Studied by 6 peopleEthics
are rules that help people know the difference between right and wrong.
Ethics
Ethics are what guide us to make good decisions.
Ethics
Vary based on the person, situation, or culture
Ethical behavior
acting in accordance with our values and societal beliefs about what is right and good.
Business Ethics
are based on Society’s ethics and Individual beliefs The people that work for the company Those who purchase products or request services from the business (customers).
A code of ethics
is a document that explains specifically how employees, customers, and management personnel should respond when problems arise.
Dilemma
when a difficult decision must be made between two or more options
Ethical dilemma
a moral problem with a choice between potential right or wrong
Whistle Blowing
When an employee informs officials or the public about an illegal or ethical violation
Fraud
is an umbrella term for deceptive behavior
Fraud
False claims
Fraud
Price discrimination
“bait and switch” selling
promoting a good deal, to have it unavailable when customers come in, and then try and sell them a similar item at a higher price (MOUSE TRAP)
Accounting scandal
when accountants and senior executives alter financial records for the benefit of the company
Forensic accountants
accountants that will investigate legal and financial documents to find evidence of tampering (ACCOUNTING POLICE)
Auditors
accountants that investigate the validity of the financial statements of public and private enterprise.
Embezzlement
creation of false accounts or cheques, to redirect money for personal gain
Insider Trading
making a decision to buy or sell an investment based on confidential information.
Insider Trading
Getting an insider’s tip is illegal when trading, because it is unfair to all other investors.
Corporate Social Responsibility (CSR)
when a business provides goods and services in line with society’s beliefs.
Socially responsible business
Treat customers, employees, and shareholders fairly Help the communities in which they operate in by supporting local organizations, community projects, and policies and programs to better the workplace.
CSR Principles
Provide a safe and healthy work environment
CSR Principles
Adopting fair labour prices
CSR Principles
Protecting the environment
CSR Principles
Being truthful in advertising
CSR Principles
Avoiding price discrimination
CSR Principles
Donating to charity
Transparency - Duty to report
corporations and their employees have a duty to report, by disclosing all important information to stakeholders
Law's that govern corporate ethics
Workplace Safety
Law's that govern corporate ethics
Antidiscrimination
Law's that govern corporate ethics
Harassment
Law's that govern corporate ethics
Accessibility
Law's that govern corporate ethics
Environmental Responsibility
Law's that govern corporate ethics
Labour Practices
Discrimination
denying a qualified individual an opportunity for employment based on their religion, gender, sexual orientation, or exceptionality. Discrimination is the opposite of ethical behavior.
Gender Discrimination
is treating an employee differently based on their sex All individuals have the right to work in an environment where they are not treated differently for their race, religion, gender, or exceptionality. Every qualified individual deserves equal opportunity.
Glass ceiling
invisible barrier that affects the career path of senior leaders in corporate positions.
Harassment
behavior that makes others feel uncomfortable. It can include verbal threats, insults, bullying, stalking). Workplaces have an obligation to ensure the safety of their workers. Employers have procedures and policies for dealing with harassment complaints.
Duty to accommodate
an employer’s obligation to ensure accessibility for all employees.
Areas of environmental concerns
include: land, air, and water
Canadian Environmental Protection Act (CEPA)
Sustainable development through pollution prevention Protecting the environment and people, from risks associated with toxic substances Citizens can sue businesses that significantly violate the policies presented by CEPA Increased protection for whistle-blowers Create a public registry, where businesses’ environmental impact can be seen
Three leged stool
Businesses have the challenge of satisfying the following areas simultaneously:
Environmental Responsibility Social Responsibility Profitability
The Employment Standards Act
addresses the minimum employment conditions including hours of work, overtime, minimum wage, benefits, vacation pay, termination, severance, maternity leave, stress leave, parental leave.
Pay Equity
Although pay equity legislation has changed considerably since its establishment in 1978, it still does not always deliver equal pay for work of equal value. The legislation prohibits employers from paying employees of one gender differently than from the other when the same or substantially the same work is done
The Personal Information Protection and Electronic Documents Act (01/01/2004)
all provincially regulated businesses must disclose to customers and employees what information is needed and why. The terms must be accepted before access is gained.
Fair trade
is the voluntary practice of helping producers in developing countries bypass expensive middlemen so they can sell their goods in other countries for a fair profit.
Fair-trade initiative
began as a grassroots movement, which is a local action or response by a group of people to a problem.
Fair-trade products in Canada
are marked with the TransFair Canada symbol
Ethical trading
means using trade to ensure that the basic labour rights of employees in developing countries are met.
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Flashcard