Summary of Ethics and Ethical Conduct

Ethics and Ethical Conduct

Ethics: Moral choices individuals make.
Ethical systems include:
- Moral relativism: No universal moral truth, only personal beliefs.
- Situational ethics: Ethical decisions based on specific situations, not fixed laws.
- Religious traditions: Shared values across different religions (e.g., Judeo-Christian ethics).

Role of personal ethics:
- Understand base character and beliefs influencing decisions.
- Reflect behavior in relation to beliefs.
- Recognize the origins of personal beliefs.
- A strong ethical foundation contributes to business success and personal happiness.
Influences on behavior:
- Modern workplaces blur lines between personal and professional conduct.
- Employers can influence behavior outside the office, e.g., during telecommuting or on social media.
- Conflicts can arise when personal and company ethics differ.

Impact of company policies on CSR:
- Companies may have ethical codes or mission statements outlining their ethical commitments.
- CSR comprises: employment standards, ethical sourcing, marketing ethics, environmental concerns, community policies.
- A solid CSR plan benefits both the community and the corporation.
- Balance between social responsibility and profit is essential.
- Commitment to employee safety, community needs, and human rights is crucial for long-term success.

Legal compliance: Conduct within legal boundaries is crucial for ethical conduct.
Strategies for recovering from ethical lapses:
- Appoint leaders to model ethical behavior.
- Restructure operations to empower employees regarding ethical decisions.
- Redesign internal rewards to align with ethical standards.