Ethics Definition
What are the moral principals that guide a company's conduct?
CODE OF ETHICS
What is the focus of Corporate Social Responsibilty?
FOR BUSINESSES TO SHOW SOME RESPONSISBILTY FOR THE STAKEHOLDERS AND COMMUNITY AT LARGE APART FROM JUST MAKING PROFIT
Define sustainability in business
meeting present needs without compromising future generations
Who are stakeholders in a business?
THEY ARE individuals or groups affected by a company's decisions
What is minimum wage policy?
IT IS a policy where a minimum wage rate is set to be paid to the workers so they are not exploited
Why is ethical behavior important for business?
TO avoid reputational damage and legal consequences
Name a key area of CSR
Environmental sustainability
ethical labor practices
community engagement
philanthropy
What is an example of an environmental sustainability practice?
reducing pollution and waste
THERE ARE MANY
What is a key practice in stakeholder engagement?
IT IS active communication and collaboration.
Who oversees the management of a company?
the board of directors
What is an ethical dilemma?
a situation where a choice must be made between conflicting moral principals
What are some benefits for CSR
Enhanced reputation, customer loyalty, employee engagement, risk management.
How does sustainability relate to economic goals?
maintaining long-term profitability while contributing to society.
How can businesses build positive relationships with stakeholders?
BY TAKING CARE OF THIER NEEDS .
TRUST
What role does MINIMUM WAGE POLICY play for any worker?
IT ensures they are not exploited and paid fairly for their work
How does ethical leadership influence a company?
IT fosters a culture of integrity and responsibility
What challenges do businesses face with CSR?
THEY FACE THE CHALLENGE OF balancing social and financial goals
What is the social aspect of sustainability?
ensuring fair labor practices and promoting diversity.
Why is addressing stakeholder concerns important?
To proactively manage expectations and feedback
Which of the following is an ethical reason for paying workers more than the minimum wage?
a) To reduce employee turnover
How do business face scrutiny over ethical practices?
Through demands for transparency and accountability from stakeholders
What does greenwashing mean?
Misleading claims about environmental practices.
Why is sustainability important for businesses?
To ensure their long-term success and responsibility.
How can stakeholder feedback be integrated into decision making?
BY incorporating into business strategies and practices
The main ethical debate around minimum wage is:
a) Whether it increases inflation
b) Whether workers are paid a “living wage”
c) Whether businesses can afford automation
d) Whether managers earn bonuses
Whether workers are paid a “living wage”