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Business studies

Business studies

Postby binky15 » Sun May 14, 2017 10:11 pm

Explain how ethics could influence the objectives and activities of a private sector business
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Re: Business studies

Postby einstein2012 » Fri May 26, 2017 9:33 am

Let's start with some examples:

The firm may choose not to invest in companies producing alcohol, tobacco.
It may not buy from suppliers who are known to use child labor.
It may initiate certain HR practices e.g. minimum no. of paid sick leaves, even if its not the market norm, legal requirement, or trade union pressure.
In hiring, when presented with two equally qualified candidates, it may give preference to certain needy individuals, e.g. a widow.
It may decide not to practice discrimination among clients - e.g. an educational institute refusing to award admissions without academic merit.
It may choose to practice a lower wage differential than the market for its employees. etc.
As part of its Corporate Social Responsibility activities, it may raise awareness over issues such as domestic violence, smoking hazards, spend on educational programs, use environmental friendly production means e.g. solar electricity (even when its more expensive), donate in charity etc.
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