BUSINESS ETHICS

ETHICS:

The word 'Ethic' is derived from the Greek word 'Ethike'. It is based on well-founded standards of right and wrong that prescribe what humans ought to do , usually in terms of right, obligations, benefits to society, fairness or specific virtues.

BUSINESS ETHICS:

Business 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. It applies to all aspects of business conduct of individuals and entire organisations. These ethics originate from individuals, organisational statements or from the legal system.

ETHICAL AND UNETHICAL ISSUES OF HR, FINANCE AND MARKETING

1. HR (Human Resource)

It is a department within business that is responsible for all the business for all things worker - related. That includes recruiting, vetting, selecting, hiring, on boarding, training, promoting, paying and firing employees and independent contractors.

HR is also the department that stays on top of new legislation guiding how workers need to be treated during hiring, working and firing process.

Ethical issue of HR:

Ethical issues that arises in HR are mainly from the given context: Employment, Remuneration and Benefits, Industrial relations, Health and Safety. The problem are Cash and Compensation Plans, Race, gender and Disability,Employment Issues,Privacy Issues.

Unethical issues of HR:

Unethical issues that arises in HR are mainly from the given context: Misusing company time, Abusive behavior, Employee theft, Lying to employees, Violating company internet policies.

Resolving:

In ethical decision making there are three basic principles that can be used for resolution of problem. These three principles are that of intuition, moral idealism and utilitarianism.

The principle of intuition works on the assumption that the HR person or the manager is competent enough to understand the seriousness of the situation and act accordingly, such that the final decision does not bring any harm to any person involved directly or indirectly.

2. FINANCE

Finance can also be defined as the art of money management. Financial managers prepare reports, oversee accounting function, plan investment, strategies and direct cash management function.

Ethical issues of Finance:

These involve in management functions at Finance Institute and Banks. They mainly focuses on :

Accuracy
Transparency
Integrity
Timeliness

Unethical issues of Finance:

Delays in paying wages, interest to financiers, incentive, bonus to employees.
Cheating employees of their dues towards medical expenses, leave travel assistance, children education fees etc.
Creating bogus bills of purchase to show higher costs and hence losses to avoid bonus payment to employees.
Quick release of payments to known or adjustment parties and delaying payment to others.

3. MARKETING

Marketing refers to the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people.