As espoused by Ferrell, et.al, (2013) the moral philosophy is what a person hold as their ethics and beliefs. However, when viewing ethics in the framework of business, ethics are based on what the group considers to be the best or worse approach for the business operation and its objectives. Therefore, it is the responsibility of a company or its managers to create, and instruct, employees on the conformity of ethical in business practices within their organizations. Managers also should understand that their personal moral philosophies can be influential as a guide to other employee. Moreover, it should be understood that moral philosophies offer standards for controlling how conflicts are settled in reference to people life’s concerns.
We then break leadership into smaller compartments, as we look at its theories and significance to the advantage of a successful business 2. The importance of ethics and values in business sustainability 2.1 ETHICS For a business to be effective and running, ethics and values are important factors. Both of these factors work in correlation with one another and they are central to any organization. We then define ethics as moral principles that govern a person’s behaviour. This can be identified on how stakeholders (consumers, customers and shareholders) behave in the organisational environment.
Retrieved from http://www.jstor.org/pss/258792 Mitchell, C., & Schaeffer, P., & Nelson, K. (2005). Rewarding ethical behavior. Workplan, 48(7), 36-39. Retrieved from http://www.tsphr.com/pdfs/rewarding_ethic_behavior.pdf Trevino, L., Brown, M., & Wall, S. (2004). Managing to be ethical: Debunking five business ethics myths and executive commentary.
But, how can leader’s ethical behavior be distinguished? What are these ethical behaviors that affect the followers? And, how do we know when a leader is an ethical leader? Clearly, ethical leadership is a critical organizational matter, which needs a robust definition, and a model that shows how it effects the organization and its elements. One of the significant aspects of ethical leadership is its emphasis on internalized moral perspective, moral person, moral manager, and idealized influence (Brown and Trevin ̃o, 2006; Walumbwa et al., 2008).
Morality and ethics guide people to the correct or best acceptable course of action. This is true of one’s personal dealings as well as self conduct in business. It is therefore important to understand what these concepts mean. Morality is the culturally based rules for right and wrong behavior, which has evolved over time. According to Joseph Migga Kizza (2011), “Morality is a set of rules of right conduct, a system used to modify and regulate behavior.
Elements of Ethical Character. Ethical dilemmas in the workplace significantly depend on the ethical character and moral development of managers and other employees (Jondle et al., 2014). Good ethical practices not only are possible, but also become normal with the right combination of these components (Jondle et al., 2014). Thus, the components discussed are as follows; managers values, spirituality in the workplace, and managers moral development. First, the following section explains the manager’s values in the workforce.
This will be done by outlining some of the basics through the explanation of some terms underpinning CSR and managerial involvement. An explanation of how CSR is an essential part of business language. This will then be followed by a breakdown of the complex framework that CSR is believed to have. The social expectations that consumers have of business, and ways those businesses can meet these expectations will be addressed. Then an outline of the role management plays in the incorporation of socially responsible attributes to a corporation will be expressed, evidence to suggest that ?if this means that there a social contract that requires business to honour a moral bare minimum, then a business manager is duty-bound to obey it?
The audit process itself assists organizations to achieve proper governance. This paper evaluates the auditors’ role in the governance process and explains how auditors ensure that an organization’s governance system is well controlled and auditable. This paper also describes the likely consequences of the improper implementation of good governance. IT Governance and Control An organizations’ Board of Directors (BOD) has the direct responsibility for ensuring good corporate governance. One definition of corporate governance is the method of control in businesses in their direction and control (Florea, R. (Radu) & Florea, R. (Ramona), 2013).
Question 1 Explain the importance of ethics and values in business sustainability In order to answer this question we need to understand what ethics and values, business ethics and business sustainability means. What are ethics and values? Ethics can be described as rules and regulations that govern a person’s behaviour. In order for a good business reputation, the employer and employees need to work towards customer satisfaction Values are our beliefs. They provide guidance when we have to define what is right and what is wrong.
Ethics Policies According o Golja and Paulisic (2010) ethics is define as a system of moral principles, the rule of conduct recognized in respects to a particular class of human actions or a particular group, culture and the moral principles of an individual. Camps and Majocchi (2010) defines ethics as rules of conduct, in other words ethics is treating others as you would want to be treated. According to the authors, the best principle for implementing and supporting ethical behavior in an organization is to first champion leadership to support and enforce ethics policies. Once leadership support is ascertained then an assessment should be done to determine what ethical policies are needed to meet the needs of the organization. After receiving the results from the assessment, managers should solicit employees for input and to volunteer with writing and reviewing policies.