The act sought to reform corporate governance practices in large U. Identify the stakeholders and consider the situation from their point of view. One way to tackle ethical dilemmas is to follow an ethical decision-making process, like the one described below.
Why are ethics relevant to principles of management? Mutual Interdependency is a Way of Life We work together with confidence and trust across business units, functions, categories and geographies. What aspects of P-O-L-C would be most likely to change based on what you have learned in this section?
Safety employee and community Pay scales relation of the pay of top executives to the rest of the company Product pricing policies variable pricing, discounts Communication with stockholders, announcements of plant closings, etc.
How would you explain your actions to your mother or to your year-old child? We Value Mastery We believe it is the responsibility of all individuals to continually develop themselves and others.
Ethical managers and ethical businesses tend to be more trusted and better treated. Ethical behavior earns the trust of customers and suppliers as well. Early on, you have more of an opportunity to talk with the person in a fact-finding rather than an accusatory way. Nobel laureate economist Milton Friedman said that companies should focus on maximizing profits, not social responsibilities or purposes.
Without integrity, there can be no trust. Integrating Ethics into Managerial Decision Making Ethics implies making a choice between decision-making rules. If the company does nothing to rectify the situation, do you want to continue working for the company?
We simplify, standardize and streamline our current work whenever possible. Ethics also implies deciding on a course of action when no clear decision rule is available.
We are honest and straightforward with each other.
One way to tackle ethical dilemmas is to follow an ethical decision-making process, like the one described below. How did it turn out for all concerned? Early on, you have more of an opportunity to talk with the person in a fact-finding rather than an accusatory way.
We believe that people work best when there is a foundation of trust. And Our Principles articulate our unique approach to conducting work every day.
For instance, when choosing between two suppliers, do you choose the cheapest decision rule 1 or the highest quality decision rule 2.
How would you feel if your actions were reported tomorrow in the Wall Street Journal or your daily newspaper? If employees see leaders behaving unethically, chances are the employees may be less inclined to behave ethically themselves.
If employees see leaders behaving unethically, chances are the employees may be less inclined to behave ethically themselves. We Are Externally Focused We develop superior understanding of consumers and their needs.We uphold the values and principles of P&G in every action and decision.
We are data-based and intellectually honest in advocating proposals, including recognizing risks. Values and Ethical Decision Making Values and Ethical Decision Making The company that I chose to compare to my Ethics Awareness Inventory Scoring Summary is Pfizer.
Pfizer is a multination pharmaceutical company; they develop and produce medicines and vaccines for a wide range of conditions. A code of ethics (code) serves as a entral guide to support dayc -to-day decision making at work. It clarifies the cornerstones of your organization-- its. We will write a custom essay sample on Ethical decision making for Procter And Gamble specifically for you for only $ $/page.
Values and Principles. The basis for every decision we make at P&G can be found in our Purpose, Values and Principles—our PVPs. Ethical Decision Making and Cases ; We have essays on the following. Ethical decision-making refers to the process of evaluating and choosing among alternatives in a manner consistent with ethical principles.
In making ethical decisions, it is necessary to perceive and eliminate unethical options. Developing Your Values-Based Leadership Skills. Previous.
Next. Learning Objectives One way to tackle ethical dilemmas is to follow an ethical decision-making process, like the one described below.
Developing Your Values-Based Leadership Skills by University of Minnesota is licensed under a Creative Commons Attribution.Download