businessethics

ETHICS & ITS IMPORTANCE ACROSS VARIOUS DISCIPLINES OF MANAGEMENT

ETHI

Ethics or moral philosophy is  a branch of philosophy that involves systemising, defending and recommending concept of right and wrong conduct. Ethics seeks to resolve questioning of human morality by  defining concept  such as good and evil,right and wrong, virtue and vice,justice and crime.

BUSINESS ETHICSBusiness ethics is the study of proper business policies and practices regarding potentially controversial issues such as corporate governance,insider trading ,bribery, descrimination,corporate social responsibility and fiduciary responsibilities.

RELATION BETWEEN ETHICS AND HR MANAGEMENT

Human resource management deals with manpower planning and development related activities in an organisation.Arguably it is that branch of where ethics really matter ,since it concerns human issues specially those of compensation,development,industrial relations and healthy and safety issues.

⇒ETHICAL ISSUES IN HR MANAGEMENT

 1. Employment Issues

 2. Cash and Incentive Plans

 3. Employees Discriminations

 4. Performance Appraisal

 5. Privacy

 6. Safety and Health 

 7.Restructuring and layoffs.

⇒UNETHICAL ISSUES IN HR MANAGEMENT

 1. Misusing company time

 2. Abusive behavior

 3. Employee theft

 4. Lying to employees

 5. violating company internet policy

RELATION BETWEEN ETHICS AND MARKETING

Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts.it seeks to promote honesty ,fairness ,and responsibility in all advertising.Ethics is a notoriously difficult subject because everyone has subjective judgement about what is "right" and what is "wrong".                                                                                       

⇒ETHICAL ISSUES IN MARKETING

1.  The common standard of truth will be observed in all forms of marketing communication.
2.  Personal ethics will guide the actions of marketing professionals.
3.  Advertising is set apart from entertainment and news and the line is clear.
4.  Marketers will be transparent about who is paid to endorse their products.
5.  Consumers will be treated fairly, depending on who the consumer is and what the product is.
6. Consumer privacy will be respected and upheld at all times.
7. Marketers will comply with standards and regulations set by professional organizations and the government
8. Ethics should be discussed in all marketing decisions in an open and honest way.

⇒UNETHICAL ISSUES IN MARKETING

•   Making false, exaggerated, or unverified claims. 
•   Distortion of facts to mislead or confuse potential buyers. 
•   Concealing dark sides or side effects of products or         services. 
•   Bad-mouthing rival products. 
•   Using women as sex symbols for advertising.

RELATION BETWEEN ETHICS AND FINANCE MANAGEMENT

Finance, concerning the allocation of capital for investors, institutions and business, should be considered as the vehicle to achieve goals through investments, which must be consistent and most importantly must be aware. Awareness means considering all the aspects and consequences of a choice, overcoming the mere economic trade-off between risk and return, towards the increasing of value in all its connotations.

⇒ETHICAL ISSUES IN FINANCE MANAGEMENT

1. Accuracy

2. Transparency

3. Timeliness

4. Integrity                                                                                 

⇒UNETHICAL ISSUES IN FINANCE MANAGEMENT  

1. Irresponsible financiers
2. Misleading borrowers of funds
3. Misinformation concerning loans
4. Illegal financing
5. Discriminatory financial conditions
6. Abuse of financial trust
7. Incompetent financial advisers
8. Professional misconduct of financial agents
9. Temptations of financial occupations.

"Ethics is knowing the difference between what you have a right to do and what is right to do".