BUSINESS ETHICS

BUSINESS ETHICS

From my my point of view simply the meaning of ethics is honesty. Honesty that does not hurt company policies . It  is also known as corporate ethics . It is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that can arise in a business environment . It applies to all aspects of business conduct and is totally relevant to the conduct of individuals and entire organisations.

HUMAN RESOURCE MANAGEMENT

As we know human resource management deals with the manpower planning and to increase productivity . Arguably it is that branch of management where ethics really matters , since it concerns human issues specially those of compensation , development, industrial relations and health and safety issues .

ISSUES FACED IN HUMAN RESOURCE MANAGEMENT

ETHICAL ISSUES IN HR:-

1. Employee issues:

• HR professionals are likely to face maximum ethical dilemmas in the areas of hiring of employees
• pressure to hire employees i.e to hire a friend or relative of a highly placed executive .    

2. Employees discrimination:

• A framework of laws and regulations has been evolved to avoid the practices of treating the employees on the basis of their caste, sex, religion, disability, age etc . No organisation can discriminate or practice any discriminatory policies , with regard to selection , training, searching, recruiting , appraisal etc

3. Cash and incentive plans :

• Cash and incentives include issues like basic salaries , annual increments or incentives ,executive perquisites and long term incentive plans 

4. Privacy

• the privacy of an employee which should not affect his professional life and he/she should be free from intrusive and unwarranted actions.

MEASURES TO CONTROL UNETHICAL BEHAVIORS:-

1. to create a code of conduct 
2. showing employee appreciations
3. welcome an ETHICS speakers 
4. hire for values
5. administrative reform

FINANCE

Finance refers to the management of large amounts of money . It is also known as 'art of money management .'

ETHICAL ISSUES IN FINANCE :-

1. Accuracy-A companies financial manager ensures that all financial publications accurately and fairly reflect the financial condition of the company accounting errors and financial frauds, damage the interests of the shareholders ,employees and affect confidence in the financial system . Some organisations documents ethics guidelines specifically for financial managers
2.  Transparency-Financial documents reflect a companies performs relative to its peers and its internal strengths and weaknesses .  Regulatory agencies require publicly traded companies to submit periodic financial statements 
3. Timelines -Timely financial information is that as important as accurate and transparent information .Management investors and the stakeholders required timely information to make the right decision .
4. Integrity -Customers ,shareholders and employees should be able to trust a financial managers words . Managers should not allow prejudice ,bias and conflicts of interest.   

UNETHICAL PRACTICES IN FINANCE :

• deliberate abnormal payments to vendors , dealers ,commissions, and promotion costs .
• deals in paying wages interest to financiers ,incentive, bonus to employees 
• holding up bills of vendors on silly reasons and ultimately buying from others to avoid payment to earlier vendors 
• not promote in statutory payments of ESI, PF ,Sales tax , Excise duty 
• cheating employees for their dues towards medical expenses ,leave travel assistance, child education fees etc

MARKETING:-

Ethics in marketing refers to the moral guidelines and principles that every organisation should consider it . Every company has a particular marketing policies to guide their pricing advertising , research ,and various other provisional and competitive strategies .

ETHICAL ISSUES IN MARKETING:-

• Deceptive marketing policies
• Anti -competitive practices
• problems in advertising and marketing
• various delivery channels
• adequate market research 
• current market condition
• ethics in marketing and promotion.

UNETHICAL ISSUES IN MARKETING;

• misleading advertisement with false claims
• emotional exploitation
• contacting people without their knowledge
• misleading informations
• false advertisement
• false promises 
• misinterpretation of services