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Chapter 4

Chapter 4. Ethics and Social Responsibility. Ethics. The inner-guiding moral principles, values, and beliefs that people use to decide what is the “right” or appropriate way to behave

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Chapter 4

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  1. Chapter 4 Ethics and Social Responsibility

  2. Ethics • The inner-guiding moral principles, values, and beliefs that people use to decide what is the “right” or appropriate way to behave • Ethical Dilemma – deciding whether to do the “right” thing though doing so might go against your own self-interest MGMT 321 – Chapter 4

  3. Ethics and the Law • Ethical beliefs lead to the development of laws and regulations to prevent certain behaviors or encourage others • Laws can change or disappear as ethical beliefs change • Neither laws nor ethics are fixed MGMT 321 – Chapter 4

  4. Ethics and Stakeholders • Stakeholders • People and groups affected by the way a company and its managers behave • Supply a company with its productive resources and have a claim on its resources • When the law does not specify how companies should behave, managers must decide how to behave toward the people and groups affected by their actions MGMT 321 – Chapter 4

  5. Stakeholders MGMT 321 – Chapter 4

  6. Ethical Decision Making MGMT 321 – Chapter 4

  7. Practical Decision Model • Does my decision fall within the acceptable standards that apply in business today? • Am I willing to see the decision communicated to all people and groups affected by it? • Would the people with whom I have a significant personal relationship approve of the decision? MGMT 321 – Chapter 4

  8. Managers Behaving Ethically • The relentless pursuit of self-interest can lead to a collective disaster • When one or more people start to profit from being unethical other people may be encouraged to act in the same way MGMT 321 – Chapter 4

  9. Effects of Ethical/Unethical Behavior MGMT 321 – Chapter 4

  10. Trust and Reputation • Trust – willingness of a person or group to have faith or confidence in the goodwill of another person • Reputation – esteem or high repute that individuals or organizations gain when they behave ethically MGMT 321 – Chapter 4

  11. Sources of Ethics MGMT 321 – Chapter 4

  12. Social Responsibility Way a company views its duty or obligation to make decisions that protect, enhance, and promote the welfare and well-being of stakeholders and society as a whole MGMT 321 – Chapter 4

  13. Why Be Socially Responsible? • Demonstrating its social responsibility helps a company build a good reputation • If all companies in a society act socially responsible, the quality of life as a whole increases MGMT 321 – Chapter 4

  14. Role of Organizational Culture • Ethical values and norms help organizational members: • Resist self-interested action • Realize they are part of something bigger than themselves MGMT 321 – Chapter 4

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