Business Ethics Chapter 8 – Flashcards
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Personal level
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Situations faced in our personal lives outside the context of our employment.
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Organizational level
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Workplace situations faced by managers and employees.
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Industry or profession level
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A manager or organization might experience business ethics issues at the industry or professional level.
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Societal and global levels
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Managers acting in concert through their companies and industries can bring about constructive changes
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three major approaches to ethical decision making
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Conventional Approach Principles Approach Ethical Tests Approach
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Teleological theories
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Focus on consequences or results
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Deontological theories
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Focus on duties.
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Aretaic theories
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Focus on virtue.
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Major principles of ethics
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Utilitarianism Kant's Categorical Imperative Rights Justice Principles of care Virtue ethics Servant leadership Golden Rule
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Utilitarianism
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A teleological principle that focuses on acts that produce the greatest good for the greatest number.
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Kant's Categorical Imperative
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A duty-based, deontological, principle. 1.Act only on rules that you would be willing to see everyone follow. 2.Act to treat humanity in every case as an end and never as a means. 3.Every rational being is able to regard oneself as a maker of universal law. We do not need an external authority to determine the nature of the moral law.
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Moral rights
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Rights that we ought to have based on moral reasoning.
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Principle of rights
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Focuses on examining and possibly protecting individual moral or legal rights.
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negative right
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is the right to be left alone.
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positive right
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is the right to something.
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Principle of Justice
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Involves considering what alternative promotes fair treatment of people.
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Types of justice
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Distributive Compensatory Procedural Rawlsian
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Rawls's Principles of Justice
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1. Each person has an equal right to the most basic liberties compatible with similar liberties for others. 2. Social and economic inequalities are arranged so that they are both: -Reasonably expected to be to everyone's advantage, and -Attached to positions and offices open to all.
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Ethic of care/Principle of caring
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Traditional ethics focus too much on the individual self. Views the individual as relational, not individualistic- similar to stakeholder theory.
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Virtue ethics
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Focuses on individuals becoming imbued with virtues. Based on Aristotle and Plato.
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Servant Leadership
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Based on the moral principle of serving others first, such as employees, customers, and community.
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The Golden Rule
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Do unto others as you would have them do unto you.
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The Golden Rule is:
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1. Accepted by most people. 2. Easy to understand. 3. A win-win philosophy. 4. A compass when you need direction.
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Factors Affecting the Organization's Moral Climate
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-Behavior of superiors -Ethical practices of one's industry or profession -Behavior of one's peers in the organization -Formal organizational policy (or lack thereof) -Personal financial need
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Effective Communication of Ethics requires
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1. Written and verbal communication 2. Candor 3. Fidelity 4. Confidentiality
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Ethics Officers
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Are in charge of implementing ethics initiatives in the organization
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Ethics Check
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Is it legal? Is it balanced? How will it make me feel about myself?
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Codes of Conduct
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A way of establishing standards of behavior and communicating them to managers and employees. The single most important element of an ethics and compliance program. A fairly recent phenomenon. Codes of conduct positively affect corporate culture.
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Hotlines
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are the most common way to report corporate fraud. Can be telephone, web, or email-based.
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Ethics Audits
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Intended to carefully review such ethics initiatives as ethics programs, codes of conduct, hotlines, and ethics training programs.
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Sustainability Audit
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Helps to identify sustainability issues within an organization.
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Fraud Risk Assessment
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Review processes that identify and monitor conditions that may pertain to the company's exposure to compliance/misconduct risk and to review methods for dealing with concerns.
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Corporate Transparency
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A quality, characteristic, or state in which activities, processes, practices, and decisions that take place in companies become open or visible to the outside world.
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The Sarbanes-Oxley Act
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Companies are required to protect whistle-blowers without fear of retaliation. It is a crime to alter, destroy, conceal, cover up, or falsify documents to prevent their use in a federal government lawsuit.
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Leadership and oversight of ethical initiatives by boards is not a given.
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