Business Ethics Title: Business Ethics Subtitle: Lesson 7 Presented by: Fatima Contact Information: makaremalakhlaaq@gmail.com
Welcome & Review of Previous Lessons
Welcome back!
In our previous lessons, we covered ◦
business terminology ◦
professional emails and reports ◦
public speaking and presentations ◦
negotiation skills ◦
cross-cultural communication ◦
and networking and relationship building.
Today, we’ll focus on business ethics.
Objectives of Today's Lesson
Today's objectives are to:
1. Understand the importance of business ethics.
2. Learn about key ethical principles in business.
3. Discuss ethical dilemmas and decision-making.
Importance of Business Ethics
Business ethics refers to the moral principles and guidelines that govern behaviors and decisions in the business world. Ethics are important because:
• They build trust and credibility with stakeholders.
• They promote a positive organizational culture.
• They guide decision-making in complex situations.
What experiences do you have with ethical dilemmas in business?
Ethical Principles in Business
Let’s explore some key ethical principles in business:
Integrity:
Upholding honesty and fairness in all dealings.
Transparency:
Being open and clear in communication and actions.
Accountability:
Taking responsibility for actions and decisions.
Compliance:
Following laws and regulations.
Respect for Stakeholders:
Valuing the interests and rights of all stakeholders.
Do you have any questions about these ethical principles?
Ethical Decision-Making Framework
Making ethical decisions involves considering the following framework:
Identify the Ethical Issue:
Clearly define the problem or decision.
Gather Information:
Collect relevant facts and perspectives.
Consider Stakeholders:
Identify those affected by the decision.
Explore Alternatives:
Generate and evaluate possible solutions.
Make a Decision:
Choose the option that aligns with ethical principles.
Evaluate the Decision:
Reflect on the outcome and adjust if necessary.
Let’s practice applying this framework to a hypothetical ethical dilemma.
Can you think of an example?
Ethical Dilemmas in Business
Ethical dilemmas are situations where conflicting moral principles make it difficult to make a decision. Common ethical dilemmas in business include:
Conflict of Interest:
Balancing personal and professional interests.
Whistleblowing:
Reporting unethical behavior within the organization.
Corporate Social Responsibility:
Balancing profit with social and environmental impacts.
Fairness in Hiring and Promotion:
Ensuring equal opportunities for all employees.
Have you encountered any ethical dilemmas in your career?
Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR) refers to a company’s commitment to operating in an ethical and sustainable manner.
CSR initiatives may include:
• Environmental sustainability efforts.
• Philanthropic activities and community involvement.
• Ethical labor practices and employee welfare.
What are your thoughts on the role of CSR in business?
Case Study Analysis
Let’s analyze a case study together to apply our understanding of business ethics.
I’ll present a scenario involving an ethical dilemma, and we’ll discuss it using the ethical decision-making framework.
Are you ready to dive into the case study?
Present the case study scenario and guide the student through the analysis using the ethical decision-making framework. Encourage discussion and critical thinking.
Ethical Leadership
Ethical leadership is essential for fostering an ethical culture within an organization.
Ethical leaders:
• Lead by example and uphold ethical standards.
• Communicate openly about ethics and values.
• Encourage ethical behavior and decision-making among employees.
What qualities do you think make a good ethical leader?
Discuss the student’s thoughts and provide examples of ethical leadership.
Ethical Challenges in a Global Context
Ethical challenges can be amplified in a global business environment due to:
• Cultural differences in ethical norms.
• Legal and regulatory variations across countries.
• Supply chain complexities and ethical sourcing.
How do you think businesses can address these challenges?
Discuss the student’s perspectives and explore strategies for addressing global ethical challenges.
Review & Q&A
Let’s review what we’ve covered today.
We discussed the ◦
importance of business ethics ◦
key ethical principles ◦
ethical dilemmas ◦
and ethical decision-making.
Do you have any questions or need any clarifications?