IM - Ethics

Notes

Ethics What does ethical management mean and how can it be applied in business?  Ethical management refers to the practice of making decisions and conducting business in a way that aligns with moral principles, societal values, and stakeholder interests. It balances profit motives with social responsibility, fairness, and transparency.  Moral Decision-Making: Addressing dilemmas (e.g., product safety vs. cost-cutting) by prioritizing long-term stakeholder welfare over short-term gains.  Ethical Frameworks: Using tools like Carroll’s CSR Pyramid (economic, legal, ethical, philanthropic duties) or moral philosophy to guide actions.  Culture & Policies: Implementing codes of conduct, ethics training, and whistleblower protections (e.g., 96% of Fortune 500 companies have ethics codes).  Leadership Example: Managers modeling integrity (e.g., rejecting conflicts of interest, ensuring compliance). What are the types of ethical issues and approaches to dealing with them? Ethical Issues: 1. Moral Dilemmas: Conflicts between right vs. right (e.g., layoffs to save the company vs. employee welfare). 2. Compliance Violations: Breaching laws/regulations (e.g., fraud, money laundering). 3...