Thus, successful executives must be concerned with both their character and their reputation. Abraham Lincoln described character as the tree and reputation as the shadow. Your character is what you really are; your reputation is what people think of you. Thus, your reputation is purely a function of perceptions (i.e., do people think your intentions and actions are honorable and ethical) while your character is determined and defined by your actions (i.e., whether your actions are honorable and ethical). Studies on business ethics have examined meaningful work as a moral issue concerning the management of others and ourselves, exploring whether there are definable characteristics of meaningful work to which we have moral rights, and whether there are moral duties to ourselves and others to fulfill those rights.
Credibility is your reputation for being trustworthy- trustworthy is performing your work with excellence; to care about those you work with and for; to live high ethical, corporate and personal values; and to deliver on your promises. Competence relates to your proven set of skills and knowledge to accomplish business tasks. Others will judge you by your track record of success. Caring shows that you will act in the interests to to others, cultivate a sense of community and demonstrate accountability to others. Character shows that you will advance to high personal, corporate, and business values.
It focuses on the difference between right and wrong, good and bad. Some principles that all employees of Add Hope should apply: • Be trustworthy: customers want to do business with a trustworthy organization. If the organization can prove that it is worthy of the customer’s trust, in return the customer will give the organization their loyalty. • Meet Obligations: honour al commitments and obligations. E.g.
Utilitarianism is a teleological ethical theory based on the idea that an action is moral if it causes the greatest amount of happiness for the greatest number of people. The theory is concerned with predicted consequences or outcomes of a situation rather than focusing on what is done to get to the outcome. There are many forms of utilitarianism, having been introduced by Jeremy Bentham (act utilitarianism), and later being updated by scholars such as J.S. Mill (rule utilitarianism) and Peter Singer (preference utilitarianism). When referring to issues of business ethics, utilitarianism can allow companies to decide what to do in a given situation based on a simple calculation.
Shareholders: When operating ethically shareholders would like to maximise their return on investment. They would likewise need to guarantee that supervisors are behaving ethically and not risking investors’ capital by engaging in actions that could hurt the company’s reputation. Shareholder’s may not be happier as the return on investments would be lower when a business attends to operate ethically but it is possible to persuade them by clarifying the long haul results of the business. Customers: They are the most critical stakeholder for a business. Customers would need new better quality items at sensible prices.
Ethics and morality establish how individuals act and treat each other and, through accounting practices and principles, an ‘‘ethical system facilitates trust among its adherents and creates the necessary foundation for a cooperative endeavor” (Satava, Caldwell, & Richards, 2006, p. 281). Ethical decision-making is important for today’s business leaders. As defined by Hicks and Hicks (2014), ethics is “what is morally right and wrong” (p. 111). Individuals must therefore make decisions by choosing among alternatives that coincide with their individual ethical principles and moral
Character is a representation of your good moral standing and reputation with those that work with you. Adhering to elevated personal, corporate, and business values establishes integrity (Cardon, 2013). Rectitude within a working environment, especially given today's climate, is one of the surest ways of instilling trust. Which means, honorable and honest interactions and transactions continually strengthens an aspect of
Knowing, and understanding as a manager and influencing employees to follow standards that when something is misunderstood or unknown, owning up to its behavior on the situation can be corrected and guided to what is expected from the leader or manager and down to the employees. Having an understanding to ethical consideration and accountability will improve customer satisfaction, employee performance, and the continuum for accountability ("Ethical Leadership: Fostering An Ethical Environment And Culture",
I make my decisions based upon a standard of honesty, fairness, and transparency. Treating customers, suppliers and employees with honesty and integrity is not only the ethical thing to do, but very sound business. As a consumer, I expect those I do business with to conduct themselves ethically, regardless of whether those standards are readily evident. I will be much more inclined to support a business who openly addresses their issues and is forthcoming with problems (i.e. Chipotle) than a business who attempts to circumvent fair regulations through deception (i.e.
A disease of being clear of skin color problems, failures in addition to significant disparities is actually Quality. In accordance with Knowles (2011), there are many principal contributing factors that identified the phrase quality into their point of view running a business terminology. The meaning regarding quality in relation to enterprise is established eventually. Listed below are the different interpretations regarding various contributing factors? Deming defines good quality as ‘quality ought to be aimed at the actual wishes in the buyer, present in addition to potential.
Transparency can be defined as about being open, honest, and responsible in the way someone carries on their business. This mean sharing, to whatever extent possible, fact about the company on how it is set up, how it operates, what is salaries and bonuses are based on and how its workers are expected to treat customers and each other. Transparency important for the long-term health of a company because it is to avoid damage reputation of the business, attract and retain good employees, boost employee morale, trust and loyalty and for longer term business performance and sustainability. Transparency can be included trustworthiness of a company and company relations. It is important for a company to take into consideration and be responsible to the needs of all organization’s employees and other economic agents because it can give serious impact for the future of an organization.