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Define the term 'Business Ethics' - Leaving Cert Business - Question C - 2012
Question C
Define the term 'Business Ethics'. Outline how ethical behavior in business can be encouraged.
Worked Solution & Example Answer:Define the term 'Business Ethics' - Leaving Cert Business - Question C - 2012
Step 1
Define the term 'Business Ethics'.
Answer
Business ethics refers to a set of moral rules and standards that guide behavior in the business environment. These guidelines are essential for promoting right and truthful conduct among the various stakeholders of a business, including employees, customers, suppliers, and the broader community. Business ethics is primarily concerned with determining what is right and wrong, fostering fairness, honesty, and respect in business practices.
Step 2
Outline how ethical behavior in business can be encouraged.
Answer
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Establishing a Code of Ethics: Create a formal document that outlines the expected behaviors in business dealings with stakeholders, promoting transparency and responsibility.
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Encouraging 'Whistle Blowing': Cultivate an environment where employees feel safe to report unethical behavior, with assurance that their actions will be rewarded and protected.
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Modeling Ethical Behavior: Leadership should exemplify ethical practices, demonstrating to employees the importance and effect of moral conduct in various situations.
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Staff Training: Provide ongoing training on ethical standards, helping staff understand the significance of ethics and the procedures in place to address ethical dilemmas.
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Discipline Procedures and Rewards: Implement clear consequences for unethical behavior while simultaneously recognizing and rewarding ethical conduct, thus encouraging a culture of integrity.