ETHICS AND ITS IMPORTANCE ACROSS VARIOUS DEPARTMENTS OF MANAGEMENT

ETHICS AND ITS IMPORTANCE ACROSS VARIOUS DEPARTMENTS OF MANAGEMENT

ETHICS

 Ethics or moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct. ... Ethics seeks to resolve questions of human morality by defining concepts such as good and evil, right and wrong, virtue and vice, justice and crime.

DIFFERENCE BETWEEN ETHICS AND MORALS

Ethics and morals relate to “right” and “wrong” conduct. While they are sometimes used interchangeably, they are different: ethics refer to rules provided by an external source, e.g., codes of conduct in workplaces or principles in religions. Morals refer to an individual's own principles regarding right and wrong.

BUSINESS ETHICS

Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. 

RELATION BETWEEN ETHICS AND HUMAN RESOURCE MANAGEMENT

Human resource management deals with manpower planning and development related activities in an organization. Arguably it is that branch of management where ethics really matter, since it concerns human issues specially those of compensation, development, industrial relations and health and safety issues.

ETHICAL ISSUES IN HUMAN RESOURCE MANAGEMENT

Cash and Compensation Plans

Race, gender and Disability

Employment Issues

Privacy Issues

equalityhonesty.

UNETHICAL ISSUES IN HUMAN RESOURCE MANAGEMENT

Misusing company time

Abusive behavior

Employee theft

Lying to employees

Violating company internet policies.

RELATIONSHIP BETWEEN ETHICS AND MARKETING

Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. It seeks to promote honesty, fairness, and responsibility in all advertising. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is “right” and what is “wrong.”

ETHICAL ISSUES IN MARKETING 

• The common standard of truth will be observed in all forms of marketing communication.
•  Personal ethics will guide the actions of marketing professionals.
•  Advertising is set apart from entertainment and news and the line is clear.
•  Marketers will be transparent about who is paid to endorse their products.
•  Consumers will be treated fairly, depending on who the consumer is and what the product is.
• Consumer privacy will be respected and upheld at all times.
• Marketers will comply with standards and regulations set by professional organizations and the government
• Ethics should be discussed in all marketing decisions in an open and honest way.

UNETHICAL ISSUES IN MARKETING

•  Making false, exaggerated, or unverified claims. 
•  Distortion of facts to mislead or confuse potential buyers. 
•  Concealing dark sides or side effects of products or services. 
•  Bad-mouthing rival products. 
•  Using women as sex symbols for advertising.

RELATION BETWEEN ETHICS AND FINANCE MANAGEMENT

Finance, concerning the allocation of capital for investors, institutions and business, should be considered as the vehicle to achieve goals through investments, which must be consistent and most importantly must be aware. Awareness means considering all the aspects and consequences of a choice, overcoming the mere economic trade-off between risk and return, towards the increasing of value in all its connotations.

ETHICAL ISSUES IN FINANCE MANAGEMENT

•  Accuracy
•  Transparency
•  Timeliness
•  Integrity
•  Truthful disclosure.

UNETHICAL ISSUES IN FINANCE MANAGEMENT  


 Irresponsible financiers Misleading         borrowers of funds

 Misinformation concerning loans

 Illegal financing

 Discriminatory financial conditions

 Abuse of financial trust

 Incompetent financial advisers

 Professional misconduct of financial agents

 Temptations of financial occupations.

DOING THE RIGHT THING DOES'NT AUTOMATICALLY BRING SUCCESS. BUT COMPROMISING ETHICS ALWAYS LEADS TO FAILURE.