2020 Zigya Technology Labs Pvt. The problem is that if good ethics were always good business, only stupid people would be unethical. Industry codes : The association of industrial and trading houses such as Chambers of Commerce and Industry and Trade Assocations have prescribed codes of conduct for the member firms. ‘Cheaters never prosper.’ The legislation is another factor influencing business ethics. Therefore any talk of social responsibility is against this objective. These are social marketing gurus who have their finger on the pulse of what consumers want. (c) Avoidance of government regulation : A business can avoid the problem of government regulations by voluntarily assuming social responsibilities which helps to reduce the need for new laws. As a result of the recent mortgage crisis, many banks reported record losses to their mortgage receivables and other assets based on the decline in these assets' fair values. and the informal organization, Business Ethics 4 - Understanding Factors Influencing Business Ethics, Copyright © 2020 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Business Ethics 3 - Classical Ethical Theories. (e.g. Ethical values are a mechanism that controls behavior in business and in other walks of life. On the other hand, if the society is ignorant toward such factors, the chances for such considerations being ignored increases manifold. Virtue ethics are basically about an individual’s integrity, with intentions of becoming a good person. The best example of this is the effect extractive businesses like mining have on the communities which live in areas close to the mines. The basic factors can be named as leadership, strategy and performance, individual characteristics, corporate culture and environment. 1. 6. Many companies have implemented monitoring programs to watch how their employees utilize the Internet. 1, pp. 2. We can buy whatever 's on sale as long as there is money. Would you think it is appropriate to post proprietary work information on your social media accounts? that can lead to a breakdown of;- harmony, efficiency and authority of Theories of Ethics: Rights & Natural Laws, Quiz & Worksheet - Workplace Factors that Affect Ethical Behavior, Over 83,000 lessons in all major subjects, {{courseNav.course.mDynamicIntFields.lessonCount}}, Business Ethics in Contemporary Businesses, The Act and Rule Utilitarian Models in Business Ethics, Philosophical Approaches to Business Ethics, Moral Hazard in Economics: Definition & Examples, Organizational Citizenship Behavior in the Workplace: Definition and Examples, The Difference Between Workplace Ethics and the Law, Unfair Competition: Methods, Elements & Laws, Competition Within Free Markets: Types & Summary, Biological and Biomedical o Lead by example “Directors tend to set the tone for the actions of all These are known as ethical codes and can establish checks and balances to support ethical behavior. Get access risk-free for 30 days, Ethical businesses do not give consumers the feeling that the company is saying one thing but doing and operating differently. The third major factor that can influence ethical behavior in the workplace are situational opportunities. Don’t be afraid to change and evolve your business to be more in line with social ethical trends. Ethical businesses are also transparent businesses. Marketers are not allowed to outright lie about products or services they are promoting. INTRODUCTION These proverbs lead to the most ‘easy-to-sell’ rationale for integrity in business: ‘It is always in our self-interest to be ethical.’ Lastly, an employee's personality plays an important factor in determining ethical behavior. (f) Periodical assessment of pollution control programmes in terms of cost and benfits so as to increase the progress with respect to environmental protection. Individual ethics are personal beliefs about right or wrong behavior. Today, more than any other time in history, ethics is playing a major role in business. (d) Maintenance of Society : Laws, cannot be passed for all possible circumstances. Ethical Decision Making – Situational Influences Educated persons as consumers, investors, employees have become more concerned towards social issues. The basic factors can be named as leadership, strategy and performance, individual characteristics, corporate culture and environment.

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