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Values & Ethics

Values( set of preferences) are said to be the cause and
Ethics effect. If one operates in a given instance from a
Value emotion within the outward action will tend to be


Oxford Advanced Learners Dictionary defines the word ethics
as moral principle that govern or influence a persons behavior.
Ethics is thus a benchmark of human behavior. The conduct of
human beings is influenced either by the emotions of life or the
actions people perform in different situations. The coordination
of action and emotions generates ethics.
Ethical behavior is characterized by honesty, fairness and equity
in interpersonal, professional and academic relationships and in
research and scholarly activities. Ethical behavior respects the
dignity, diversity and rights of individuals and groups of people.
This definition is not a denial of the existence of other ethical
duties with respect to practice, professional service delivery, and
Nature of Ethics
Ethics refers to two things
1. Ethics relates to a set of well- based standards of right and
wrong that provide a framework of human behavior

Supports the pursuit of moral values and standards for the individual,
his/her relationship with others and society and for particular segments
of society such as professional organizations.

Expressed as rights, obligations, responsibility, fairness and justice
Codes of Professional conducts for professional organizations also
prescribe additional standards of behavior such a objectivity,
independence and due care
2. Ethics relates to the study and development of ones ethical
standards, leading to the choice of actions or decisions

Our ethical standards are continuously evolving and we are required to:
Continuously study our moral beliefs
Be aware of changes in our surroundings
Have the capacity to identify the right choice of actions and

Indian ethos is drawn from the Vedas, the Ramayana,
Mahabharat, the Bhagwadgita, and Upanishad's.
Right from the Vedic age it has been discovered two basic
universal truths of life.
1. The essential infinitude and divinity of all souls.
2. The essential oneness and solidarity of universe and all life.
Business need not be regarded evil, trained and unethical.
Business is scared. It is a matter of attitude, approach and level of
management consciousness.
Indian ethos demands subjective management system.
1. Management attitude.
2. Humanizing the organization.
3. Interior sing management
4. Self introspection
5. Brain stilling (decision making in silence)
6. Self dynamising meditation.

Indian Value System
Ancient Indian philosophers did not neglect the social, the
economic, and the emotional aspects of life. A careful study of
ancient Indian history would reveal that this country was
materially progressive and economically sound.
Speaking of prosperity of India in ancient times, Radhakrishnan
says, She knew how to chisel stone, draw pictures, burnish
gold and weave rich fabrics.

Teaching from scriptures and tradition
The Bhagavad-Gita follows the philosophy of Samadarsana (the
unitive view of the Ultimate Reality) and Visamavarttana
(differentiated behaviour in the empirical world) to the core.
Referring to this devotion to duty, it has been remarked in the
Bhagavad-Gita that one should prefer death, while performing
ones own Dharma to a change of professional duty.

Ethics in Organizations
Key Terms Used

Values',' Personal values', Value
statement', 'Ethical Framework of a
company etc.

Value Statement of ITC
ITC's Core Values are aimed at developing a

customer-focused, high-performance organization which creates
value for all its stakeholders:

As professional managers, we are conscious that ITC has been
given to us in "trust" by all our stakeholders. We will actualize
stakeholder value and interest on a long term sustainable basis.
Customer Focus
We are always customer focused and will deliver what the
customer needs in terms of value, quality and satisfaction.

Respect For People
We are result oriented, setting high performance standards for ourselves as
individuals and teams.
We will simultaneously respect and value people and uphold humanness and human
We acknowledge that every individual brings different perspectives and capabilities
to the team and that a strong team is founded on a variety of perspectives.

We want individuals to dream, value differences, create and experiment in pursuit of
opportunities and achieve leadership through teamwork.
We do what is right, do it well and win. We will strive for excellence in whatever we
We will constantly pursue newer and better processes, products, services and
management practices.
Nation Orientation
We are aware of our responsibility to generate economic value for the Nation. In
pursuit of our goals, we will make no compromise in complying with applicable laws
and regulations at all levels

TATA Steel:
The Tata Group has always sought to be a value-driven
organization. These values continue to direct the Group's
growth and businesses. The five core Tata values underpinning
the way we do business are:


SAIL (Steel Authority of India):
To be a respected world Class Corporation and the leader in
Indian steel business in quality, productivity, profitability
and customer satisfaction

Maruti Udyog:
We believe our core values drive us in every endeavor:

Customer obsession;
flexible and first mover;
innovation & creativity;
networking & partnership;
openness & learning.


Respect for individual

IBM anthem

Devotion to customers

Lifetime employment

Open door program.