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CORPORATE SOCIALRESPONSIBILITY,
HUMAN VALUES ÐICS
(MS 208)UNIT II
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SYLLABUSUnit I
Moral Values and Ethics: Values – Concepts, Types and Formation of Values, Ethics and Behaiour!Values of Indian Mana"ers# Mana"erial E$cellence throu"h %uman Values# &eelopment of Ethics,
Ethical &ecision Ma'in",
Business Ethics( The Chan"in" Enironment and )ta'eholder Mana"ement, *eleance of Ethics and
Values in Business, )piritual Values! Modern Business Ethics and &ilemmas, +erie of Corporate
)ocial *esponsi-ilities .C)*/ and )ustaina-ility! .10 %ours/
Unit II
Mana"in" Ethical &ilemmas at or': The Corporation and E$ternal )ta'eholders, Corporate
2oernance: From the Boardroom to the Mar'etplace, Corporate *esponsi-ilities toards Consumer
)ta'eholders and the Enironment# The Corporation and Internal )ta'eholders# Values(Based Moral
3eadership, Culture, )trate"y and )elf(*e"ulation# )piritual 3eadership for Business Transformation!
+r"ani4ational E$cellence and Employee ell-ein" throu"h %uman Values! .15 %ours/
Unit III
Corporate )ocial *esponsi-ility: 6 %istorical 7erspectie from Industrial *eolution to )ocial
6ctiism# Moral 6r"uments for Corporate )ocial *esponsi-ility, &eelopment of Corporate
Conscience as the Moral 7rinciple of Corporate )ocial *esponsi-ility, Corporate )ocial *esponsi-ilityof Business, Employees, Consumers and Community! Corporate 2oernance and Code of Corporate
2oernance, Consumerism, Current C)* 7ractices of the Firms in India and 6-road! Challen"es of
Enironment: 7rinciples of Enironmental Ethics, Enironmental Challen"es as Business
+pportunity, 6ffirmatie 6ction as a form of )ocial 8ustice! .15 %ours/
Unit IV
Issues in Moral conduct of Business and C)*: Failure of Corporate 2oernance, )ocial 6udit,
Unethical Issues in )ales, Mar'etin", 6dertisin" and Technolo"y: Internet Crime and 7unishment,
Intellectual 7roperty *i"hts, Corruption in Business and 6dministration! B) 9 I)+ 2uideline on C)*
Mana"ement .I)+(0555/! .15 %ours/ 0
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UNIT – IIMANAGING ETHICAL DILEMMAS AT WORK
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THE CORPORATION AND EXTERNALSTAKEHOLDERS Stakeholders include any person, group or organization that
has an interest in the activities and affairs of a company.
Owners and employees are internal stakeholders, ecause
they own or work for the usiness. !"ternal stakeholders
include customers, communities, suppliers and partners,
creditors and the government.
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THE CORPORATION AND EXTERNALSTAKEHOLDERS
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THE CORPORATION AND EXTERNALSTAKEHOLDERS #orporation $Internal% Shakeholders&
'n employee contriutes laor and(or e"pertise to an
endeavour of an employer and is usually hired to perform
specific duties which are packaged into a *o. 'n !mployee is
a person who is hired to provide services to a company on a
regular asis in e"change for compensation and who does notprovide these services as part of an independent usiness.
M!"#$#!% in usiness and organizations is the functionthat coordinates the efforts of people to accomplish goals
and o*ectives using availale resources efficiently and
effectively. +anagement comprises planning, organizing,staffing, leading or directing, and controlling an organization
to accomplish the goal. esourcing encompasses the
deployment and manipulation of human resources, financial
resources, technological resources, and natural resources.
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THE CORPORATION AND EXTERNALSTAKEHOLDERS O!#'*+ of property may e private, collective, or
common, and the property may e of o*ects, land(real
estate, or intellectual property. -etermining ownership in law
involves determining who has certain rights and duties over
the property. These rights and duties, sometimes called a
undle of rights, can e separated and held y differentparties.
!"ternal stakeholders&
#ustomers are one of the most immediate e"ternal
stakeholders that a company must consider. /or retailers,
consumers are customers. 'ttracting, retaining andgenerating loyalty from core consumer markets its critical to
long0term financial success. /or usiness0to0usiness
companies, the customers are the usinesses that uy goods
for usiness use.
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THE CORPORATION AND EXTERNALSTAKEHOLDERS !"ternal stakeholders&
#ommunities and governments are closely tied e"ternal
stakeholders. #ompanies operate within communities, and
their activities affect more than *ust customers. 1usinesses
pay ta"es, ut they are also informally e"pected y residents
to operate ethically and with environmental responsiility.#ommunities also like to see usinesses get involved in events
and local charitale giving.
Suppliers and usiness partners have ecome more critical
stakeholders in the early 23st century. +ore often, companies
uild a numer of small, loyal relationships with suppliers andassociates. This enales each usiness to develop shared
goals, visions and strategies. Trade uyers and sellers can
effectively collaorate to deliver the est value to end
customers, which is eneficial to each partner.
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THE CORPORATION AND EXTERNALSTAKEHOLDERS !"ternal stakeholders&
#reditors& 1usinesses commonly use lenders to finance
usiness ventures, uilding and asset purchases and supply
purchases. 1anks often provide loans for ma*or purchases,
such as a new uilding. Suppliers may provide product
inventory on account, which a usiness than pays down theroad. #urrent creditors asically e"pect that a usiness meets
its payment deadlines responsily and consistently.
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CORPORATE GOVERNANCE -ROM THEBOARDROOM TO THE MARKETPLACE #orporate governance descries all the influences affecting
the institutional processes, including those for appointing the
controllers and(or regulators, involved in organizing the
production and sale of goods and services.
#orporate governance is the system y which usiness
corporations are directed and controlled. The corporategovernance structure specifies the distriution of rights and
responsiilities among different participants in the
corporation, such as the oard, managers, shareholders and
other stakeholders, and spells out the rules and procedures
for making decisions on corporate affairs.
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CORPORATE GOVERNANCE -ROM THEBOARDROOM TO THE MARKETPLACE The asic principles of effective corporate governance are&
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T'!+'#!./
're the oard telling us what
is going on4
A..1!%*3*%/Is the oard taking
responsiility4
G4, #55#.%*6#
"6#'!!.#
C'+'%# C!%'3
Is the oard doing the
right thing4
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CORPORATE GOVERNANCE -ROM THEBOARDROOM TO THE MARKETPLACE The asis of corporate governance in the marketplace egins
with a 5uestion& 6hat is the philosophical and ethical conte"t
from which corporate governance and ethical decisions are
made4
+anaging corporate social responsiility from the corporate
oard of directors to the marketplace re5uires commitment,and significant time, effort and resources from organizations.
't stake is a company7s reputation and even survival.
!"ternal regulation is also re5uired to help define guidelines
and practices for companies to act responsily towards their
stakeholders, communities and society. The corporation as social and economic stakeholders was
presented from the perspectives of the social contract and
covenantal ethic.
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CORPORATE GOVERNANCE -ROM THEBOARDROOM TO THE MARKETPLACE /ree market theory holds that the primary aim of usiness is
to make profit. 's far as usiness oligations towards
consumers, this view assumes an e5ual alance of power,
knowledge and sophistication of choice in the uying and
selling of products and services.
If usinesses deliver what customers want, customers uy.#ustomers have the freedom and wisdom to select what they
want and to re*ect what they do not want.
/aulty or undesirale products should not sell. If usinesses
do not sell their products or services it is their own fault.
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CORPORATE RESPONSIBILITIES TOWARDSCONSUMER, STAKEHOLDERS AND THEENVIRONMENT #orporate esponsiility towards consumer&
#ustomers are the lifelood of every usiness, including oth
retail and usiness0to0usiness customers. 6hether or not
you think of customer satisfaction as a social responsiility
issue, every usiness owner will think of it as a profitaility
issue. Time and resources put into understanding the customer
perspective is always a good investment. Strong and
effective customer relations can e the direct route to long
term success.
'n organization is e"pected to fulfil its esponsiility towards
its #onsumers
#onsumer is one of important stakeholders of organization
who uses or consumes product and services for personal
purposes.
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CORPORATE RESPONSIBILITIES TOWARDSCONSUMER, STAKEHOLDERS AND THEENVIRONMENT Seven #omponents of #orporate responsiility towards
#onsumers, namely0
-*' $'7#%*!", 5.%13 !4 1!*#4 *!5'$%*! !4 5*'.!%'.%13 +'.%*.#
Organization should use common language for providing
information aout product and services would e
#omplete, accurate and understandale y consumer and also
gives details aout its location $local address%, contact
including email etc
/air contractual 0 to protect the legitimate interests of oththe parties7 i.e. suppliers and consumers y mitigating the
imalance in managing power etween them
P'%#.%*!" .!1$#' #3% !4 5#%/
8rotection of health from hazardous products and services
means1=
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CORPORATE RESPONSIBILITIES TOWARDSCONSUMER, STAKEHOLDERS AND THEENVIRONMENT product doesn7t involve any risk or harm when used or
consumed
'dopt measures and instruct consumer in proper use of
products and also improve handling or storage of product in
case of consumers
S1%*!3# .!1$+%*!
#onsumption of good and healthy food which satisfies the
present needs without compromise future needs that
consumption of products and resources at rates of consistent
with sustainale development
8romote and provide practical advice how to modify
consumption patterns and
!ncourage consumers to use products and services which are
energy efficient, environment0friendly, socially eneficial and
eliminate or minimizing any negative health andenvironmental impact 1
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CORPORATE RESPONSIBILITIES TOWARDSCONSUMER, STAKEHOLDERS AND THEENVIRONMENT C!1$#' #'6*.#, .$+3*!% !4 4*+1%# '#31%*! #onsumer services refer to proper installation, warranties and
guarantee, repair and maintenance, after sale service
Take measures to prevent complaints and reviews complaints
to improve the practices
C!1$#' 4% +'%#.%*! !4 +'*6./
'n organization collects and records consumer related
information
which is essential for the provision of products and services.
6hen an organization needed consumer information firstlyspecify the purpose for which personal data are collected and
protect the data y ade5uate safeguards
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CORPORATE RESPONSIBILITIES TOWARDSCONSUMER, STAKEHOLDERS AND THEENVIRONMENT
A..# % ##!%*3 #'6*.# !ssential services refers to asic needs such as health care,
right to essential utility services, such as electricity, gas,
water, drainage, sewage and communication
'n organization should contriute to fulfilment of the right to
satisfy asic needs
C!1$#' E41.%*! !4 A'#!#
!ducation and awareness initiative helps consumer to e well
informed aout their rights and responsiilities and
'lso make their purchasing decisions or consumptionchoices responsile to contriute sustainale development
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CORPORATE RESPONSIBILITIES TOWARDSCONSUMER, STAKEHOLDERS AND THEENVIRONMENT
C'+'%# R#+!**3*%*# %'4 %7#34#'
3. Increase the 8rofit& Noel prizewinning economist +ilton
/riedman wrote in 39:; that the one and only one social
responsiility of usiness is to increase its profits,
assuming an honest and open marketplace. #ompanies
should focus on honestly earning as much money as possilefor their stakeholders.
2. 8ut the #ustomer /irst& +ackey elieves that while profits
are indeed the core element of running a usiness, the
modern company must create value for all of its
constituencies. +ackey noted that the successful companiestypically put the customer first. 8utting the customer first
may not guarantee the most in profits, ut it does ensure
that customer happiness is an end in itself, which may lead
to greater customer loyalty.
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CORPORATE RESPONSIBILITIES TOWARDSCONSUMER, STAKEHOLDERS AND THEENVIRONMENT
C'+'%# R#+!**3*%*# %'4 #!6*'!$#!% #orporate responsiility towards the environment is
asored and honed through pulicity and education, the
influence of educated trends, and a core concern for the
continued liveaility of the environment < oli5ue rather
than direct pressures. 6ith #S = specifically caron reduction = weighing on the
corporate mind, the many decisions of the corporate ody
may e incrementally tailored to the needs of the
environment and the instincts for preservation of our way of
life. In market0speak, the direct and indirect costs of caron
need to outweigh the profits of pollution, in the corporate
suconscious. That is where victory will e won against
caron and any other pollution.
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THE CORPORATION AND INTERNALSTAKEHOLDERS Internal stakeholders are those within an organization who enefit
financially from their contriutions to an organization>s success.
Internal stakeholders $also known as primary stakeholders% are those
within an organization with an interest in its success and failure,
since they may e rewarded or punished accordingly. !mployees,
managers, corporate leaders, and owners(stockholders are e"amplesof internal stakeholders.
/or internal stakeholders, the continuance and success of the
organization is the paramount concern. Other interests may vary
etween the different types of internal stakeholders.
/or e"ample, employees may e most concerned aout such things
as *o security, pay and enefits, rewards and recognition, whilestockholders care most aout usiness growth, share price,
and profitaility. On occasion, doing what is est for one group may
e detrimental to another, and in such instances ethical *udgment
can come into play.
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THE CORPORATION AND INTERNALSTAKEHOLDERS Internal stakeholders can influence oth the ethical standards of an
organization and the e"tent to which they are followed. Increasingly,
corporations are motivated to ecome more socially responsile
ecause their internal stakeholders e"pect them to understand and
address relevant social and community issues.
Understanding what social causes are important to employees andacting on them can produce enefits including increased employee
engagement and satisfaction, higher performance, and
improved retention.
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VALUES9BASED MORAL LEADERSHIP ?alues are important and enduring eliefs or ideals aout what is
good or desirale and what is not. ?alue e"ert ma*or influence on
the ehaviour of an individual and serve as road guidelines in all
situations.
Implicit values are assumed values of the leader and open to
misinterpretation. !"plicit values are reflected in the organization7s policies, visions
and systems.
Self0enhancement values&
3. 'chievement $pursuit of personal success%
2. 8ower $dominance over others%@. Aedonism $personal gratification%
. Self0transcendent values&
3. 1enevolence $concern for immediate others%& include honesty,
responsiility and loyalty
2. Universalism $concern for the welfare of everyody%0;
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VALUES9BASED MORAL LEADERSHIP Organizational values& 1eliefs and ideas aout what kinds of goals memers of an
organization should pursue and ideas aout the appropriate kinds or
standards of ehaviour organizational memers should use to achieve
these goals.
' good leader encourages others to take action, sharing with themthe vision that gives them the desire to follow. 'n inspirational
leader remains positive even in the face of insurmountale
circumstances and continues to motivate the team. This type leader
involves the team in changes and provides the support needed for
them to carry out their responsiility.
6ith this 5uality a leader is more interested in results than process,allowing memers the fle"iility to plan and implement their
strategy.
!veryone wants to feel appreciated. Breat leaders use gratitude to
motivate their team and to create a positive workplace. Cearn to
complement even the smallest thing. If employees can e"periencesmall successes, it can lead to even greater successes. 0<
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VALUES9BASED CULTURE, STRATEGY ANDSEL-9REGULATION
Strategy influences the goals and o*ectives of the company and itsstakeholders.
Sets the overall direction of usiness activities
eflects and models activities that management values and
prioritizes
Sets the tone and tenor of usiness activities and transactions insidethe organization
#orporations formulate at least four levels of strategies& !nterprise
#orporate
1usiness /unctional
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VALUES9BASED CULTURE, STRATEGY ANDSEL-9REGULATION
The strategy management process involves& /ormulating goals
/ormulating strategies
Implementing strategies
#ontrolling strategies
!valuating strategies 'nalyzing the environment
' corporation7s culture is the shared values and meanings its
memers hold in common, which are articulated and
practiced y an organization7s leaders.
Organizational cultures are& ?isile and invisile
/ormal and informal
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VALUES9BASED CULTURE, STRATEGY ANDSEL-9REGULATION
Organizational cultures can e studied y& Oservation
Cistening to and interacting with people
Other ways
Signs of cultures in troule or weak cultures include&
'n inward focus
' short0term focus
+orale and motivational prolems
!motional outursts
/ragmentation and inconsistency
#lashes among sucultures
Ingrown sucultures
-ominance of suculture values
No clear values or eliefs
+any eliefs0>
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VALUES9BASED CULTURE, STRATEGY ANDSEL-9REGULATION
Signs of cultures in troule or weak cultures include& -ifferent eliefs
-estructive or disruptive cultural heroes
-isorganized or disruptive daily routines
!stalishing codes of ethical and legal conduct,
implementing stakeholder management assessments, andenacting ethics programs can help a company financially andmorally.
!thics codes
?alue statements that define an organization
Omudspersons and peer review programs
To manage the legal and moral aspects of potentially
prolematic activities
!thics programs
'nother method for handling moral 5uestions
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SPIRITUAL LEADERSHIP -OR BUSINESSTRANS-ORMATION
SpiritualityD has many meanings& Tapping into a deeper meaning of lifeE
Civing in harmony with the essential nature of #reationE
Aaving a relationship with the Source of #reationE
!"periencing union with -ivinity. One definition of spirituality in leadership is a holistic
approach to leadership in which the leader strives to
encourage a sense of significance and interconnectedness
among employees
Spiritual leadership involves the application of spiritualvalues and principles to the workplace. The spiritual leader
understands the importance of employees finding meaning in
their work and demonstrates a genuine concern for the
whole person, not *ust the employee.
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SPIRITUAL LEADERSHIP -OR BUSINESSTRANS-ORMATION
Spiritual leadership tries to assist others in finding meaningin their work y addressing fundamental 5uestions such as&
6ho are we as a work team, department, or organization4
Is our work worthy4 6hat is our greater purpose4
6hat are our values and ethical principles4 6hat will e our legacy4
The spiritual leader strives for a workplace that is truly a
community, consisting of people with shared traditions,
values, and eliefs.
Spirituality in leadership implies that the focus will e less onformal position power and more on peopleF less on conformity
and more on transformation and diversityF and less on
controlling and more on partnership, collaoration, and
inspiration.
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SPIRITUAL LEADERSHIP -OR BUSINESSTRANS-ORMATION
Spirituality in leadership does not re5uire that the leaderadhere to a particular religion or that he or she attempt to
convince suordinates to pursue a specific set of religious
principles.
6hile leaders who emphasize spirituality may ase their
leadership approach in #hristianity or another religioustradition, they may also have so0called non0traditional
religious eliefs or may not adhere to any particular religion
at all.
Spirituality in leadership is more concerned with the
development of employees as whole people=people whoe"hiit compassion to other employees, superiors,
suordinates, and customers.
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SPIRITUAL LEADERSHIP -OR BUSINESSTRANS-ORMATION
If a leader in the workplace possesses a strong sense ofspirituality that affects his or her attitudes, emotions, and
ehavior in a positive way, then the leader is likely to
influence suordinates to pursue the development of
spirituality in their own lives.
This raises at least two 5uestions& 6hat leadership approachor style effectively promotes spirituality in the workplace4
and 6hat enefits are derived from fostering spirituality in
the workplace4G
Two leadership approaches seem to e more closely related
to the concept of spiritual leadership than others& servantleadership and transformational leadership.
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SPIRITUAL LEADERSHIP -OR BUSINESSTRANS-ORMATION
SERVANT LEADERSHIP It suggests that leaders must placethe needs of suordinates, customers, and the community
ahead of their own interests in order to e effective.
#haracteristics of servant leaders include empathy,
stewardship, and commitment to the personal, professional,
and spiritual growth of their suordinates. TRANS-ORMATIONAL LEADERSHIP It focuses on attempting
to e"plain how leaders can accomplish e"traordinary things
against the odds, such as turning around a failing company,
founding a successful company, or achieving great military
success against incredile odds. The theory also emphasizesthe importance of leaders> inspiring suordinates> admiration,
dedication, and un5uestioned loyalty through articulating a
clear and compelling vision.
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ORGANI:ATIONAL EXCELLENCE AND EMPLOYEEWELLBEING THROUGH HUMAN VALUES
The key to organizational e"cellence is e"cellent leadershipand at the heart of e"cellent leadership lie four universal
values < *oy, hope, peace and love.
*oy is defined as a spirit of gladness < a state of deep
happiness that is not contingent upon e"ternal
circumstances. Aope is defined as optimism < the elief thatone can positively impact the future.
8eace is defined as a freedom from inner conflict < a sense of
well0eing, and security.
Cove is defined as a spirit of appreciation, acceptance,
respect, kindness, and support. Successful leaders realizethat these values can inspire, unify, and transform.
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ORGANI:ATIONAL EXCELLENCE AND EMPLOYEEWELLBEING THROUGH HUMAN VALUES
8ositive values, though necessary, are not sufficient. In orderto achieve remarkale results, these values must e
translated into congruent ehavior.
To do so is re5uired new leadership strategies and skills <
strategies and skills that will enale leaders to rise aove the
status 5uo and create high performance organizations. Organizational !"cellence H Ceadership ?alues
Transformational Strategies Juantum Skills
Successful leaders share information freely. They view it as a
currency to e spent rather than a resource to e hoarded.
T'NS/O+'TION'C ST'T!BI!S
'ttention through ?ision& !"cellent leaders have a vision that
captures the attention of their stakeholders.
+eaning through #ommunication& Organizational e"cellence
re5uires leaders to communicate the vision in a way thatinduces ho e. ;=
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ORGANI:ATIONAL EXCELLENCE AND EMPLOYEEWELLBEING THROUGH HUMAN VALUES
T'NS/O+'TION'C ST'T!BI!S Trust through 8ositioning& ' key factor in the process of
estalishing trust through positioning is integrity. 6ords
associated with integrity are themselves interesting& the
5uality of eing complete, unimpaired, moral soundness,
honesty, freedom from corrupting influence or practice, andpredictale strictness in the fulfilment of contracts and the
discharge of trusts.
#onfidence through espect& !ffective leaders develop
confidence among their colleagues. This confidence is orn in
the leader7s self0confidence that worthy o*ectives can andwill e achieved. Such confidence is contagious, and in time
mutual love and respect among leaders and followers grow
and flourish.
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ORGANI:ATIONAL EXCELLENCE AND EMPLOYEEWELLBEING THROUGH HUMAN VALUES
!mployee 6elleing& !mployees e"periencing reduced productivitywhile at work, or presenteism, attriutale to health issues are
much more likely to report reductions in productivity attriutale
to other factors, such as *o overload, financial stress and personal
prolems.
6ell0eing is missing from a lot of work cultures, ut this is notnecessarily intentional. In most cases, cultures that discourage
well0eing do so y accident. 'n employer might e growing 5uickly
and have difficulty forecasting staffing needs, thus creating an
environment where employees are re5uired to work e"cessive
overtime in order to meet customer demands. There are a numer of steps that can e taken in order to infuse
well0eing into a work culture. The core element is to ensure that
consideration, respect and value of the whole person are present.
6hile many organizations elieve that they have these values, they
might not e enforced at the workgroup level.;>
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ORGANI:ATIONAL EXCELLENCE AND EMPLOYEEWELLBEING THROUGH HUMAN VALUES
Organizational policies need to e written or modified tosupport well0eing.
Setting policies that discourage smoking, encourage healthier
lifestyles and permit time off for family are key to making well0
eing a part of the culture. Aowever, while policies are helpful,
they aren7t enough. 1enefits need to e aligned to encourageemployees to comply with policy&
8rohiiting smoking at the workplace does little if employees
aren7t provided with a smoking cessation program to increase
the proaility of 5uitting.
6ritten policies that employees will e allowed time for fitnessactivities during the work day does little if employees don7t
have a place to e"ercise.
'ligning e"ecutives to model well0eing appropriately, writing
policies that provide guidance, and providing a enefit design
th t t th li i t th th t f ll i