Ethics in Business Decision Making

Ethics in Business Decision Making - ethics(bus1301 TEXACO...

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ethics.ppt (bus1301)
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ethics.ppt (bus1301) TEXACO TEXACO - racial discrimination $176 M MERCURY FINANCE MERCURY FINANCE - - overstating profit $ 2.2 B ADM ADM - - price fixing $100 M GENETECH GENETECH - - tying personal loan to business deal CEO loses job BANKER’S TRUST BANKER’S TRUST - - deliberately misled or deceived customers Damaged image W.R. GRACE W.R. GRACE - - sexual harassment CEO loses job BAUSCH & LOMB BAUSCH & LOMB - - manipulation of accounting data earnings fell 54%
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ethics.ppt (bus1301) Reinforcers of Perceptions of Business Ethics Media sensationalism Television Customer expectations not met Multitude of regulations Pervasiveness of business activity Public lack of knowledge of business
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ethics.ppt (bus1301) Codes do not produce ethical behavior. Our ethics tend to flow from our core values. People have intrinsic worth.
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ethics.ppt (bus1301) Conflicts of interest lead to ethical problems Individual behavior is strongly influenced by incentive Self-regulation and standard setting organizations fall short
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ethics.ppt (bus1301) Get support by CEO for support of key stakeholders Get stakeholders participation Expand words/ phrases into expectations Establish feedback mechanism Assure implementation/ monitoring of results Reward employees who perform and deliver on values
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ethics.ppt (bus1301) Creating an Ethical Climate 1. Study the ethics of businesses that have a reputation for being ethical before developing a code of ethics for one’s own business 2. Build ethics into business policies and practices, making sure that ethics code provisions address concerns of customers, employees, management, suppliers, and the environment. 3. Develop a program of continuous quality improvement. That makes ethics a key aspect of quality and service provided by the business. 4. Develop high expectations for all employees, especially for assuming responsibility and being productive. 5. Seek ways to empower employees so that they can be effective and successful 6. Create a business culture that encourages open and honest communication, continual learning, personal development, and respect for others.
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ethics.ppt (bus1301) Responses to Ethical D.M. Ethical Guidelines Self Regulation Codes of Ethics Entrepreneur Actions Ethics Training Programs Ethics Advisor Ethics Courses
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ethics.ppt (bus1301) Non-job failures: Cheating on your expense accounts Stealing supplies Sandbagging Job failures: Superficial performance appraisal Not confronting expense account Cheaters Falsely praising poor performers Denial of training opportunities Undermine management
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ethics.ppt (bus1301) Job distortions: Bribery Manipulation of suppliers/buyers Differential pricing Falsifying information Job “creation”: Bending policies for certain customers Bending policies for salespeople Caught violating rules Arranging for promotions
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ethics.ppt (bus1301) FACTORS AFFECTING ETHICAL DECISIONS UNCERTAINTY OF INPUTS CENTRALITY OF WORKFLOW
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