1. Introduction:

• Business ethics plays a crucial role in guiding the behavior of organizations and individuals within them.
• Ethics involves moral principles, rules, and conduct, defining right and wrong actions.

2. What is Ethics?

• Ethics is the study of morality, involving reasons for decisions based on norms, values, and beliefs.
• It is not absolute, influenced by time, place, and situation.

3. Business Ethics:

• Involves the study of ethical principles and challenges in business situations.
• Areas include finance, human resource management, and sales/marketing.
• Examples of ethical issues: insider trading, executive compensation, workplace surveillance.

4. Importance of Business Ethics:

• Essential for societal existence, emphasizing the role of business in society.
• Relates to people, fosters trust, and contributes positively to society.
• Positive effects on customers, employee teamwork, and public image.

5. Changes in Business Management:

• Gary Hamel emphasizes the need for management principles infused with deeper human ideals.
• Calls for a shift from wealth maximization to considering virtues like beauty, justice, and community.
• Urges the development of skills such as reflective learning and values-driven thinking.

6. Real-Life Example – Narayan Murthy:

• Infosys faced a bribery demand but chose to pay customs duty ethically.
• Despite financial challenges, adhering to ethical standards built trust and a clear conscience.

7. Organizational Structure and Issues:

• Structural issues touch on alienation, oppression, managerial responsibilities, power tactics, health problems, and due process.

8. Conflict of Interest:

• Arises when an employee’s private interest conflicts with the best interests of the company.
• Involves choices between equally unfavorable or mutually exclusive options.

9. Ethical Dilemma:

• Involves choosing between morally acceptable courses of action or equally unacceptable alternatives.
• Requires resolution through careful consideration of core values and principles.

10. Steps to Resolve Ethical Dilemmas:

• Identify the problem.
• Identify the stakeholders.
• Consider available alternatives.
• Assess the consequences.
• Make a decision.

11. Advantage of Business Ethics:

• Aligns companies with societal values.
• Contributes positively to the community.
• Essential for transparency and accountability.

12. Learning from the Mahabharata:

• Reflects on the ethical dilemma of knowing right from wrong but struggling to act accordingly.

13. Conclusion:

• Business ethics is fundamental for shaping responsible organizations aligned with societal values.
• Resolving ethical dilemmas requires careful consideration and decision-making based on core values.
• In a transparent and accountable world, business ethics is indispensable for sustainability and responsible business practices.