Business ethics is a system of codes of principles and rules that govern decisions and actions in a company or workplaces. It is the values and standards to conduct the distinguish between moral and immoral business activities, or determine acceptable conduct in business. Salbu (2001) mentioned that Business ethics is central to our endeavor whether we acknowledge it or not, because we all deal with it. And the ethics could also be used to evaluate laws. The general business ethics including ethics of human resource management, ethics of sales and marketing, ethics of production, and ethics of intellectual property, knowledge and
Stakeholder analysis (also called stakeholder mapping) is a method of determining the levels of interest and influence an individual, group, or organization have in an information system development as defined in Bourne, (2010). Stakeholder analysis is a method that prompt project team members understand different stakeholders interests in a project and increase the chances of producing a successful product. It helps in deciding which stakeholders might have the most influence over the success or failure of project, the most influential supporters or principled opponents. De Baar (2006) elaborated it more as a technique to identify and analyze the information on stakeholders surrounding a project, their relationships, interests, and expectations
It is no surprise then, that over the last few decades a lot of literature has been written about stakeholders in higher education. Various researchers have attempted to establish a list of stakeholders in higher education, as can be seen in the table below: The two most cited theories, however, are Joanne Burrows’ multiple lens approach and Ronald K. Mitchell, Bradley R. Agle, and Donna J. Wood’s stakeholder identification and salience theory. (Mainardes, Alves, & Raposo, 2010, pp. 76-88), (Jongbloed, Enders, & Salerno, 2008, pp. 303-324), (Avci, Ring, & Mitchelli, 2015, pp.
The Stakeholder Salience Theory, created by Mitchell, Agle and Wood, are based upon the combination of the three relationship attributes to generate general types of stakeholders. These attributes include: Power; Legitimacy; Urgency. “Stakeholder salience” is defined as the degree to which managers give priority to competing stakeholder claims. Therefore if a stakeholder consist of all three attributes, he/she/it will be of most importance and will have more rights and privileges than a stakeholder that consists of only one of the three attributes. As seen in the picture on the right, you can differentiate between the different types of stakeholders, according to where they get placed given the attributes they consist of.
A code of ethics is a collection of principles and practices that a business believes in and aims to live by. A code of business ethics usually doesn't stand alone, it works in conjunction with a company's mission statement and more specific policies about conduct to give employees, partners, vendors, and outsiders an idea of what the company stands for and how it's members should conduct themselves. In writing organisational ethical code, the following has to be considered: Professional Accountability Interpreters accept responsibility for all professional decisions made and actions taken. (a) Confidentiality • Employees of the organisation will respect the privacy of consumers and hold in confidence all information obtained in the course
Business ethics is the ability to make a correct decision on the dos and the don’ts on the respect of the business point of view. Business ethics is also known as the moral principle of business. Origination of the word ethics is “ethos” which is a Greek word whose meaning is “character”. The higher officials of a company must have personal ethics to run the run the company with high moral values. An ethical business is always abided by the laws, it always follows the rules and the regulation prescribed.
Business Ethics Business ethics (also known as corporate ethics) relate to convention, standards and moral principles regarding what is right or wrong in specific situation. It comprises the principles, value and standards that guide behavior in the world of business. The American Heritage Dictionary defined the ethics as “The study of the general nature of morals and of specific moral choice;
2. Benefits of Business Code of ethics The main concepts of a company code of ethics are Integrity, Honesty, Justice, Competence, Utility, Conflict of Interest among others. Code of ethics are beneficial for an organisation as it creates a positive work environment which makes employees highly motivated and also increase the potential competitive advantage of the organisation which results in happy customers and stakeholders. Some of the main benefits concepts are detailed below. 2.1 Respect and
POOR BUSINESS ETHICS First of all according to Ferrell (2012) business ethics are the principles and the standards that determine acceptable conduct in business organisations. Similarly Pride, Hughes, Kapoor (2012) define business ethics as “the application of moral standards to business situations.” When a business has good business ethics, it has a good reputation because it considers its moral obligation to the world. In turn this helps it gain wide business opportunities. Benefits of having business ethics (Ferrell 2012); • Businesses that obey business ethics are known to make more profits, this is because they are respected and trusted so most customers approach them for goods or services. • When businesses make ethical decisions,
Stakeholder theory is based on the notion that beyond share¬holders there are several agents with an interest in the actions and decisions of companies. Stakeholders are groups and indi-viduals who benefit from or are harmed by, and whose rights are violated or respected by, corporate actions. Stakeholders include shareholders, credi¬tors, employees, customers, suppliers, and the communities at large. Besides that, companies have a social responsibility which requires them to consider the interests of all parties affected by their actions. In the decision making process, management should not only consider shareholders but also anyone who is affected by their business decisions.