ASSIGNMENT 2:

What the advantages of good business ethics??..

          A business is not just about money making at all costs.  There are considerations to be made outside traditional money making and ethical and moral considerations. A business should have a positive influence on its immediate surroundings and the people that live in the community by creating jobs and playing a significant role in the economical and social welfare of the community. The effect of unethical practices by a business will create a bad reputation and distrust among the employees and the community.

Companies with good ethical policies earn:

• The performance of employees improves with good ethical policies present in a company. Morale is high and employees feel obligated to put in their all to continue to make it a success.

• Reputation management: a bad reputation is created by unethical behaviour which will eventually lead to a scandal. A scandal will result in falling stock prices, anxiety, and low morale among employees as well as government and public scrutiny and inquests.

           Individual opinion of what is ethical varies, hence the importance for the company to set standards that represent and are applied throughout the organization. The Human resource team is the starting point of ethical reformation in an organization. The careful selection and training of the human resource team is necessary if they are to train other employees on ethics. Sound ethical policies in a company create a unified and morally sound approach to business practice.

 

           Business ethics offer companies a competitive advantage. Consumers learn to trust ethical brands and remain loyal to them, even during difficult periods. Society benefits from business ethics because ethical companies recognize their social responsibilities. 

References:-

 

- http://smallbusiness.chron.com/advantages-disadvantages-business-ethics-10414.html 
 
- http://www.sixsigmaonline.org/six-sigma-training-certification-information/the-importance-and-advantages-of-good-business-ethics.html
 
- Book - Oxford Business Ethics (Third Edition)

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What is Corporate Governance??..

Corporate Governance

Corporate Governance refers to the way a corporation is governed. It is the technique by which companies are directed and managed. It means carrying the business as per the stakeholders’ desires. It is actually conducted by the board of Directors and the concerned committees for the company’s stakeholder’s benefit. It is all about balancing individual and societal goals, as well as, economic and social goals.

What is OXYMORON??..

Oxymoron

As with many other literary and rhetorical devices, oxymoron are used for a variety of purposes. Sometimes they are used to create some sort of drama for the reader or listener, and sometimes they are used to make the person stop and think, whether it's to laugh or to ponder. One famous oxymoron is the phrase "the same difference." This phrase qualifies as an oxymoron because the words "same" and "difference" have completely opposite meanings. Therefore, bringing them together into one phrase produces a verbally puzzling, yet engaging, effect.

Example: 

• Amazingly awful
• Beautifully painful
• Act naturally

What are business ethics??..

business

An organization or enterprising entity engaged in commercial, industrial or professional activities. A business can be a for-profit entity, such as a publicly-traded corporation, or a non-profit organization engaged in business activities, such as an agricultural cooperative.

ethics


The word ethics refers to a set or system of moral ideals. Just as it takes the thoughts and ideas of many people to make up an ideology, ethics are a product of society. Being so, it is not surprising that many ethical issues deal with the relationship between the individual and the group. It is in this area that the most change has occurred in ethics throughout time.



business ethics

Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual action also apply to business.