management chapter 4

justice approach-

holds that moral decisions must be based on standards of equity, fairness, and impartiality

Chief ethics officer

a company executive who oversees all aspects of ethics and legal compliance, including establishing and broadly communicating standards, ethics training, dealing with problems, and advising seniors manager in the ethical and compliance aspects of decisions

Compensatory justice

argues that individuals should be compensated for the cost of their injuries by the party responsible

moral rights approach

asserts that human beings have fundamental rights and liberties that cannot be taken away by an individual's decision

individualism approach

contends that acts are moral when they promote the individual's best long term interests

stakeholder

Any group within or outside the organization that has a stake in the organization's performance

Ethical dilemma

Arises in a situation concerning right or wrong when values are in conflict

Whistle blowing

Employee disclosure of illegal, unethical, or illegitimate practices on the employer's part is called whistle blowing

Code of ethics

Is a formal statement of the company's values concerning ethics and social issues Says what the company stands for

corporate social responsibility

Is management's obligation to make choices and take actions that will contribute to the welfare and interest of society as well as the organization

Practical approach

which sidesteps debates about what is right, good, or just and bases decisions on prevailing standards of the profession and the larger society, taking the interest of all stakeholders into account

Ethics committee

is a group of executives appointed to oversee company ethics

Discretionary responsibility

is purely voluntary and is guided by the organization's desire it make social contribution not mandated by econ, law, or ethics

ethics

is the code of moral principles and values that governs the behaviors of a person or group with respect to what is right and wrong

utilitarian approach

moral behavior produces the greatest good for the greatest number

Ethics training

programs that help employees deal with ethical questions and translate the values stated in a code of ethics into everyday behavior

Distributive justice

requires that different treatment of people not be based on arbitrary characteristics

Procedural justice

requires that rules be administered fairly

virtue ethics approach

says that moral behavior stems from personal virtues. If a manager develops good character traits and learns to overcome negative traits, he or she will make ethical decisions based on personal virtue