business ethics

Ethics - Set of  moral principles or values

-Right or Wrong

- How people should behave

Code of Ethics - Formal document that states an org’s primary values and ethical rules it expects the employees to follow

Ethical Relativism - Choices based on what seems reasonable or logical (personal value system)

Values - Goals, ideas, beliefs or opinions people care about, personally

Virtues - traits or qualities considered morally good (behavior)

• Result of achieving values; observed and experienced

1. Soft Virtues:

1. Humility - free from egotism and arrogance

2. Faith - honest, fair, and trustworthy dealings in contractual business relationships and agreements

3. Honesty - being truthful and transparent in all aspects of your business

2. Hard Virtues:

1. Discipline - Does all the good one can do

2. Perseverance - Keep asking, seeking, knocking

3. Courage - Endure danger and difficulty

Human Dignity - Sacredness or value of each person as an end

Moral Principles - model principles and beliefs

Professional Ethics - Set of moral principles self-imposed by professionals even above requirements of the law

Business Ethics - examines ethical principles and moral/ethical problems in a business environment

1. Diversity & Inclusion

2. Anti-corruption Measures

3. Social Responsibility

4. Transparent Accounting

5. Fair Labor Practices

6. Environmental Responsibility

Types of Business Ethics:

1. Trustworthiness - being honest, reliable and keeping promises

2. Solidarity - Supportive workplace, teamwork

3. Fairness - treating people without favoritism 

4. Equality - Same rights, opportunities, and treatment

5. Caring -showing concern, compassion, and responsibility for others

6. Dialogue - being open and respectful with communication that fosters understanding and cooperation

7. Loyalty - Faithful, committed, and dedicated

8. Honesty - truthful, transparent, and sincere

9. Integrity - doing what’s right even when no one is watching

10. Promise-Keeping - staying true to your word

11. Concern for Others - caring about the well-being of others

12. Respect for Others - treating people with dignity and respect

13. Law Abiding - following the rules and regulations

14. Community and Environmental Responsibility - making a positive impact on society; charity, jobs, educ, welfare

15. Personal Responsibility - being accountable for own actions

16. Representative or Official Responsibilities - obligations they hold when representing an org, grp or gov body

17. Personal Loyalties - deep sense of commitment, support, and allegiance towards a specific entity.

18. Corporate Responsibilities - obligations towards stakeholders

19. Organizational Loyalties - sense of support for the org’s mission, values, and successes

20. Economic Responsibilities - production of goods and services that society wants at a price that perpetuates the business and satisfies its obligations to customers

21. Technical Morality - Proper use of technology

22. Legal Responsibilities - Obedience to Laws

Ethical Responsibilities - Meeting other expectations not defined by law

Accountability - Expectation that employees would perform a job, take corrective action, and report upward on their performance

Social Responsibility - Distinguishing right from wrong and doing right

Corporate Social Responsibility - Long term businesses are best served when its profitability and growth are accomplished with the development of communities, protection, and sustainability of the environment with the improvement of people’s quality of life

Business - Org or economic system where goods and services are exchanged

Business Organizations - group of people that work together to achieve a common goal

Legal Forms of Business Organizations:

1. Sole Proprietorship - Run by at least 1 person in his/her name

2. Partnership - 2 or more people who contribute money, property or industry to a common fund; divide profits among themselves

3. Cooperative - Autonomous and registered voluntary association of people with common interest to attain a certain end

4. Corporation - Artificial Being created by operation of Law; Right of succession in powers, attributes, and properties

Psyche - Totality of mind; soul, body, and spirit

Filipino Society - melting point of various cultures and people (colonization)

Austronesian - Group of languages and people who originated in taiwan, and spread throughout indo pacific.

• Settled in the Ph 4,000 years ago

Javanese - native to central and eastern part of indonesian island, java

Religion - System of beliefs, practices, and values; from supernatural or divine entities

Exogenous - Foreign model; Filipino psyche

Indigenous - Traditional model

Filipino Values:

Loob/kalooban - One’s inner self/real self(person’s identity)

• Psycho-moral reality of Filipinos(personality, morals, character, behavior, etc.)

Kapwa - Togetherness of a community

Utang na Loob - obligation to return a favor(death of gratitude)

Kasamaang Loob -the one who pays the debt may suffer, and pass it down to their offsprings 

Guanxi - Returning a favor ONLY

Hiya - shame/shy/embarrassed; damaged dignity

Mukha - Self worth; reputation or image

Bahala na or Que Sera Sera - fatalistic attitude

• Causes lack of urgency and responsibility

• Openness to opportunities(taking risk)

Suki - comes from chu-kheh

• Guest of honor

Manana Habit - Habit of postponing activities to the next day (procrastination)

Amor Proprio - Influences how we interact with others and view ourselves (Pride)

• Self-respect/worth, setting boundaries

Padrino System - Patronage; A person gains favor through recommendation (nepotism or cronyism)

Pakikisama - Having an interpersonal Relationship where people are friendly with each other

Palabra de Honor - Unwritten promise; upholding promises without legal documents

Bayanihan - Unity, trust and support. Stronger bonds and relationships with the community