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Ethics and Value Ethical principles are the rules of conduct that are derived from ethical values or moral values, viz. trustworthiness, fairness,justice,honesty,integrity, respect, responsibility, caring and citizenship. This ethical values enhance ones own judgement to take right and good decisions to benefit all sections of civil society.Ethics and Value If a person is accessible, straight forward in his dealings, humble and simple, good character and integrity then he will be loved ,respected, admired and emulated by others.

To become great one must be humble----Sri RamakrishnaEthics and Value Value is anything which has utility or worthIt helps differentiate good from badValues guide actions in ones personal or social life.\Values are related to culture ,society or a systemOur actions are guided by our valuesMoral value is something esteemed. When values are assigned to particular object it is easy to make a choice.

Ethics and Value Values are desires that have content and intensity.The content aspects of the value indicates the nature of achievement.The intensity attribute of value indicates the degree of its importance in a particular contextEthics and Value Types of valueInstrument valuesHow we should or should not behave?Provide the moral or ethical guidelines that help to determine how we conduct our lives, and how we perform our work.Some areHard work and achievementEducation and intellectual pursuitSelf sufficiency, independenceTruthfulness , honesty

Ethics and Value Assertiveness standing up for yourselfOpen mindedness Being well manneredTerminal valueReflects the bottom line of what we want to achieveHappiness satisfaction in lifePeace and harmony in the worldKnowledge and wisdomSecurity, freedom from threatEthics and Value Personal valueEgo centric value: The value is directed towards satisfying the egoSocio-centric value: The value aims at socialization and adaptation to societyExistentialist value: The value is conformity with the existing realityConformist view: This is an orientation to achieve a materialistic goal by controlling the physical resourcesEthics and Value Personal valueSupernatural value: It is a type of metaphysical value beyond the norms of the physical world to achieve the ultimate realityTribalistic value: It consists of submission of oneself to higher power and authorityDeontic value: It considers ones own duty as the supreme religionUtilitarian value: In this type the aim is to realise the net benefits over the costsConsequentiality value: In this case , an important value is assigned to those actions having good consequences

Ethics and Value Individual valuesPractical valueMoralistic valueCore valuesCultural valuesSocial valuesValues relating to social responsibilitiesValues relating to civic responsibilitiesOther classification of valuesJusticeUniversal loveTruth and non-violenceKindness and sacrificeCharacter buildingHonestyGod fearing attitude

Ethics and Value Any initiation of an action begins with an inventory of values. These get converted to intention for action which then get articulated as behaviour. All these behaviour result in consequences to oneself as well as to others. They either damage or enhance the values of the affected personValue Intention Behaviour Consequences

VALUE + KNOWLEDGE = ETHICSEthics and Value Differentiate ethics and valuesValues are deep-seated ideas and feelings. True reflections of ones values are his or her behaviour and actions. Values are basic belief that an individual thinks to be true. Every individual has a set of values through which he looks at all things around the world.Ethics are the guidelines or rules that are set primarily for a society , organisation etc. It is mainly based on moralities, rights, and obligations. For example, the obligation to refrain from crimes, killings, and rape is an ethical aspect. Ethics has also been built on loyalty, honesty, and compassion.

Ethics and Value Differentiate ethics and valuesValues are very much personal while ethics is very much societal. One can also see that values and ethics sometimes can be in conflict. Even if one has certain values, he will not be able to entertain certain decisions based on the ethical codes. Though all family planning activities are considered to be legal, some people do not approve it morally.With proper application of knowledge, values can be converted as ethics.True value of ethical behaviour is possible by combining ethics and values.

Importance of business ethicsBusiness ethics is the application of general ethical rules to business behaviour.For example if a societys ethical rules says that dishonesty is unethical then any one in business who is dishonest with customers, stockholders, competitors etc. is acting unethically.In most cases general publics expects business to exhibit high levels of ethical performance and social responsibilities. Employees should be encouraged to act ethically to prevent harm to society. Also business firms are to be protected from abuse by unethical competitors. For example bribery

Importance of business ethicsBusiness firms who treat their employees with dignity and integrity would get high productivity as the staff feel good about working in an ethical company and in turn do hard work.There are positive benefits to firms if the companies have good ethical practices. Similarly ethical problems may damage the firms. Ethical problems occur for the following reasonPersonal gainIndividual values differ with organisational goals Managers values and attitudesValues and attitudes of managers are the critical elements in a companys ethical performance.

Importance of business ethicsCompetitive pressuresCompetitor may engage unethical practises to wipe out the firm from the marketCross-cultural contradictions For example some companies who have built factories in nations whose pollution control laws are less stringent than a particular country regulations. They are charged with exporting pollution.

Importance of business ethicsBusiness ethics provides a broad frame work for giving guidanceEthical companies will be trusted by stakeholders and general publicEthics improves companies social imageIt strengthens organisational cultureIt creates solid foundation for all time to comeIt generates sense of empowerment Ethical companies are empirically found to have strong team workEthical companies may not have work related conflicts.Ethical companies can prevent marketing failures which are mainly due to misleading information, lack of transparency etc.

Factors affecting business ethicsSocial valuesPersonal code of behaviourCompanies policyEthical standards imposed on managersExternal environment (Govt.policy, economic, political, Legal etc.)Internal environment (Resources, Employees, Culture, demographic etc.)Personal factorsOrganisational factors

17Factors affecting business ethicsPersonal factors like Values possesses by individualPeople often base their decisions regarding ethical issues on their own values and principles of right or wrong

Education Nationality AgeGenderWomen are more ethical than men (research studies)

18Factors affecting business ethicsOrganisational factors like Corporate culture It is a set of values, norms, and artifacts that members (employees) of an organization share Significant others Those who have influence in a work group (e.g. managers, coworkers, subordinates) are referred to as significant othersObedience to authority It helps to explain why many employees simply follow the directives of a superior

19Factors affecting business ethicsEthical climate of the country likeUnhealthy competitionAbnormal profit motivePolitical interferencePolitical uncertaintyUnjust legislationcorruptionLack of ethical attitudeLack of educationLack of cooperation on workersRed tapism

20Sources of ethical knowledge for businessLegal systemCodes of conductCultural experienceGenetic inheritanceReligion and ReligiosityPhilosophical system

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