Jovliyev Jahongir Ethical Responsibility social responsibility

CODE OF ETHICS IN THE WORKPLACE

Benefits

1 Ethical Behaviour It shows employees what ethical behaviour is expected of them in the workplace. This can prevent unethical decisions being made. 2 Marketing Businesses with a code of ethics can use this in their marketing material. This can increase consumer awareness of the ethical beliefs of the firm and may increase sales and profits. 3 Management Time Employees are empowered to make decisions on behalf of the business in line with its code of ethics.

CODE OF ETHICS IN THE WORKPLACE

Challenges

1 Decreased Productivity Time and resources must be allocated by the business to develop and update the code of ethics. 2 Slow Decision-making Employees may be afraid to make decisions in case they are judged to have acted unethically. This can result in missed business opportunities. 3 Poor Industrial Relations Employees may feel that the business has introduced a code of ethics because it does not trust them to make ethical decisions.

SOCIAL RESPONSIBILITY

• Corporate social responsibility (CSR), ensures that businesses take into account the impact of their decisions on stakeholders.

Social Responsibility Towards Stakeholders
1 Investors
2 Employees
3 Consumers
4 Suppliers
5 Government
6 Local Community
1 Investors
The business provides honest and transparent financial information.
It does not pay excessive salaries and bonuses to senior management.
It rewards investors with a reasonable return when the business is profitable.
2 Employees
The business pays a fair wage based on the work performed.
It provides healthy and safe working conditions.
It makes it clear that bullying and discrimination will not be tolerated in the workplace.
3 Consumers
The business provides high-quality goods to consumers at a reasonable price.
It manufactures products that are safe for consumers to use.
It deals with complaints quickly and fairly.
4 Suppliers
The business pays a fair price for goods received from suppliers.
It pays its suppliers in full and on time.
It avoids using suppliers that pollute the environment or exploit workers.
5 Government
The business pays all taxes in full and on time.
It complies with Irish laws.
It uses grants received from government agencies as intended.