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Ethics: An individuals personal beliefs about whether a behavior, action, or decision is right or wrong.
Managerial Ethics
Standards of behavior that guide individual managers in their work. Three Basic Areas of Concern: Managers need to approach the following from an ethical and moral perspective:
Relationships of the firm to the employees. (How an organization treats its employees) The employees to the firm. (How employees treat organization) The firm to other economic agents. (How employees & organization treat other economic agents)
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Important areas of managerial ethics & legal concern Hiring &Firing- Should be solely based upon persons ability to perform job. A manager, who discriminate against Muslim-non Muslim bases is unethical and illegal behavior. Hiring friends & relatives mite be legal but unethical Wages- Paying less than employee deserves Working conditions- Safe working environment Employee privacy- Leaking personal information, spreading rumors against employee, propaganda Employee respect-
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Most companies have policies that guard against violation of these ethical issues.
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Managerial Ethics
Actions of peer managers and top managers, as well as the organizations culture, all contribute to the ethical context of the organization. Organizational practice may strongly influence the ethical standards of employees. Top management establishes the organizations culture and defines what will and will not be acceptable behavior. Code of Ethics: a formal written statement of the values and ethical standards that guide a firms actions.
Social Responsibility
The set of obligations an organization has to protect and enhance the society in which it functions. Areas of social responsibility:
Stakeholders.
The
natural environment. Toward general social welfare. (see Figure next slide)
Organizational Stakeholders