def. ethics
The principles of right and wrong that individuals use to make choices to guide their behaviours
What are the four widely used ethical standards?
def. utilitarian approach
an ethical action is the one that provides the most good or does the least harm
utilitarian approach in corporate action
the ethical corporate action would be the one that produces the greatest good and does the least harm for all affected parties—customers, employees, shareholders, the community, and the physical environment.
def. rights approach
an ethical action is the one that best protects and respects the moral rights of the affected parties
def. moral rights
Moral rights can include the rights to make one’s own choices about what kind of life to lead, to be told the truth, to be not injured, and to enjoy a degree of privacy. Which of these rights people are actually entitled to—and under what circumstances—is widely debated
organizational action based on the rights approach
An ethical organizational action would be one that protects and respects the moral rights of customers, employees, shareholders, business partners, and even competitors.
def. fairness approach
ethical actions treat all human beings equally, or, if unequally, then fairly, based on some defensible standard
example of fairness approach in corporate world
most people might believe it is fair to pay people higher salaries if they work harder or if they contribute a greater amount to the firm. However, there is less certainty regarding CEO salaries that are hundreds or thousands of times larger than those of other employees. Many people question whether this huge disparity of wages is based on a defensible standard or whether it is the result of an imbalance of power and hence is unfair.
def. common good approach
highlights the interlocking relationships that underlie all societies
argues that respect and compassion for all others is the basis for ethical actions.
What are the two frameworks for ethics?
traditional approach and Giving voice to values (GVV) approach
what does the common good approach highlight?
It emphasizes the common conditions that are important to the welfare of everyone. These conditions can include a system of laws, effective police and fire departments, health care, a public educational system, and even public recreation areas
What are the steps in the traditional approach?
What questions do you ask in the first step of the traditional approach? (Recognize an ethical issue)
What questions do you ask in the second step of the traditional approach? (get facts)
What questions do you ask in the third step of the traditional approach? (Evaluate alternative actions)
What questions in the fourth step of the traditional approach? (Make a decision and test it)
What questions should you ask in the first step of the GVV approach? (Identify an ethical issue)
What questions should you ask in the second step of the GVV approach? (purpose and choice)
What questions should you ask in the third step of the GVV approach? (stakeholder analysis)
What questions should you ask in the fourth step of the GVV approach? (Powerful response)
What questions should you ask in the fifth step of the GVV approach? (Scripting and coaching)
What are the 5 steps of the GVV approach?
What does the traditional ethical approach provide a tool for?
deciding the nature of an action response that you can take