Ethics in Business: Importance and Consequences
Explore the concept of ethics in business, its significance, and how it helps differentiate between right and wrong decisions. Learn about fundamental questions to solve ethical dilemmas and common unethical behaviors in business. Discover types of fraud such as forgery and embezzlement, as well as how tampering with records and concealing information can impact businesses. Find out about theft, employer theft, and valuable resources for BC employers and employees regarding employment standards.
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Presentation Transcript
What is ethics? Why do we need it? 2 Ethics is personalbeliefs and socialstandards about what is rightand wrong. Ethics helps people tell the difference between rightand wrong. Ethics encourages people to do the right thing.
5 Fundamental Questions to Solve an Ethical Dilemma 3 1. What are the choices? 2. Who will be helped by your decision? 3. Who will be hurt? 4. What are the benefits and problems of your decision? 5. Will the decision survive the test of time?
Unethical Behaviours in Business
Fraud 5 The crime of lying or pretending. - - False or misleading advertising Bait and Switch: advertising a bargain price that is unavailable for sale in reasonable quantity Double ticketing: placing two different prices on a product and selling it at a higher price -
Forgery 6 A form of fraud that involves passing bad cheques by using someone else s name
Embezzlement 7 A form of fraud where a person violates a trust by moving funds into their account instead of the correct account
Tampering with Records 8 A form of fraud where records are altered to deceive other people
Concealing information 9 Not disclosing data that should be shared (e.g., defective products)
Theft 10 Stealing someone s property
Employer Theft 11 Taking advantage of employees by not paying for overtime
12 Information for BC Employers (and Employees) http://www2.gov.bc.ca/gov/content/employment-business/employment-standards-advice/employment- standards/guide-to-the-employment-standards-act
Discrimination 13 Not hiring a person because of an issue not related to the person s ability to do the job (e.g., race, religion, gender, or disability)
Environmental Violations 14 Ignoring laws and regulations that involve toxic waste
Insider trading 15 Martha Stewart Buying and selling shares in a company based on confidential information (information that is not shared with the public) In 2001, Martha Stewart sold 4,000 shares she had owned in ImClone (pharmaceutical company) just before FDA s rejection was announced. She saved approximately $45,673.
