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importance of ethics in strategic management

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As children, we are taught what is good, bad, right or wrong by parents, educational institutions and social groups. “It is the set of moral principles that governs the actions of an individual or a group.”. The latter part of this definition is what intertwines ethics into strategic management. Managers do not deliberately avoid ethical practices but unintentionally they make decisions whose moral implications are not taken into consideration. Many of those decisions do not require “right” or “wrong” considerations; they are morally neutral and require strategic thinking, not ethical deliberation. Being ethical means companies must be aware of society's values and standards and operate in a manner that is conducive to those. To ensure you establish the right policies, several organizations are available to help you operate in an ethical manner. Meaning of Management Ethics: ‘Management Ethics’ is related to social responsiveness of a firm. Management ethics involves leaders protecting their employees, customers and society as a whole from any negative consequences that could arise from the actions of their businesses. The chain of command is, thus, a barrier to reporting unethical activities of superiors. This develops a sound organisation culture that promotes image of the organisation in the society. Labour laws protect the interests of workers against unethical practices. in Educational Leadership – Principal & Superintendent Certification, Master of Early Intervention and Child Development, M.S. This is perhaps due to the reason that managers are moving away from the concept of values and ethics. Move from unethical actions to ethical actions. It is important, therefore, for firms to suffer short-term losses but fulfill ethical social obligations to secure their long-term future. The visionary manager must be practical, dynamic and capable of translating dreams into reality. Not only do their decisions impact their own jobs and livelihoods, they also have consequences (positive or negative) for the business as a whole, including personnel, customers and the community in general. It is a standard of behaviour that guides individual managers in their works”. 5. Co-ordination: It coordinates organisation’s internal environment with the external environment, financial resources with non-financial resources and short-term plans with long- term plans. Managers have to work with dedication. By taking time for regular assessment of their teams’ business ethics, managers can help team members grow as individuals, which, in turn, improves the team. It strikes harmony in working equilibrium, in thoughts and actions, goals and achievements, plans and performance, products and markets. in Native American Leadership - Healthcare Information Systems, M.S. This dynamism and strength of a true leader flows from an inspired and spontaneous motivation to help others. Though every individual and group has a set of ethical values, the following guidelines are prescribed by James O’Toole in this regard: Obeying legal practices of the country is conforming to ethical values. Importance of Business Ethics in Strategic Management Ethics are a set of moral standards that are relied upon to reach conclusions and make decisions. Content Filtration 6. Imposing penalties and threats for not conforming to ethical behaviour can reduce unethical activities in the organisation. strategic management process (McManus and White, 200 8). As we say good follows well. There are many ways in which the basic human values – truth, righteousness, peace, love and non-violence can be practiced in the day-to-day conduct of business. Values refer to intrinsic worth or goodness. 2. They are, therefore, morally and socially committed to look after the interests of society by adopting ethical business practices. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. Privacy Policy 9. Take the best from the western models of efficiency, dynamism and excellence and tune them to Indian conditions. The behaviour of top managers is followed by others in the organisation. They develop the attitudes, perceptions and motives that shape the behaviour of people working in the organisation. Three types of management ethics or standards of conduct are identified by Archie B. Carroll: It implies lack of ethical practices followed by managers. ‘Management Ethics’ is related to social responsiveness of a firm. 7. In this way, management ethics has a critical impact on overall business ethics within an organization. Management ethics are a crucial component of safeguarding individuals and groups from the potential negative consequences of poor managerial decision-making. 6. Ethics in Strategic Management Dr. Paul Doherty, University of Waterloo Background This course discusses the major areas of concern in the field of business ethics today. Ethical values and social responsibility serve an important role in the strategic planning process. In a business environment, ethics are a key factor in responsible decision making.

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