A-AS Level (CIE) Business Studies Paper-1: Specimen Questions with Answers 49 - 49 of 50

Question 49

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What are the tools of business ethics?

Explanation

Ethical business practices are relevant for both business organizations and society, Therefore, ethical practices should be adopted by business organizations although unethical practices have become very common as indicated by large-scale scandals which unfold on regular basis. For putting business ethics into practice, an organization may use a variety of tools: code of conduct, policies and procedures, training in ethics, compliance mechanism, and ethics audit. However, for making these tools effective, there is need for top management commitment towards ethics because of their sensitivity.

  • Code of Conduct: There must be explicit code of conduct for practicing ethical behavior by organizational members. This code is necessary because in many cases, people are not fully aware about what is ethical or unethical. This code should be widely communicated to all personnel of the organization.
  • Policies and Procedures: For ensuring that organizational members behave according to code of conduct, the organization should devise suitable policies and procedures. These policies and procedures should cover all aspects of business ethics including how ethical dilemmas will be resolved.
  • Training in Ethics: Organizational members should be provided training in ethics so that they are quite clear about how ethics may be put into practice. This training may be made a significant element of orientation programs as new employees may not be aware about ethical practices of the organization.
  • Ethics Audit: Ethics audit should be made a part of measures relevant for ensuring ethical behavior in the organization. From time to time, adherence to code of conduct should be audited. Its results should be analyzed in the context of code of conduct. In the light of his audit, suitable measures should be taken to ensure ethical practices throughout the organization.

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