Made by : ASHUTOSH SHARMA

“Value is view of life and a judgment of what is desirable , which is very much a part of person’s personality and a group’s morale”.

Values are • We do what we say• We act decisively to create value• We hold ourselves accountable• We dare to be different• We act with care

• Business ethics is the study of how personal moral norms apply to activities and goals of a commercial enterprise .

• Business ethics operates as system of values and is primarily concerned with the relationship of business goals and techniques to specifically human ends.

What Are Unethical Business Practices?

– Managers lying to employees– Office nepotism and favoritism– Taking credit for other’s work– Stealing from the company– Firing an employee for whistle-blowing(wrong

doing in or by an organisation)– Padding expense accounts– Divulging confidential information or trade secrets– Terminating employment without sufficient notice– Using company property/materials for personal

use

Importance

• Values helps in preventing unethical practices constantly being used by business owners.

• It helps the strategists to somehow reconcile the pragmatic demands of work which prevents the use of unethical business practice for achieving organization goals.

• Helps in elimination of abuse of public power by politicians and bureaucrats for personal gains.

• Business ethics are also identified as major source of competitive advantage.

• Companies which are recognized as ethical organizations are able to attract investment and human capital, retain talent, differentiate themselves in the market and create a perception of being customer friendly

(strategists therefore have to provide the right values and ethical sense to the organization they manage)

• Values are personal in nature while ethics is generalized value system .• Values offers alternatives to choose

from.• For instance CSR as a business policy

is optional, a strategist may or may not posses this value and still remain within the limits of business ethics.

Inculcating Values & Ethics

• Considering values and ethics in recruitment and selection.

• Incorporating the statement of values and code of conduct into employee training and educational programmes.

• Paying special attention to those parts of the organization that are susceptible to be ethically sensitive such as purchase.