ETHICS IN
BUSINESS
Morals :
Morals are values that we attribute to a system
of beliefs that help the individual define right
versus wrong, good versus bad.
Attitudes:
Attitudes can be defined as providing a state of
readiness or tendency to respond in a
particular way.
Types of Values
Values may be of two different types given by
Rokeach Value survey (RVS) :
1. Terminal Values : refers to desirable endstates of existence. These are the goals that
a person would like to achieve during his or
her lifetime.
2.Instrumental Values: refers to preferable
modes of behaviour, or means (tools) of
achieving ones terminal values.
Features of Values :
a) Values are the most central to the core of a person .
b) Values provide standards of morality.
c) Values guide people to take specific positions on societal
issues.
d) Values can be moral, immoral depending upon whether
they conform to, go against, or are indifferent towards
certain norms of normality.
e) Values are manifested in thoughts, speech and actions of
people.
Formation of Values :
The following types of factors influence the
formation of values of people :
1. Family factors
2. Social Factors
3. Cultural factors
4. Personal factors
5. Organisational factors
Fairness
Pursuit of excellence
values)
The individual must be respected
There should be an atmosphere of cooperation and trust
Jealousy is harmful for mental health
Mind purification or chittashudhiwhich implies purification of
emotions and feelings.
Work is worship.
Customer satisfaction
Creativity
Ethico-moral soundness
Renunciation and detachment from the fruits of action
The inspiration to give
others time.
Western value system emphasizes fulfilling of contractual
obligations.
Professional efficiency and work-discipline are the
conditions under which western managers perform.
They consider rules as sacred for them in their value system.
In the west, managers do not let personal relations interfere
with their professional dealings
Accountability is a very important attribute of western
managers.
Western managers give priority to principles over their
privileges and they consider this as the best strategy to win..
Fairness
Harmony and Cooperation
Struggle for betterment
Courtsey and humility
Adjustment and assimilations
Gratitude