Terms of Service 7. 5. Copyright 10. Move from the state of inertia to the state of righteous action. They can periodically review organizations’ codes of ethics or codes of conduct with their teams, or they can encourage their team to develop their own codes of ethics for department-specific situations. Attracts customers. (a) Forming a vision and planning the strategy to realize such vision. There are many ways in which the basic human values – truth, righteousness, peace, love and non-violence can be practiced in the day-to-day conduct of business. … For example, all employees, males or females with same skills should be treated at par but it is justified to treat employees who produce more differently from those who produce less. Values apply to individuals and institutions, both business and non-business. Co-ordination: It coordinates organisation’s internal environment with the external environment, financial resources with non-financial resources and short-term plans with long- term plans. Of course all of us want businesses to be fair, clean and beneficial to the society. When managers assume social responsibility, it is believed they will do it ethically, that is, they know what is right and wrong. Employees must have a say in their appraisal system. Content Filtration 6. NEED AND IMPORTANCE FOR ETHICAL INCORPORATION IN STRATEGIC MANAGEMENT PROCESS AND DECISION MAKING Ethical practices are followed by ethical practices. The following measures can improve the climate for ethical behaviour: 1. Managers do not deliberately avoid ethical practices but unintentionally they make decisions whose moral implications are not taken into consideration. This type of management ethics lies between moral and immoral management ethics. Management is a systematic way of doing work in any field. Though results are important, performance should not always be based on expected benefits. Labour laws protect the interests of workers against unethical practices. How good an organisation is depends upon how good are the people managing it. Good people are those whose actions and behaviour are based on a sound value system and ethical principles. Profit maximisation and stakeholders’ interests were not the central goals of the managers studied. Practice participation – not paternalism: Managers should not decide on their own what is good or bad for the stakeholders. There are different aspects of management such as marketing, finance, industrial relations, etc., but the most important aspect is “man-management.” Each country has its own historical and cultural background and Indian managers should not mechanically copy practices from abroad but should keep in mind the Indian milieu and our national ethos. Management ethics are a crucial component of safeguarding individuals and groups from the potential negative consequences of poor managerial decision-making. This develops a sound organisation culture that promotes image of the organisation in the society. Disclosing fair accounting results to concerned parties and telling the truth is ethical behaviour of managers. The foremost goal of managers is to make their organizations effective. The best means for effective work performance is to become the work itself. http://managementhelp.org/businessethics/, http://ethicalsystems.org/content/managing-business-ethics, http://business-ethics.com/2012/02/28/9027-managers-and-ethics-the-importance-of-tone-in-the-middle/. Ethics management techniques are highly useful for managing strategic values, e.g., expand marketshare, reduce costs, etc. ETHICAL MANAGEMENT vs. STRATEGIC MANAGEMENT Strategy can be framed by due intelligence of a person, whereas ethics can be framed by fixing moral values and standards. Strategic management will not help in fixing the standards rather it helps in achieving the standards. in Sports Administration - Native American Leadership, B.A. The work must be done with detachment. It is important, therefore, for firms to suffer short-term losses but fulfill ethical social obligations to secure their long-term future. Disclaimer 8. Please contact us. Managers can encourage open communication about ethical concerns among their teams and establish ways for individuals to report concerns without fear of retaliation. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. 6. Privacy Policy 9. It strikes harmony in working equilibrium, in thoughts and actions, goals and achievements, plans and performance, products and markets. Importance of Strategic Planning: The behaviour of top managers is followed by others in the organisation. 7. In the context of business organisations, managers disclose information in the annual reports necessary for welfare of the people concerned.
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