Video: Business Ethics in the 21 st Century ethics-21st-century/ ethics-21st-century

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Video: Business Ethics in the 21 st Century http://watch.wliw.org/program/business -ethics-21st-century/ In a new 30-minute documentary, William F. Baker leads a timely discussion about the future of American corporations and how they are redefining their approach to achieving success. 1

Transcript of Video: Business Ethics in the 21 st Century ethics-21st-century/ ethics-21st-century

Page 1: Video: Business Ethics in the 21 st Century ethics-21st-century/ ethics-21st-century

Video: Business Ethics in the 21st Century

http://watch.wliw.org/program/business-ethics-21st-century/

In a new 30-minute documentary, William F. Baker leads a timely discussion about the future of American corporations and how they are redefining their approach to achieving success.

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Business Ethics

Business people are expected to…

Be fair and honestPut the welfare of

others above organization and themselves

Business people are not expected to…

takes advantage of a situation for personal gain

Create false, misleading communications (illegal and unethical)

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Factors Affecting Ethical Behavior

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Factors Affecting Ethical Behavior

– Individual factors Individual knowledge of an issue Personal values Personal goals

– Social factors Cultural norms Coworkers Significant others Use of the Internet

– Opportunity Presence of opportunity Ethical codes Enforcement

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Factors Affecting Ethical Behavior

Bernard Madoff

What factors have to be at work to allow something like the Bernie Madoff “ponzi scheme” to be as successful as it was for as long as it was?

**Research and Answer

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Encouraging Ethical Behavior External (Governmental legislation and regulations) Internal

– Code of ethicsA written guide of acceptable and ethical

behavior from an organization– Organizational environment

Management directionEmployee trainingEthics officer

Whistle-blowing– Informing the press or government officials about

unethical practices within your organization

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Government Regulation

Sarbanes-Oxley Act of 2002 New provisions to deter and punish…

– Corporate Fraud– Accounting Fraud

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Whistleblower Protection

How important is whistleblower protection?

To what extent should an employer be free to hire and fire whom they

choose?

Would you be scared to report your employer?

© JOHN ROMAN IMAGES/SHUTTERSTOCK

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Daily Information 10/23 (g)

Objectives:

Describe how ethics relates to business practice.Suggest ways in which businesses can be socially responsible.

Warm Up

Write down one thing you learned by watching the beginning of the Business Ethics video yesterday.

Agenda:

1.Warm Up2.Finish video3.Ethics PP4.Student Notes5.Ethical dilemma activity6.Bottom Line

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Social Responsibility

Social Responsibility – The recognition that business activities have an impact on society and the consideration of that impact in business decision making

– Social responsibility costs money but is also good business.

– How socially responsible a firm acts may affect the decisions of customers to do or continue to do business with the firm.

Does a company’s social responsibility affect your decision to do business with them?

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Did You Know….

Getting involved socially = advancing a businesses interests

As societal values change, businesses will continue to shape and be shaped by the society in which it functions.

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The manufacturer of a

leading insect spray

changes the formulation

of its product to eliminate

problems experienced by

people allergic to some of

the ingredients. The

manufacturer does not

inform consumers. The change in the formula will make the

product less effective.

Scenario One

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A bribe is paid to a

company official in the

island country of Kocomo to

facilitate the movement of a

product in that country.

Bribes are a normal and

expected business practice

in Kocomo.

CLASS EXERCISEHow Scenario Two?

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A beer company engages

in an advertising

campaign that is targeted

to undergraduate college

students, many of whom

are under the legal

drinking age.

CLASS EXERCISEHow Scenario Three?

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CLASS EXERCISEHow ethical is it?

A rental car company

strongly advises customers

to purchase insurance

when renting a car.

Although most personal car

insurance covers the

insured motorist when

driving a rental car, most

rental car customers are

not aware of this.

Scenario Four?

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CLASS EXERCISEHow Scenario Five?

Consumer Reports publishes the results of a study on shampoos that provides strong evidence that all shampoos are basically the same. In fact, the results suggest that a mild dish-washing liquid will do the same job for a lot less money. After the study is published, a leading shampoo marketer claims that its product will remove oil, add body, condition, and replenish hair better than any competing shampoo and do it all in one step.

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The Evolution of Social Responsibility in Business

In the first quarter of the 20th century, there were very few government protections for workers or consumers.

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The Evolution of Social Responsibility in Business

Early 1900s:

Caveat Emptor – “Buyer Beware”– What you see is what you get, and if it’s not what

you expected, too bad.

– Most people believed that competition and the marketplace would correct abuses.

– The government became involved only in cases of obvious abuse.

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The Great Depression and Beyond

Pressure mounted for the government to help with the economy and social conditions.

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The Great Depression and Beyond

As government regulation has increased, so has everyone’s

awareness of the social responsibility of business.

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View of Social Responsibility (18th century)

Economic model

Society will benefit most when business is left alone to produce and market profitable products that society needs.

Company’s primary responsibility is to make a profit for its shareholders.

Social responsibility is the problem of government, environmental groups, and charities.

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Views of Social Responsibility (Present Day)

Socioeconomic modelBusiness should be concerned with the impact of its decisions on society.Firms take pride in social responsibility activities It is in the best interest of firms to take the initiative in social responsibility matters.

– Society will demand changes if a corporation is not a responsible member of society.

– Provides protection against legal action from special-interest groups.

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Social Responsibility

As a part of society, business can’t ignore social problems.

Business has the means to tackle social problems.

Addressing social problems can create a more stable environment.

Socially-responsible decision making prevents government intervention.

Businesses are primarily responsible to shareholders.

Corporate time, money and talent should be used to create profit.

Individual businesses can’t be expected to solve problems affecting society in general.

Social issues are the problem of government officials elected for that purpose.

PRO CON

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Stakeholders Expectations

Businesses should be responsible and responsive to their interests.

Donating money to flood victims Providing college scholarships Sponsoring an exhibit on Hindu art at a local

museum

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Business Response

Ensure their activities do not harm the natural environment

Respect the individual rights of a rapidly diversifying workforce

As societal values change, each business will continue to shape and be shaped by the society in which it functions.

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The Pros and Cons of Social Responsibility (cont’d)

If you owned your own business, how concerned would you be with social responsibility?

Who can afford to be more concerned with social responsibility – small businesses or big corporations?

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Fortune’s Most Admired Companies in 2013

Apple

Google

Amazon.com

Coca-Cola

Starbucks

IBM

Southwest

Berkshire Hathaway

Walt Disney

FedEx


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