts and agreements etc.

RELEVANCE OF ETHICAL VALUES IN BUSINESS

There were many problems and unethical practices existed in the past business field. Then the society reacted and demanded that businesses place high value on fairness and equal rights. Thus antitrust laws were instituted, Govt. agencies were established, Unions organized, Laws formed. Thus society gradually improved.

1. Attention to business ethics has substantially improved society.

2. Ethics programs help maintain a moral course in turbulent times•Attention to business ethics is critical during times of fundamental change. At these times there is no moral tool to guide leaders through what is right or wrong. Continuing attention to ethics in the workplace sensitizes leaders and staff to how they should act consistently.

3. Ethics programs cultivate strong teamwork and productivity.

•Usually an organization finds surprising disparity between its preferred valued and the values actually reflected by behaviors in the workplace. •Ongoing attention & dialogue regarding values in the workplace builds openness, integrity & community, critical ingredients of strong teams in the workplace. Employees feel strong alignment between their values and they react with strong motivation & performance.

4. Ethics programs support employee growth and meaning.•Attention to ethics in the workplace helps employees face reality, both good & bad, in organization and themselves. They feel full confidence they can admit and deal with whatever comes their way.

Mgmt. Concepts and Business Ethics

REFERENCE

Previous Year Exam Questions1. Moral believes about what is right and what is wrong is called ____________.(Ans: Ethics)2. Discuss the relevance of ethics and values in management.