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Chapter 5 Notes (on Ethics)

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University of Toronto Mississauga
James Appleyard

MGM Chapter 5 NotesEthics and Social ResponsibilityEthics is more than legalityEthical does not only mean legalMany immoral and unethical acts fall well within laws However following the law is a first step towards being ethicalMorals are beliefs that individuals have to determine right from wrong while ethics is the societal standard of moral behaviorEthical thinking must override moral thinking in firmsEthical behavior begins with you and meWe cannot expect society to be more moral unless we as individuals commit to becoming more moral ourselvesWhen facing an ethical dilemma ask1 Is it legal2 Is it fair and balanced3 How would it make me feel about myselfManaging Businesses Ethically and ResponsiblyBusiness ethics start at the top so managers have to be conscious about their actionsReasons to have good business ethicsmaintain good reputation keep existing customers attract new customers avoid lawsuits reduce employee turnover to avoid government intervention to please customers employees and society and to simply do the right thingCompliancebased ethics codes emphasize preventing unlawful behaviour by increasing control and by penalizing wrongdoersIntegritybased ethics codes define the organizations guiding values and creates an environment that supports ethically sound behaviorSix steps to improve business ethics1Top management must follow ethics code2Employees must understand that management follows the code and they are expect to do so also3Everybody must be trained to consider ethical implication of all business decisions4An ethics office must be set up with a way for whistleblowers to feel protected from retaliation or exposureOfficers need strong communication skills and skills in investigation
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