Business Ethics and Corporate Social Responsibility – Flashcards

rules we use to decide what is good or bad.

tied to society's ethics and the ethics of individuals who work for and buy products from the company

• Protects assets and properties of business. If you are missing from the workplace, workers would do as they like and may even steal from the business • Fosters teamwork and co-operation. The code of ethics in the workplace is made with a common goal and vision of employee(s). Mutual knowledge promotes teamwork. This enhances motivation. • Used to protect any basis right of a person for work • Increases reputation and builds strong relationship with public

this begins with the decision of a person between what is right or wrong. Individuals who possess integrity, commit to choosing right before they find themselves in a situation which requires action. Without integrity, individuals are untrustworthy.

A code of ethics is important because it provides individuals within a group, organization, club or society with a set of rules, standards and guidelines to operate within. When employees don't have a code of ethics, they could engage in less-than-socially acceptable behavior. This can establish a bad reputation for an organization.

when the business must listen to all stakeholders if they are to achieve their objectives. When a firm accepts legal and moral obligations to stakeholders, other than investors, it is said to be corporate responsibility.

Shareholder - Good return on investment Employee -Fair pay and working conditions Supplier - Regular business and prompt payment Customer - Fair price and safe product Local community - Jobs and minimum disruption Government - Employment for local community Environment - Less pollution

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