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Chapter 6

Chapter 6 mgm ethics.docx

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University of Toronto Mississauga
Dave Swanston

Chapter 6 mgm ethics Ponzi scheme: is a type of investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. There are two levels to assess ethics: ethics and the individual and culture of the organization. Ethics and the individual: • ethics is a reflection of the moral principles or beliefs about what an individual views as being right or wrong. • These beliefs are built in part around the norms of standards of conduct society views as acceptable behaviour practices. • ethics is personal, this is where the problems are. • Each person have their own motivations, cultural and environmental upbringings, personal pressures and influences that positively or negatively affect an individual's behaviour. • things become acceptable behaviours when society rewards them for doing the actions. • society is what influences us to behave the way we do, and it influences what we think is right and wrong. • in business we need to think in terms not of what is in our personal best interest, but of what is in the best interests of the stakeholders and the public at large Individual Societal Professional Business Culture Personal values, Societal interpretation, Professional Pressure to meet the spiritual influences, societal conditioning, designation and company's objectives, experiences, past legal and regulatory association influences, reward systems, environments, social guidelines industry practices pressure from image superiors, ethics guidelines, stakeholder influences Triple Yes Rule 1. does the decision that I am making fall within the accepted values or standards that typically apply to all organizational environments? 2. would I be willing to have this decision publicized on news channel and stuff? 3. would the important people in my life approve of my decision? Ethical Decision Making Process identify whether an ethical dilemma exists -> gather facts of the situation -> evaluate the alternatives -> choose what you believe is best and then test it -> initiate decision and monitor the results • this process has 2 elements o you must ensure that you have initiated the proper depth of assessment to fully understand the ethical dilemma and the consequences that may permeate the decision or exist below its surface o testing your interpretation of your intended decision with a mentor or key advisor to ensure you are correctly interpreting the situation. • the most important skills to have at a workplace is your integrity. You can have the best skills but if you are not trustworthy, people will not want to work with you/ Ethics and culture • critical component of an organization's culture is the defining of the boundaries of acceptable behaviour for its management team and employees. • board of directors contribute to the development of policies relating to values, ethics and financial integrity • management will execute the policy but the board of directors have to define the parameters of what is meant by ethics and integrity to develop the structure and processes for the organization • board of directors are the governing body of a corporation. • Just as companies are vulnerable to shifts in market conditions so too are they vulnerable to the serious consequences and brand eq
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