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Business Ethics-POM

This document provides a summary of a presentation on business ethics given to POM(3151103). It defines business ethics as examining ethical principles and problems that can arise in a business environment. It notes several needs for business ethics, including stopping malpractices, improving customer confidence, and protecting employees and shareholders. Finally, it outlines several importance of business ethics such as corresponding to basic human needs, creating credibility with the public and employees, enabling better decision making, and protecting society.

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Vijay Chaursiya
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64 views

Business Ethics-POM

This document provides a summary of a presentation on business ethics given to POM(3151103). It defines business ethics as examining ethical principles and problems that can arise in a business environment. It notes several needs for business ethics, including stopping malpractices, improving customer confidence, and protecting employees and shareholders. Finally, it outlines several importance of business ethics such as corresponding to basic human needs, creating credibility with the public and employees, enabling better decision making, and protecting society.

Uploaded by

Vijay Chaursiya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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A PRESENTATION ON

BUSINESS ETHICS
FOR
POM(3151103)
PRESENTED BY: VIJAY CHAURSIYA(180140111016)
SHIVAM MISHRA (180140111045)
PHILIPS RAMCHIARY (180140111084)

GUIDED BY: Prof. Vaishali Prajapati


Table of Content

1. What is Business Ethics


2. Define Business Ethics
3. Need or Importance of Business Ethics
4. Importance of Business Ethics
What is Business Ethics?

 Ethics means the set of rules or principles that the organization should
follow. While in business ethics refers to a code of conduct that
businesses are expected to follow while doing business.
 Business ethics (also known as corporate ethics) is a form of applied
ethics or professional ethics, that examines ethical principles and moral
or ethical problems that can arise in a business environment. It applies
to all aspects of business conduct and is relevant to the conduct of
individuals and entire organizations. These ethics originate from
individuals, organizational statements or from the legal system.
Define Business Ethics

 Business ethics is the study of appropriate business policies and


practices regarding potentially controversial subjects including
corporate governance, insider trading, bribery, discrimination,
corporate social responsibility, and fiduciary responsibilities.
Define Business Ethics

 Morals refer to a person’s personal


philosophies about what is right or wrong.
 Business ethics comprises organizational
principles, values, and norms that may
originates from individuals organizational
statements, or from the legal system that
primarily guide individual and group
behavior in the world of business.
 Principles are specific and pervasive
boundaries that should be not violated.
 Values are enduring beliefs and ideals that
are socially enforced.
Needs or Importance of Business Ethics
1. Stop business malpractices
2. Improve customers' confidence
3. Survival of business
4. Safeguarding consumers' rights
5. Protecting employees and shareholders
6. Develops good relations
7. Creates good image
8. Smooth functioning
9. Consumer movement
10. Consumer satisfaction
11. Importance of labour
12. Healthy competition
Importance of Business Ethics

 Corresponds to Basic Human Needs: The basic need of every human


being is that they want to be a part of the organisation which they can
respect and be proud of, because they perceive it to be ethical.
Everybody likes to be associated with an organisation which the society
respects as a honest and socially responsible organisation. The HR
managers have to fulfill this basic need of the employees as well as their
own basic need that they want to direct an ethical organisation. The basic
needs of the employees as well as the managers compel the organizations
to be ethically oriented.
 Credibility in the Public: Ethical values of an organisation create credibility in
the public eye. People will like to buy the product of a company if they believe
that the company is honest and is offering value for money. The public issues of
such companies are bound to be a success. Because of this reason only the cola
companies are spending huge sums of money on the advertisements now-a-days
to convince the public that their products are safe and free from pesticides of
any kind.
 Credibility with the Employees: When employees are convinced of the ethical
values of the organisation they are working for, they hold the organisation in
high esteem. It creates common goals, values and language. The HR manager
will have credibility with the employees just because the organisation has
creditability in the eyes of the public. Perceived social uprightness and moral
values can win the employees more than any other incentive plans.
 Better Decision Making: Respect for ethics will force a management to take
various economic, social and ethical aspects into consideration while taking the
decisions. Decision making will be better if the decisions are in the interest of
the public, employees and company’s own long term good.
 Profitability: Being ethical does not mean not making any profits.
Every organisation has a responsibility towards itself also i.e., to earn
profits. Ethical companies are bound to be successful and more
profitable in the long run though in the short run they can lose money.
 Protection of Society: Ethics can protect the society in a better way
than even the legal system of the country. Where law fails, ethics
always succeed. The government cannot regulate all the activities that
are harmful to the society. A HR manager, who is ethically sound, can
reach out to agitated employees, more effectively than the police.

Thank you

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