• 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.