Business Ethics course. This is a code of Code of Ethics 2024.pptx

Code of ethhics

1. CODE OF ETHICS

2. Ethics Ethics, also called moral philosophy, the discipline concerned with what is morally good and bad and morally right and wrong. The term is also applied to any system or theory of moral values or principles. Ethics is relevant to you in your everyday life as at some point in your professional or personal life you will have to deal with an ethical question or problem.

3. Code of Ethics A code of ethics is a guide of principles designed to help professionals conduct business honestly and with integrity. A code of ethics document may outline the mission and values of the business or organization, how professionals are supposed to approach problems, the ethical principles based on the organization's core values, and the standards to which the professional is held. A code of ethics, also referred to as an "ethical code”.

4. Why is a code of ethics important? A professional code of ethics is designed to ensure employees are behaving in a manner that is socially acceptable and respectful of one another. It establishes the rules for behavior and sends a message to every employee that universal compliance is expected. It also provides the groundwork for a preemptive warning if employees break the code. A code of ethics can be valuable not just internally as a professional guide but also externally as a statement of a company’s values and commitments .

5. Types of code of ethics A code of ethics can take a variety of forms, but the general goal is to ensure that a business and its employees are following state and federal laws, conducting themselves with an ideal that can be exemplary, and ensuring that the business being conducted is beneficial for all stakeholders. The following are three types of codes of ethics found in business. Compliance-Based Code of Ethics Value-Based Code of Ethics Code of Ethics Among Professionals

6. Compliance-Based Code of Ethics For all businesses, laws regulate issues such as hiring and safety standards. Compliance-based codes of ethics not only set guidelines for conduct but also determine penalties for violations. In some industries, including banking, specific laws govern business conduct. These industries formulate compliance-based codes of ethics to enforce laws and regulations. Employees usually undergo formal training to learn the rules of conduct.

7. This type of code of ethics is based on clear-cut rules and well-defined consequences rather than individual monitoring of personal behavior . Despite strict adherence to the law, some compliance-based codes of conduct do not thus promote a climate of moral responsibility within the company.

8. Value-Based Code of Ethics A value-based code of ethics addresses a company's core value system. It may outline standards of responsible conduct as they relate to the larger public good and the environment. Value-based ethical codes may require a greater degree of self-regulation than compliance-based codes.

9. Some codes of conduct contain language that addresses both compliance and values. For example, a grocery store chain might create a code of conduct that espouses the company's commitment to health and safety regulations above financial gain. That grocery chain might also include a statement about refusing to contract with  suppliers  that feed hormones to livestock or raise animals in inhumane living conditions.

10. Code of Ethics Among Professionals Financial advisers registered with the  Securities and Exchange Commission  (SEC) or a state regulator are bound by a code of ethics known as  fiduciary duty . This is a legal requirement and also a code of loyalty that requires them to act in the best interest of their clients.

11. How to develop a code of ethics Here are the steps you can follow to create your own professional code of ethics for your company: Set your priorities Ask employees for input Put someone in charge Have someone to turn to for help

12. Set your priorities The first step to creating a code of ethics is deciding the values that are important to your company. Putting these rules in place early on will help your company grow the way you want it to. For example, as your organization develops and expands, you will be hiring new employees, and you want them to understand the values of your organization before you bring them into the workplace. One way you can identify your company’s values is to consider what your limits are when trying to acquire clients or meet your revenue goals. It is also important to think about your company’s work environment as well as smaller factors like attendance and dress code.

13. Ask employees for input Request your employees participate in crafting your code of ethics. Employees need to understand why it is important to put the code of ethics into writing and why it contains the tenets it does. If you ask them for input when you are creating the code of ethics, they will be far more likely to support the idea, and the code may encompass a more well-rounded selection of principles.

14. Put someone in charge Even if you have the support of senior management and employees alike, someone still needs to be put in charge of applying your code of ethics. Often known as an ethical or compliance officer, this person needs to have a strong commitment to the success of your organization, be reliable and have strong interpersonal skills. Usually, this role will fall to someone in your HR department who may also be responsible for monitoring and reporting misconduct. The employee you put in charge of maintaining your company’s code of ethics should also be responsible for updating it. The code should be a dynamic part of your business that changes as your company grows and develops. Each year, you should ask yourself if it continues to represent your business and who you want to be.

15. Have someone to turn to for help If you are part of a smaller company in a low-risk, low-liability field, you can typically draft a code of ethics yourself. However, if you have more than 20 employees, you may want to consider consulting with a human resources specialist or an ethicist. It can be beneficial to ask for help to make sure you have covered every necessary principle in your code of ethics.

16. What is the purpose of a professional code of ethics? Having our business ethics in writing doesn’t mean that we don’t trust our employees. We strive to hire ethical people who have their own personal standards, so we expect that a written code won’t be necessary most of the time. But, it can still be helpful. You may find yourself in a situation where you’re not sure how you should act. Life is full of grey areas where right and wrong aren’t so apparent. Some professional ethics also correspond to laws that you absolutely must know to do your job properly, so we will mention them in our code of ethics.

17. Difference between the code of ethics and code of conduct A code of ethics is broad, giving employees or members a general idea of what types of behavior and decisions are acceptable and encouraged at a business or organization. A  code of conduct  is more focused. It defines how employees or members should act in specific situations.

18. Example for Code of Ethics Teachers and Education Teachers and other education professionals are role models to their students. Their code of ethics not only protects their students against mistreatment, but it also protects their sense of fairness itself.

19. Some code of ethics examples in education include: Consideration  - Teachers should put the needs of their students first. Growth  - Educators need to pursue professional growth. Communication  - Teachers work with parents as a support team for each student.

20. The Business World Corporations and have codes of ethics to help workers decide if certain behaviors are appropriate and acceptable when dealing with clients and outside agencies. Many organizations require employees to attend yearly training on ethics and, in some cases, to sign statements promising to adhere to all ethical guidelines laid out by the company.

21. Examples of ethics in the business world include: Integrity  - Employees should maintain honesty and clear communication in the workplace. Teamwork  - Members of a professional organization should work together to get the job done. Objectivity  - Employers should not make career decisions based on whom they like best or with whom they have personal relationships.