Social Responsibility of Business — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMSocial Responsibility of Business5 Marks
Question
Clarify the concept of business ethics and explain its elements in brief.
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Answer
Introduction :
According to Abraham Linclon, any person can cheat many people for short time.
But he cannot cheat many people for long time.
The meaning is not that the people realize that they have been cheated.
The business unit which misleads people and does not maintain ethical standard is rejected by society.
Society does not allow such units to exist long whether it is an individual, organization or a business unit.
One should follow ethics in its deal.
Meaning of Business Ethics :
Universally accepted principles and group of authorized evidences of conduct and character means business ethics.
Business ethics is necessary and useful for business and society.
It there is ethics in day to day dealing of business unit then only the environment of ethics is created in entire business unit.
Elements of Ethics in business : They are noted as below.
Commitment of Top level management :
Top level management should stick to the values to achieve high result they should be committed.
Higher management should be committed to ethics.
Top level management should provide leadership through moral conduct and motivate employees of unit for good conduct.
Publication of guideline :
Booklet of guideline for guidance to employees regarding ethical conduct and moral dealing should be published.
Norms should be published regarding dealing with different parties.
To form infrastructures
Top level management should form infrastructure to make sure that each person follows the code of ethics formulated by business unit.
Partnership in decision :
Employees should be made co-partners so that ethics standards of business are followed.
Assessment of result :
Ethics is a relative and qualitative concept. The response of various departments of business should be known to what extent the standard of ethics is observed.
Conclusion :
Employees and officers should be made familiar with standard of ethics so that they maintain this standard in their dealings.
To what extent each employee has followed ethical standard in his dealing, should be assessed by business unit. Business unit should know the opinion of others in this context.
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