Ethics Flashcards
(27 cards)
What is the difference between morals and ethics
Morals - what you believe to be right vs wrong
Ethics - The application of your morality
What are business ethics
The application of moral standards to business situations
What are the 5 ways in which organisations can influence ethical conduct
Leading by example
Offering ethics training programs
Establishing a formal code of ethics
The feeling test
The newspaper or social media test
What is the feeling test
A test of asking questions to determine how all individuals impacted by a decision would feel
What is the newspaper test
A test in which the organisation imagines that the decision being made would be published in the newspaper or on social media
What is a code of ethics
A guide of principles designed to help professionals conduct business honestly and with integrity. Should be based on business’s core values
What’s the difference between code of ethics and code of conduct
A code of ethics is based on principles whereas a code of conduct is based on rules.
What are the 3 challenges to implementing a code of ethics
Culture
Design
Enforcement
What are 3 examples of unethical behaviour by companies
False claims regarding products
Unethical accounting
Poor working conditions
What is the current King Code in place
4 / IV
What are the current trends in workplace ethics
High levels of pressure to compromise workplace standards
High rates of workplace misconduct
Few employees working in places of strong ethical culture
Reporting of observed misconduct at record high
Retaliation against employees who report misconduct is still very high
What is social responsibility
The acknowledgement that business activities have an influence on society and this influence impacts decision-making
What does SR mean for a companhy
It can mean ‘good business’
It can also influence consumers’ decisions on whether or not to continue supporting a company
What is the order of the pyramid of corporate social responsibility (Bottom Up)
- Economic
- Legal
- Ethical
- Philanthropic
What are the 2 dimensions of SR
Legality
Responsibility
What does reponsibility refer to as a dimension of SR
Your responsibility towards your stakeholders
What is personal responsibility
Being responsible of the fact that our lifestyles have a large impact on the world
What is the triple bottom line
People
Planet
Profit
What is self-regulation
Businesses trying to stay ahead of regulations, even doing more than required
What is green lobbying
Creating a competitive advantage in social responsibility
What is greenwashing
Insincere behaviour aimed at creating publicity
What is consumer backlash
When greenwashing goes too far and results in consumers saying no
What is supply chain accountability
That you can outsource but the complete chain is held accountable
What are the two views of SR
Economic Model
Socioeconomic model
