COMMERCE 1B03 Chapter Notes - Chapter 5: Corporate Social Responsibility, Federal Accountability Act, Business Ethics
25 Feb 2015
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Ethical standards are fundamental: ethics: standards of moral behavior; that is, behavior that is accepted by society as right versus wrong, morals, integrity, respect for human life, self-control, honesty, courage, self-sacrifice. It can be difficult to balance between ethics and other goals such as pleasing stakeholders or advancing in your career. Setting corporate ethical standards: sometimes companies make written codes of conduct, ethics codes can be classified into 2 categories, compliance based ethics codes emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers. They want to avoid legal punishment: integrity based ethics codes define the organization"s guiding values, create an environment that supports ethically sound behavior, and stress shared accountability among employees. They set a positive tone, communicate effectively, and relate well to employees at every level. Corporate social responsibility: corporate social responsibility: a business"s concern for the welfare of society, people against csr say that a manager"s sole role is to compete and win in the marketplace.
