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    Business Ethics Reporting

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    paulinejardin355
    The document discusses three core principles for business ethics: fairness, which means balancing interests in decision making; accountability, which is taking responsibility for actions; and transparency, which is open communication and disclosure of information.

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    Business Ethics Reporting

    Uploaded by

    paulinejardin355
    5 views2 pages
    The document discusses three core principles for business ethics: fairness, which means balancing interests in decision making; accountability, which is taking responsibility for actions; and transparency, which is open communication and disclosure of information.

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    Business-ethics-reporting

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    The document discusses three core principles for business ethics: fairness, which means balancing interests in decision making; accountability, which is taking responsibility for actions; and transparency, which is open communication and disclosure of information.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    5 views2 pages

    Business Ethics Reporting

    Uploaded by

    paulinejardin355
    The document discusses three core principles for business ethics: fairness, which means balancing interests in decision making; accountability, which is taking responsibility for actions; and transparency, which is open communication and disclosure of information.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    QUARTER 3: LESSON 1 BUSINESS ETHICS

    THE CORE PRINCIPLES UNDERLYING FAIRNESS, ACCOUNTABILITY, AND TRANSPARENCY


    IN BUSINESS OPERATION AND STEWARDSHIP

    To help the business organization get on the right track, there are three core principles that
    should be implemented in its operation-fairness, accountability, and transparency.

    Fairness
    This is the standard of judging which is exempted from bias or prejudice. When
    someone displays fairness in making a decision, he/she pleases all involved parties and
    offers a solution that is beneficial to everyone. In a business context, fairness means
    balancing the interests involved in all decision- making including those related to hiring,
    firing, and the compensation and reward system. Employees think of their organizations as
    just when the rewards and the way they are distributed are fair.
    Fairness is giving to a person what is due to him/her. It has something to do with
    justice because the employer checks whether the members have the benefits and burdens
    distributed evenly to them.

    Examples of fairness:
    1. A boss that is listening to both sides of the story before judging who is right and who is
    wrong.
    2. An employer giving 13th month pay to all his/her employees.
    3. A person paying the right price for a product purchased or for a service received.

    Accountability
    The most important aspect of preventing and detecting corruption is the sound
    accountability structures. A civil society organization without proper systems of
    accountability is fragile and open to rumors of mismanagement and abuse of authority.
    Worst of all, lacking it will prevent the organization from enjoying full respect and legitimacy
    in the eyes of its stakeholders, including those bearers of duties that it intends to advocate
    with.
    Accountability is the explication and justification process. It is about testing, forming
    a judgment, and taking an action if necessary. It also comes with responsibilities. Holding
    people to account for those actions which they are responsible for is fair.
    Accountability is therefore an obligation to demonstrate that work has been carried
    out in accordance with agreed rules and standards, or to report on performance results fairly
    and accurately in relation to mandated roles and/or plans.

    Examples of accountability:
    1. A cashier admits he/she lost the company's collection and it is his/her mistake.
    2. An engineer who is assigned on a project is the one to be blamed if the project did not
    meet the deadlines.
    3. Employee A recommended his cousin to be their company janitor, but the latter stole the
    cellular phone of their secretary. Therefore, Employee A may be blamed for recommending
    his/her cousin and should pay or replace the lost cellphone.
    Transparency
    Transparency, at the individual level, considers intrinsic or ethical salience as an
    important feature of the relational dimension of a person. It is described as a personal
    quality which is necessary to develop unity between and among individuals. A transparent
    approach makes a person more honest and sincere in his/her relationships, in
    communicating his/her points of view, and in working actively to find shared meanings and
    goals.
    Organizationally speaking, the instrumental salience of transparency is identified as
    an important mechanism for ensuring social responsibility. For example, adequate
    disclosure is required to inform donors of how an organization uses its money. Transparency
    helps people to consider how the actions of social organizations such as multinational
    agencies and non-governmental groups offer meaningful support to civil society and
    whether funding is being properly spent.

    More examples of transparency:


    1. Reporting accurately the company's financial situation and risks to investors
    2. Holding and selecting bids according to an open predefined process
    3. Having an open process of decision-making such as in hiring additional employees

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