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Chapter 22 Internalizing Ethics in the Conduct of Business Learning Outcomes At the end of this chapter, you should be able to: Identify and discuss the common ethical dilemmas faced by business people Identify and explain the three levels of decision-making Differentiate between ethical management and management of ethics Explain the concept of role in ethics Outline the role of leadership to inculcate an ethical culture in a business organisation Discuss the role of managers as economic actors, company leaders and community leaders Business Ethics All Rights Reserved © Oxford Fajar Sdn. Bhd. (008974-T), 2014 1– 3 Learning Outcomes (continued) Compare and contrast between compliance-based code of ethics and integrity-based code of ethics and recognize their application to inculcate an ethical corporate culture Discuss the importance of integrating economic, legal and moral dimensions to make effective and fair business decisions Identify and explain the three check questions that one has to ask and self-assess when faced with an ethical dilemma Discuss the role of religion in resolving ethical issues in business Business Ethics All Rights Reserved © Oxford Fajar Sdn. Bhd. (008974-T), 2014 1– 4 Common Ethical Dilemmas Faced by Business People Balancing the economic Balancing the economic character of organizations character of organizations with justice and fairness with justice and fairness Responsibility to Conflict of interest Responsibility to Conflict of interest stakeholders stakeholders Level of openness Personality traits Level of openness Personality traits Business Ethics All Rights Reserved © Oxford Fajar Sdn. Bhd. (008974-T), 2014 1– 5 The Three Levels of Decision-Making Individual Business System Organization Identifying the appropriate level for a decision is important, because an ethical problem may have no solution on the level it is approached. Business Ethics All Rights Reserved © Oxford Fajar Sdn. Bhd. (008974-T), 2014 1– 6
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