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Moral Philosophy and Business

• Unit-I

• Introduction
➢ Business Ethics – It is called inLatin Word
as ”ethicus” while in Greek it is called
Ethikos. It has come up from the word
”ethos” meaning Character or Manners.
Thus it can be called as science of Morals
or recognized rules of Conduct
The character of a person is expressed in
terms of his conduct. The conduct is a series
of actions which when taken together are
either termed as”Good” Bad or right or
Wrong, Moral or Immoral as well as Amoral
Ethics is also called as the Science of
character of a person expressed as right or
wrong conduct or action
• Nature of Ethics
➢ The concept of Ethics deals with human
beings only as he has been endowed with
freedom of choice and the means of free
will.
➢ Study of ethics has become a systematic
knowledge about moral behavior and
conduct.Thus its study is a field of moral
science
➢ It is a normative science. Which judges the
value of the facts in terms of an ideal.
Ethics is concerned with judgment of value
or what ought to be.
➢ It deals with human conduct which is
voluntary and not forced or coerced by
persons or concerned
➢ Ethics is defined as the discipline dealing
with what is good and bad and with moral
duty and obligation, it is also called moral
philosophy the discipline concerned with
what is morally good and bad, right and
wrong. (www.Brittanica.com, Peter Singer)
➢ Ethics is never a business issue, a social
issue, or a political issue. It is always a
personal issue

• Business Ethics
• Business Ethics is nothing but the
Application of Ethics in Business. Business
ethics proves that businesses have to be
ethical but still make profit.
• Previously Business ethics was thought of
as being a contradiction of terms
• Nowadays the core focus area is on ethical
implications of Business
What are Business organizations?
• These are formal structures for Human
beings to carry out their business
• Managerial Dilemmas: The choice
between the Commercial Concern and the
Welfare Concern

for example: Technology Utilization in


Business concerns
• Trade –off between the two for Business
concerns to survive in the age of Cut-
throat Competition

• Factors promoting the Business


Ethics:
1.Work Is Valuable
2.Act in Good Faith
3.Foster a Healthy Marketplace
4.Treat Workers with Dignity
5.Foster Constructive Worker Careers
6.Provide a Safe and Healthy Workplace
Environment
7.Protect the Physical Environment
8. Cooperate with Host Communities
9.Helping the Disadvantaged
10.Obey Applicable Laws
11.Recognize Reciprocal Responsibilities
• Social Responsibility
• Social Responsiveness
• Social Obligation
• Ethics in Business
1.) Person Directed:
Person-centered customer-driven
supports and services, which are driven
by consumer choices and focus on
inclusion in the community.

2.)Commitment to Quality:
Systematized implementation of quality
improvement initiatives in every area of
service provided to improve services,
add value, enhance efficiency and
contain cost.
3.) Loyalty and Trust:
Building credible and trustworthy
working relationships with all internal
and external customers/persons in the
community network working for
outcomes that are measurable,
meaningful, and respectable.

4.) Compassionate Participation:


Participating in the collaborative and
network of internal and external
customer supports with compassion and
sensitivity for fears or concerns needing
clarification or resolve.

5.) Communication:Working to improve


deficiencies in the communication
process, through listening, surveying,
responding and exchanging information
and ideas for improvement.

6.) Encourage Change


Progressive approach toward learning
and training acclamation that is focused
on the changing environment and
necessary adaptability of managed
behavior health care
collaborations/networks.
7.) Empowerment:
Empowering all persons including
customers, employees, administrative
personnel and external customers to be
flexible and able to make decisions
based on a flow of sufficient information
and access to a seamless system of
supports and services.
• Various Ethical Issues in Business Decision
Making
Many Managerial decisions have Ethical
Implications These are such as:
a.) Ruining Occupations of Age-old Inhabitants
in a particular Locality and their ethical way of
life ,by the use of advanced Technology
b.) During Mergers & Acquisitions between
Companies,The duplication of Job Positions
lead to ethical Dilemma
c.) Balance between the attainment of
Economic and Social Objectives
d.) Glass Ceiling Effect
• Business Ethics and Profit
• The general impression of people is that
Ethics and Profit are opposed to one
another
• The need of the hour for the companies is
to survive the Competition and Turbulent
changes and to Contribute meaningfully
to social welfare while continue to flourish
• “Profit” was previously considered a dirty
word It waas because of the distorted view
of the business as perceived by the
society.
• But lately due to wide spread Business
and Management Education, the scenario
has changed
• Now Profiteering is a bad word.
• Every company has to justify its existence
as companies turning to” Profit Making
Centres”
➢ A loss making company is a liability and
burden to the society as it cannot
discharge its Social responsibility
➢ It cannot meet its welfare commitment to
its employees
➢ It cannot even compensate its workforce
for their efforts
➢ It also cannot generate revenue for its
share holders
➢ Cannot meet consumer demands
adequately
Profit is nowadays considered a measure of
the success of the company and its
justification for sustained existence,growth
and Diversification
• Nowadays it is Unethical Not to make
Profits or to Make Losses
• It misutilises scarce Natural resources
• It cannot payback Creditors
• It cannot make wealth for its Shareholders
• Make Huge Liabilities
• They upset the Economy
• Promote Inefficiency
• It cannot discharge its Social
Responsibility,welfare Commitments and
jeopardise the future of its Employees