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