MGM 15 - MGM 101 - Introduction to Management Functions...

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1 Thursday, November 13, 2008 MGM 101 - Introduction to Management Functions Why are we studying a philosophical concept like ethics in a Management Course?
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2 What has the “ethical track-record” of managers & businesses been, over time? Why do some argue that “profit maximization” should be the sole duty of managers – and that corporate social responsibility can only get in the way? Should businesses be held to higher ethical standards than simply obeying the law?” How should they treat their “stakeholders?” How do some businesses go beyond good ethics? Why do they do so, and what are the potential advantages? Key questions for today: Managers + businesses have a mixed record of success at behaving “well” + -
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3 Why should companies care about Business Ethics? Our recent history of extremely negative corporate outcomes linked to poor business ethics… how can they be avoided? Ethics… what do we mean? “Ethics is the study of what we understand to be good and right behavior and how people make those judgments . When one acts in ways that are consistent with our moral values we will characterize that as acting ‘ethically’. When one's actions are not congruent with our moral values - our sense of right, good and just - we will view that as acting ‘unethically’. Defining what is ethical is not an individual exercise however . If it were then one could have argued that what Joseph Stalin did was ethical since his actions conformed to his definition of right, fair and good. The ethics of our decisions and actions is defined societally, not individually .” www.ethics.org
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4 What is “corporate social responsibility?” • "Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community, and society at large .” Making Good Business Sense by Lord Holme and Richard Watts (World Business Council for Sustainable Development)
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MGM 15 - MGM 101 - Introduction to Management Functions...

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