For example, contracting out to factories in developing countries because labor and materials are cheaper could save tons of money for the company; however, the social impact for the company brand might not be worth it if workers are employed in sweatshops with very low wages and poor working environments.
Students are introduced to the concepts of social entrepreneurship and corporate social responsibility. As part of the annual planning process, the business owner assesses whether staff levels are adequate to complete all the tasks he will assign.
Customer Relations Strategy If a customer believes she was lied to, she may not do business with the company again and could go so far as to post a complaint about the company on Internet forums.
During the planning process, the business owner develops strategies to increase customer satisfaction, which leads to repeat business and customer loyalty. Ethical considerations include managers treating employees with respect and co-workers respecting each other.
In recent years the topic of business ethics has become increasingly important. Video of the Day Brought to you by Techwalla Brought to you by Techwalla Public Interest Companies can develop and operate in such a large arena that the amount of resources they control makes them more powerful than a small or resource-poor country.
Ethical choices can be difficult because strictly adhering to the highest ethical standards may mean a manager not achieving goals the business owner has set for him.
Strategies include stakeholder strategies and social, ethical and environmental Ethics strategic management. In this way, the decisions of the company that seem to benefit one part of the company and be in the public interest and economic interest for one country might hurt the interests of another country.
Environmental Impact Companies also take actions that negatively affect the natural environment, such as pollution and natural resource exploitation, in one or more operational locations.
His long-term plan or vision for the company includes a statement of the good he hopes to accomplish through the company.
Regrettably the moral tone of an organization is often set by top management. The ethical consideration involves recognizing that the company and its employees are members of the community and have a responsibility to be positive contributors to the well-being of the community and to protect the environment.
All of the prominent issues in the field of business ethics are discussed and positions clarified. Self-Gain One of the biggest problems a company could face in terms of corruption occurs when a manager or another powerful person uses a position of power to make deals that benefit himself while not benefiting the company or its stakeholders, including shareholders and workers.
The code of conduct becomes the set of policies that the owner expects everyone in the company to follow.
Code of Conduct A business owner creates a code of conduct to provide specific direction about how his employees should act in situations they encounter on the job.
Module Objectives The objectives of this elective are: Ethical issues in strategically managed organizations surface when managers make decisions to advance goals that have negative consequences.
Social Impact A business strategy may call for finding the most cost-effective ways to produce goods for the company.
Cite this Article A tool to create a citation to reference this article Cite this Article. A company must consider the ethics of services it pays for inside and outside of the country to demonstrate its social responsibility.
This system might include standards shared by companies in the same industrial or commercial sector, including compliance with laws and regulations, studying health and safety effects of business practices and products, and working with the public and government agencies in an open way to comply with acceptable standards.
Ethics shape the decisions and actions of each individual in a small business, from the owner on down. Many of the most memorable press releases have involved conflict of interest, whistle blowing, fraud, discrimination, unjust dismissal and unethical business practice.
As a result there have been numerous scandals in North America, Europe and around the world. A firm can make better decisions and protect the environment using standards of an environmental management system. The course provides positions and approaches that can assist decision makers develop policies that respond to the changing social and ethical perspective for doing business.
Her favorite audiences to write for are small-business owners and job searchers. A company must define a code of ethics to hold all of its employees accountable for their decisions, including prohibiting them from using their business relationships, knowledge, equipment and other resources belonging to the company for personal financial gain.This book is suitable for academicians, professional students, tutors and practitioners of strategic management, governance and business ethics who are aspiring to become board members, chief executive officers, chartered certified directors, company.
The role of ethics and social responsibility can be further enhanced during the strategic planning by instituting a code of ethics in the organization.
It helps to establish a business behavior that recognizes sincerity, candor, honesty and transparency to promote the organization’s credibility and influence.
Ethics Paper MGT/ Ethics Paper Companies have ethical and social responsibilities to society that extend beyond making a profit. Strategic decisions often affect more than just the corporation.
Strategic management focuses on how an organization uses a strategic planning process to make decisions. All managerial actions must theoretically match an organization's central goals and department-level operational goals.
While ethics should be part of the company's mission statement, long-term strategic plan, public pronouncements, and codes of conduct, unless it is also a "cornerstone of the organizational culture," it will not be effectively integrated into the business strategy, he said.
Ethics in Strategic Management Nguyen 2 Ethics in Strategic Management When most tend to think of ethics, it is thought of in the sense that it stands on its own. Let 97%(34).Download