Define Ethics:
Business ethics is the study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities.
Define Morals:
Morals refer to an individual's own principles regarding right and wrong.
- Stealing is wrong.
- Lying to get a date is OK.
Define Values:
Values describes individual or personal standards of what is valuable or important.
- Money is important.
- Family is important
Law vs. Moral Values | Human Events
A civilized society's first line of defense is not the law, police and courts but customs, traditions and moral values. Behavioral norms, mostly transmitted by example, word of mouth and religious teachings, represent a body of wisdom distilled over the ages through experience and trial and error.
Example Fox News:
Former Christian right-winger slams conservatives for enabling 'Fox News' corporate rape-culture'
"I see little to no admission of moral error from O'Reilly nor from Fox News," he writes. "O'Reilly blamed others, and his victimization. He used to mock liberals as the 'whiny left' when it came to blaming society for crimes by-say-black youths. O'Reilly said his 'departure' was not his fault but the cost of being a media personality."
What racial discrimination lawsuit against Fox News say about company culture
Fox News faces growing legal troubles just a week after firing star anchor Bill O'Reilly. Eleven current and former employees filed a class-action lawsuit claiming they subjected minorities in the company to "abhorrent, intolerable, unlawful and hostile racial discrimination." This suit expands on a discrimination suit filed last month.
Wednesday April 24, 2017
Corporate Social Responsibility (CSR)
Social responsibility is an ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. Social responsibility is a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems.
- Ethical Strategy
- Support Community Efforts
- Protect the Environment
Ethics, morals and values are essential tools that every operating business should acknowledge and have. Because a lot of businesses lack in these areas, they tend to loose customers: decrease in sales and profits. Reputation is an important asset and difficult to rebuilt when lost, which is why it is vital to maintain good ethics, morals and values.
ReplyDeleteI agree. I think that today's society cares a little bit more about a company's ethics, morals, values, etc. and if the company has a bad reputation that truly affects profits. For example, Walmart seems to be mentioned often when the topic of social responsibility comes up. Because of this, we see a lot of people refusing to shop at the discount retailer.
Delete-Taylor Farmon
I think this was one of my favorite class topics. Values and ethics have always been slightly intriguing to me, and having them explained and applied to real world situations made them all that much more better.
ReplyDelete-Astiee Carver
I feel the same as Astiee Carver. The explanation of morals, values, and ethics helped me understand the meaning and use of morals in everyday life.
ReplyDeleteI agree because sometimes people confuse the three, so I appreciate that we were provided a better understanding that we could relate to.
DeleteThis was a great topic for us to discuss as we are preparing to enter into the real world. Everyone wants to make a lot of money, however not everyone believes in making their money the "right" way. Unfortunately, many of these companies that have unethical practices simply throw money at their problems and keep it moving without making any real changes to better their company.
ReplyDeleteRecently many companies have been under fire due to conflicts with the companies morals and values. I also believe its hard to properly assign values because it is up to the individual perception.
ReplyDeleteDefinitely commending those who brought the lawsuit against Fox. That take a lot of courage. As far as this topic, I think this was great! Ethics and morals are what drive people and companies so it's definitely important we understand and do our part to make our environments safe and comfortable for everyone involved.
ReplyDeleteI agree, to bring about action in a corporate situation can be tough. Ethics and morals are what drives people and companies and if the proper moral code or ethical conduct is used you have issues such as these. No one is in this world some so yes there should be code of conduct for how business treat customers or employees. Everyone deserves the right to a safe work environment no matter the gender or race.
Delete