Question

What do you feel is the relationship between personal ethics and business ethics? Are they or should they be the same?

***This is a Business Policy and Strategy course****

Answer 1

Personal ethics

A personal ethics are ideals that are important to a person, such as honesty or integrity.a person defines these values and describes what she will and will not do to live by them A personal ethics statement will vary in length. Some people can define their ethical values in a few sentences. Writing a personal ethics statement can help clarify individual values. When a person knows what is important to her, she is more likely to make decisions based on her true priorities. lifestyle by exercising and eating nutritious food. She may set boundaries to make sure she has time and money to live healthfully.

Categories of Ethics:

1. Justice

An ethical leader is always fair and just and treat everyone equally. Under an ethical leader, no employee has any reason to fear biased treatment on the basis of gender, ethnicity, nationality, or any other factor.

2. Respect others

One of the most important traits of ethical leadership is the respect that is given to followers. Leader shows respect all members of the team by listening to them attentively, valuing their contributions, being compassionate, and being generous while considering opposing viewpoints.

3. Honesty

It goes without saying that anyone who is ethical will also be honest and loyal. Honesty is particularly important to be an effective ethical leader, because followers trust honest and dependable leaders. Ethical leaders convey facts transparently, no matter how unpopular they may be.

4. Humane

Being humane is one of the most revealing traits of a leader who is ethical and moral. Ethical leaders place importance in being kind, and act in a manner that is always beneficial to the team.

5. Focus on teambuilding

Ethical leaders foster a sense of community and team spirit within the organization. When an ethical leader strives to achieve goals, it is not just personal goals that they’re concerned about. They make genuine efforts to achieve goals that benefit the entire organization – not just themselves.

6. Value driven decision-making

In ethical leadership, all decisions are first checked to ensure that they are in accordance with the overall organizational values. Only those decisions that meet this criterion are implemented.

7. Encourages initiative

Under an ethical leader, employees thrive and flourish. Employees are rewarded for coming up with innovative ideas, and are encouraged to do what it takes to improve the way things are done. Employees are praised for taking the first step rather than waiting for somebody else to do it for them.

8. Leadership by example

Ethical leadership is not just about talking the talk, this type of leader also walks the walk. The high expectations that an ethical leader has of employees are also applicable on the individual level. Leaders expect others to do the right thing by leading from example.

9. Values awareness

An ethical leader will regularly discuss the high values and expectations that they place on themselves, other employees, and the organization. By regularly communicating and discussing values, they ensure that there is consistent understanding across the organization.

10. No tolerance for ethical violations

An ethical leader expects employees to do the right thing at all times, not just when it is convenient for them. Don’t expect a leader of such high values to overlook or tolerate ethical violations.

Business Ethics:

Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.These ethics originate from individuals, organizational statements or from the legal system. These norms, values, ethical, and unethical practices are what is used to guide business. They help those businesses maintain a better connection with their stakeholders.

Business ethics refers to contemporary organizational standards, principles, sets of values and norms that govern the actions and behavior of an individual in the business organization. Business ethics have two dimensions, normative or descriptive. As a corporate practice and a career specialization, the field is primarily normative. Academics attempting to understand business behavior employ descriptive methods. The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with non-economic concerns.

Ethics are the rules or standards that govern our decisions on a daily basis. Many consider “ethics” with conscience or a simplistic sense of “right” and “wrong.” Others would say that ethics is an internal code that governs an individual’s conduct, ingrained into each person by family, faith, tradition, community, laws, and personal mores. Corporations and professional organizations, particularly licensing boards, generally will have a written “Code of Ethics” that governs standards of professional conduct expected of all in the field. It is important to note that “law” and “ethics” are not synonymous, nor are the “legal” and “ethical” courses of action in a given situation necessarily the same. Statutes and regulations passed by legislative bodies and administrative boards set forth the “law.” Slavery once was legal in the US, but one certainly wouldn’t say enslaving another was an “ethical” act.

Both Business ethics and personal ethics go hand in hand and both are require both for a individual and a business to get success as ethics are very important.