Managerial Ethics and Social Responsibility. The Community of Stakeholders Inside the Organization Stakeholders  the people whose interests are affected.

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Presentation transcript:

Managerial Ethics and Social Responsibility

The Community of Stakeholders Inside the Organization Stakeholders  the people whose interests are affected by an organization’s activities  Internal, external

3 - 3 The Organization’s Environment Figure 3.1

Is Ethics important?

Yet… 76% of business students have cheated on at least one test  19% on four more 56% of workers report having lied to their boss Organizations short change employees $19B a year in overtime pay

Flawed Justifications “It’s only a little white lie” “When in Rome” “I’m Desperate” “The Devil made me do it” “Ignorance” “Eye for Eye” “No one will know”

Working Definitions Legal Compliance  Conforming with formal laws and regulations Ethical Behavior  Conforming with accepted social norms and standards of right and wrong Social Responsibility  actions that will benefit the interests of society as well as of the organization

Ethical Perspectives Utilitarian  guided by what will result in the greatest good for the greatest number of people Moral Imperatives  Moral rules are without exception, conditions, or extenuating cicumstances Individual  guide by what will result in the individual’s best long term interest, which ultimately are in everyone’s self-interest

Ethical Perspectives Moral-rights  guided by respect for the fundamental rights of human beings Justice  guided by respect for impartial standards of fairness and equity

Ethical Dilemmas

Ethical Dilemmas Drug Testing Cultural Differences Technology

Three Levels of Moral Development Level 1, preconventional – follows rules Level 2, conventional – follows expectations of others Level 3, postconventional – guided by internal values

How Managers Can Promote Ethics 1.Support by top managers of a strong ethical climate 2.Selection 3.Ethics codes Communicated internally and externally Must be specific to the business

How Managers Can Promote Ethics 4.Ethics training programs 5.Rewarding ethical behavior: Encourage and protect whistleblowers 6.Punish unethical behavior

Two Types of Social Responsibility Sustainability  economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs  Example: GE, Walmart, Toyota Philanthropy  making charitable donations to benefit humankind  Examples: Google, Bill Gates, McDonalds

Social Responsibility Classical Economics (Milton Friedman)  Management’s responsibility is to maximize profits and generate shareholder wealth Socioeconomics  Management also has a responsibility to protect and improve society Which perspective makes sense to you?