Ethics and Social Responsibility MY PROGRESS. 9% Learning Objectives At the end

Question

Ethics and Social Responsibility MY PROGRESS. 9% Learning Objectives At the end of this exercise, you should be able to: LO 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace LO 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. LO 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationship with customers, employees, and investors Scenario You're the CEO of a medium-sized toy manufacturer with plants in a couple of Midwestern cities and a plant in Taiwan. Every day you are faced with making decisions that affect the company's organizational stakeholders, and it sometimes seems that you're constantly pulled in many different directions. A decision that favorably impacts one stakeholder negatively impact another. Click Next to begin your challenge. Good luck! About This Simulation Previous Next

Explanation / Answer

1.Code of ethics is moral guide for an individual person. You should develop code of ethics, it become very important tool which can help you personally and professionally. To develop code of ethics, we should follow some steps, those are

Find the key values and ethics by list your personal values, your company values and read codes of ethics prepared by some writers.

Draft the code of ethics by listing and understand the importance of them and finally try to implement them

Importance of ethics in the workplace

To run your business successfully as an entrepreneur and to do your job peacefully, code of ethics is very important, because through this business man can safeguard their business and important assets and it ensure workers perform their work in an environment which consist strong ethics and integrity.

3. Social responsibility

It means an idea followed by an organization to balance profit making activities and activities conducted for society. This is very important to let our business into the positive environment by creating good name and maintaining relationship with society. In the business field, it generally called as corporate social responsibility. This social responsibility useful to solve the environmental issues by an organization. Company can get good name in the society by showing its responsibility on people and society; it can be useful to attract the suppliers, customers and investors, because they can understand the helping nature of the company and improve their trust on the company.

2.Difference between ethics and social responsibility.

Social responsibility is good one to the society but it may not give immediate use to the business and ethics are good in business but sometimes those are not accepted by society.

Social responsibility concentrated by business to maximize its profits but business ethics are concentrate to do positives activities for society.

Without social responsibility, we cannot see the benefits of the society and without business ethics we cannot see the best results in the company.

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