Ethical and unethical pratices

Business Ethics

Ethics

Ethics is a set of  principles for judging something weather it is morally wrong or it is right. It is based on standards of what is wrong and what is right that describe what human should do in terms of fairness, equality, benefit to the society, etc. The dicision making of people is getting affected by it. Ethics is for the good of individual and society both. Basically ethics describes what is right and what is wrong for the society and the individual, And is based on the moral values.

Business Ethics

Business ethics means proper business policies and practices regarding the issues such as corporate governance, discrimination, corporate social responsibilities, and business ethics provide a framework that business may follow to gain public acceptance.

Business Ethics are principles that tells the business the way it should behave. Acting in an ethical way includes distinguishing between 'right' and 'wrong' and then making the right choice. It is relatively easy to find that the business practice is right or wrong.

Human Resource

Ethics in Human Resource

Human resource management is given a large amount of moral, ethical and legal responsibilities in working with human, recruiting them, giving them training and this positive and negative consequences can affect the business in large. Human resource personals must contribute to the organisation with being honest, comply with the laws and make ethical decisions. They must also be familiar with many types of labor laws.

Ethical issues in HR 

1. Performance appraisal and evaluation-

Performance appraisal is a tool for employers to know how their employees are performing at the company. It can be in the form of monetary or non monetary incentives. So during the judgement of any staffs the manager must give the judgement ethically by not making bias result of any staffs performance. And not showing the personal issues or feelings for any staff to judge them and give them proper performance appraisal.

2. Safety and Health-

The human resource personals should provide a safe and hygienic workplace to their employees. They should make a Health service team which main work is to achieve a safe and healthy workplace and to improve the health of the workforce. They should provide proper safety instruments to staffs and proper health facilities like they should arrange medical checkups of the staffs every month.

Unethical issues in HR

1. Delay in Payment of Salaries-
Many organisations are not paying salaries to tjier employees on time intentionally or unintentionally. Due to which the employee have to suffer and it is not ethical at all.

2. Sharing Of Personal Information Of Employees-

HR files should be kept in a secure place or stored in any safe software and the file should be opened only when necessary for any work of management purpose. Sharing personal information of the employees with anyone else without the permission of a supervisor is an unethical practice. The HR personal should make sure the human resources employees understand the confidentiality with whome personnel files should be kept.

Marketing

Ethics in Marketing-

Marketing ethics is a set of moral principles and values that need to be followed during marketing. They are the general set of guidelines which helps the companies to make the ethical marketing strategy. Ethics in marketing promotes the honesty in the advertisements of the companies, providing proper goods and services at right price, etc.

Ethical practices in Marketing-

1. The information collected from the customers or any respondents should not be used for any other purpose or any other research work. It should be kept securely and the data should not be given to any other companies.

2. The person collecting the data from the respondents should not force any respondents to give the answer the answer should be unbiased and the same answer as given by the respondent should be recorded.

3. The customers should not be forced to purchase any product.

Unethical practices in Marketing-

1. Under Delivering and Over Charging-

Many marketers adopt the unethical practices of promising the customer a lo of things within a package. However, once the customer purchase the product, they are told that the extra items are out of stock. This is a unethical  and disappointing event and could lead to a lot of anger and frustration among the customers.

2. Forcing the customers to make a purchase-Many ways are there to convince people to buy the commodity. This may be done honestly or some times in a forcefuly.

In most cases the product should sell itself  through referrals. The seller may inform customer of what is the use or what will be the benefits for them if they purchase that product. And you could say what differences your product have from other.

Finance

Ethics in Finance-

There are many situations where you could act without considering if it is ethical or unethical. For example, people would not think much of someone claiming personal traveling expenses as official travelling expenses to save tax, and this is not an ethical work.

Ethical issues in Finance-

1. Timeliness and fair in providing financial information- Timely financial information is very important. Management investors and stakeholders need the information to make the right decisions.

2. frauds in the financial sector- legal authorities define fraud as a crime, this involves frauds in insurance sector, bank frauds, credit card fraud, etc.

Unethical issues in Finance-

1.- Opening of current accounts in different banks to avoid the adjustment of the loan taken earlier by bankers.

2.- Cheating employees of their dues of medical expenses, travel allowance, etc.

3.- Delay in payment of interest to the financiers, dividend, incentives and bonus to the employees.