This mindset of children continues right from their school time. (2018, Oct 04). Thus, teleological theories are based on the concept of goodness. The ethics of human resource management (HRM) covers those ethical issues arising around the employer-employee relationship, such as the rights and duties owed between employer and employee. (i) Significant improvement to society- By applying business ethics, many social evils can be eliminated like child labour, harassment to employees etc. Code of values by which a group or a society lives. Content Filtrations 6. Even private companies making profits were viewed with disdain by the public. It appears more sensible to care for relations than for consequences. For example, unsafe working conditions are generally considered unethical because they put workers in danger. This View stated that business must conduct its affairs purely through altruist motives and that profit was a dirty word. Hence, ethical questions have become a primary concern of business managers. When we address our teacher we say ‘Sir’. If a custom is adopted and accepted by businessman and public, that custom will become an ethics. A sick and loss making company is a liability and a burden to society-it cannot discharge its responsibilities to the society, it cannot meet its welfare commitment to its employees, indeed it cannot even compensate its workforce for their efforts, it cannot generate revenue for its shareholders, it cannot meet consumer demands adequately and cannot do all those things that a healthy responsible organisation is required and expected to do. Business ethics is not for individuals. g. To take action on possible violation of company’s code. Organizations that follow high Ethics comply with the law and ensure an ethical climate inside throughout the organization. (d) Issues affecting the privacy of the employer- whistle-blowing. Bentham suggested a procedure called hedonistic calculus for this purpose. A more realistic statement has to be more complicated. Through their reinforcing actions, (rewarding good behaviours), parents incul­cate high or low ethical standards among children. Principle of Publicity – According to this principle, all the activities and performance as conducting in business houses, should be well informed to every person or organisation who are directly or indirectly attached with business. In some cases, the medical expenses borne by businessmen are deducted from the wages. Moreover, he says that the business manager does not know, and does not need to know, where public interest lies. They maintain a long chain of honest tradition. For example, if a purchased product is not up to the standards as specified, the consumer movement claims damages or takes steps to replace the product to the consumer and insists the business unit to maintain the quality as specified by it. Each business has close relationship with another business even though the nature and size of the other business differs. The pressure on companies now is to behave ethically, says Robin Wilson, an executive coach and consultant who founded Reach and Achieve Associates (reachandachieve.com) of Rochester, New York. Whenever a businessman observes ethics strictly, definitely the particular business unit will get developed. A conflict arises in trying to achieve both simultaneously. Similarly, the Golden Rule “Do unto others as you want them do unto you” appeals to human dignity and respect for others. He can distinguish between good and evil, right and wrong, just and proper. Principle of ‘sacrifice’ – A person, who is able to sacrifice a part of his asset or effort, commands a superior place in the organisation. A business unit may be isolated from the business association if the particular business unit fails to comply with ethics. 3. Milton Friedman, the celebrated Noble Prize winning economist, in his book, ‘Capitalism and Freedom’, put forward his classical view that the only; responsibility of business is to earn profits. Companies publish rules of conduct in their employee handbooks and often have staff sign off on having read and understood both the rules and the consequences for violating them. If you follow this approach, you should choose a course of action that you believe can apply to all people under all situations and that you would want applied to yourself. (3) Maximisation – A right action is one that creates greatest amount of net pleasure.

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