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Textbook Summary Chapter 3 Concise notes following the textbook. The notes include everything that is required, just without the extra examples that the book contains.

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Rotman Commerce
John Oesch

RSM 100 Y1 Chapter 3 Ethics in the Workplace Ethics is the right or wrong. 1. Individual Ethics Everyone has different values and moral standards 2. Managerial Ethics The behavior that guide managers. Behavior towards employees. Behavior towards the organization. Behavior towards other economic agents. 3. Assessing Ethical Behavior Three-step Model: 1. Gather the factual information 2. Determine the most appropriate Morals 3. Make an ethical judgment based on the right or wrong of the policy. 4. Company Practices and Business Ethics Within firms, there may exist a code of conduct, to ensure business ethics. For a company to show ethical behavior, the most effective step is to demonstrate top management at a high ethical level. There can exist a CODE OF ETHICS or TEACHING WORKSHOP for ethics. Social Responsibility Corporate Social Responsibility: The way in which a business tried to balance its commitments to organizational stakeholders. 1. Contemporary Social Consciousness There have been changes in the way people view the responsibility of the businesses. The businesses now should enhance the welfare of the society. Now there are health warnings on cigarettes, or eco-friendly labels on green products. Areas of Social Responsibility Environment: 1. Air pollution Carbon credit schemes, Kyoto Protocol 2. Water Pollution Dumping waste into rivers 3. Land Pollution Toxic wastes on agricultural land. We need to recycle, use biomass, etc. Consumers: 1. Rights of Customers: Safe products, All relevant information about product, To be heard, To choose what to buy, To be educated about purchases, Courteous service. 2. Unfair Pricing Banning collusion 3. Advertisement Truth in advertising, The banning of counterfeit brands, Stopping stealth advertising, Morally objective advertising. Employees: 1. A work environment that offers equal opportunities among all races, sex and other social factors. 2. A workplace that feels safe (no abusive managers or sexual harassment). 3. Hiring of “hard-core” unemployed shows commitment.
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