Question 1: Explain the importance of ethics and values in business sustainability.
Question 2: How important is leadership in the success of business organizations.
CONTENTS
Cover Page…………………………………………………………………………………………………………..1
Contents Page…………………………………………………………………………………………….……….2
Ethical Values and Business Sustainability……………………………………………………………3
Importance Of Leadership In The Business Organisation…………………………………….6
Bibliography…………………………………………………………………………………………………………9
Ethics And Values In Business Sustainability.
What are ethics? “Ethics can be defined as moral principles that govern or influence a person’s behavior” –Hornby
What are values? “Values can be defined as the context within which an organisation or a society’s norms are established and justified. Values are attitudes towards things like truth, justice, honesty, loyalty, etc.” –Nieuwenhuizen C & Oosthuizen TFJ
What is business sustainability? “Business sustainability is defined as managing the triple bottom line, which is the process by which companies manage their financial, social and environmental risks, obligations and opportunities” which is done through focusing on the people, planet and profit.
Ethics and values are seen as one of the most important things required for a business to be successful and sustainable. This proved by the different businesses that have had immoral or unethical employees and business practices, and have now resulted in the ending of the business due to bankruptcy just like Enron. Most organisations also have organisational values, which are the values determined by the business because individual values differ. Most people’s values are determined by different components like where they grew up, their parents, ...
... middle of paper ...
...hweppes Corporate and Social Responsibility Report 2002
http://businesscasestudies.co.uk/cadbury-schweppes/ethical-business-practices/the-importance-of-ethics-in-business.html#ixzz2zpkdytWi
• Tanya J. Hall, The Triple Bottom Line, 2011 http://www.ibrc.indiana.edu/ibr/2011/spring/article2.html
• Robert Jon Peterson, Enron Case Study, 2011 http://www.sophia.org/tutorials/enron-case-study
• Leadership, Dictionary.com, 2014 http://dictionary.reference.com/browse/leadership
• ASTD Staff, The impact of good leaders versus bad leaders, 2013 http://www.astd.org/Publications/Blogs/ASTD-Blog/2013/01/The-Impact-of-Good-Versus-Bad-Leaders-on-a-Company
• Amy Rees Anderson, Good Leaders Are Invaluable To A Company. Bad Leaders Will Destroy It, 2013 http://www.forbes.com/sites/amyanderson/2013/01/14/good-leaders-are-invaluable-to-a-company-bad-leaders-will-destroy-it/
Ethical leadership is hard to define according to research cited by Yukl, (2013). Ethics depends on time, culture, and laws. We can attempt to define ethical leadership by looking at the leader’s behavior, values and how he or she influences followers (Yukl, 2013). Every organization has ethical and moral guidelines stipulated through their policies, rules and regulations. A leader who is honest and trustworthy can be said as an ethical leader. But it depends on how the behavior is reflected in the organization and the employees. Ethical leadership can also be defined as to whether the behaviors violate cultural customs and laws of the society. Personal morals and ethics may be in conflict with managing the organization
Ethics are the principles that shape individual lives in modern society. It is a subjective idea that seems to have a standard in society. Ethics and morals are the major factors that guide individuals to make right and wrong choices. Something that is morally right to one person might be the very opposite of what another person would view as right. There are many factors that can trigger a change in an individual’s view of morality.
Value is someone’s moral standard of right and wrong, and is based off of one’s motivations or aspirations of life. Common values include loyalty, patriotism, and trust.
Establishing and implementing a strategic approach to improving organizational ethics is based on establishing, communicating, and monitoring ethical values and legal requirements that characterize the firm's history, culture, and operating environment” (p. 129). Ethics programs ensure satisfactory relationships with all stakeholders by aligning with all of their demands and needs, and determine conduct with customers and relationships with regulators, shareholders, suppliers, and employees (Ferrell, 2004). Values are a core set of beliefs and principles, one or many. A number of factors contribute to the development of values. These include membership in a community or culture, attitudes, beliefs, and behaviors.
True values of a person reflect on the company as well. The people you work for and with are very important. They create the atmosphere of the workplace. They workplace can be a very emotional place because people who work hard generally care more about what their accomplishments. People with good core values might do better in achievement culture because they have goals and want to do quality work (“It’s All About Culture”2017). Daniel Denison uses the word “Family” in his video about culture (Denison, Daniel). The company should care about each other and support each other to well in the business world. Values are also important to the company because they give a basis of how to think in the corporation. How a person thinks in the corporation is necessary to the survival of the person at the job. Adaption is important! Both Daniel Denison and Linda Ford emphasize this in their videos when they talk about characteristics and compliance within an organization (“What Is Organizational Culture”2017), (Corporate Culture: How Does It Really Work?”). Characteristics of the mindset of a company and compliance of a company brings forth the realization that companies have personality. Values are just another thing that we all must be aware of and live by to enforce to better the companies we spend much our lives devoting ourselves
"A value determines what a person thinks he ought to do, which may or may not be the same as he wants to do, or what is in his interest to, or what in fact he actually does. Values in this sense give rise to general standards and ideal by which we judge our own and others conduct; they also give rise to specific obligations” (CCETSW,
“Ethics”, in general, is nothing but a principle of conduct. Ethics can also be defined as moral philosophy which is used to answer questions related to morality. The word ‘Ethics’ has been derived from the Greek word ‘Ethos’ which simply meant “the state of being” or “to keep ones soul pure”. The sub divisions of ethics are as follows;
[1] Ethics is defined as “the code of moral principles and values that governs the behaviour of a person or a group with respect to what is right or wrong” (Samson and Daft, 2005, p.158)
Values remind me of ethics and morals, necessary in any walk of life and imperative in the work place. These concepts are guidelines in which employees need to follow to be successful. “Values represent basic convictions that a specific mode of conduct or end-state of existence is personally or socially preferable to an opposite or converse mode of conduct or end-state of existence.” (Robbins, 136) Integrity, courage, service, wisdom, respect and goal setting are a few of the values that are most crucial to me and what I hope to achieve within any work place setting. Values should be lived every day in the work place and should exemplify the
Ethics are the set beliefs and values of an individual which they apply to circumstances relating to morality. To act in an ‘ethical’ manner, an individual must display integrity by doing what they believe to be right.
Ethical leadership is having an understanding of who you are, what your core values are, having the courage to live them all, in your personal life as well as your work life. Ethical leadership involves leading in a manner that respects the rights and dignity of others. Ethical decision making and leadership are the basis of ethical organizations. Leadership is a relationship between leaders and followers. The foundation of this relationship is trust. The leaders themselves must be ethical in their decisions and actions in order to influence others to behave accordingly. Ethical leadership is to know one’s core values and having the courage to live them through one’s life. Ethics and leaders go hand in hand; ethics is the heart of leadership.
“Values are the beliefs of an individual, group, or organization, in which they are emotionally invested” (Carpenter, Bauer, & Erdogan, 2015). Many organizations consider corporate values strategically import for building their company’s reputation and keeping the customers’ confidence and allegiance. That, however, is only a tiny portion of the strategic benefits that organizational values can offer. “Further benefits include:guidance for decision-making on all levels, selection criterion for new employees, driver for individual and corporate behavior on all levels supporting the vision, mission, and goals of the company, and effective definition and implementation of core values” (Gupta, 2015). Values within a company need to be more than just a few words that sound nice to ensure overall acceptance within an organization. “Effective core values need to be emotionally appealing and workable” (Gupta,
Ethics are moral principles or values that govern the conduct of an individual or a group.It is not a burden to bear, but a prudent and effective guide which furthers life and success. Ethics are important not only in business but in academics and society as well because it is an essential part of the foundation on which a civilized society is built.
Value is a term that expresses the concept of worth in general, according to Wordiq (2010) and it is thought to be connected to reasons for certain practices, policies or actions. According to (Lopper, 2008) value is, a principle, or quality intrinsically valuable or desirable.
Ethics is a system of moral principles and a branch of philosophy which defines what is acceptable for both individuals and society. It is a philosophy that covers a whole range of things that have an importance in everyday situations. Ethics are vital in everyones lives, it includes human values, and how to have a good life, our rights and responsibilities, moral decisions what is right and wrong, good and bad. Moral principles affect how people make decisions and lead their lives (BBC, 2013). There are many different beliefs about were ethics come from. These consist of; God and Religion, human conscience, the example of good human beings and a huge desire for the best for people in each unique situation, and political power (BBC, 2013).