WGU-D072 Personal Ethics on Fundamentals for Success in Business exam

WGU-D072 Personal Ethics on Fundamentals for Success in Business exam Personal Ethics refers to the ethics a person identifies with, which guides how they interact with others daily. Organizational ethics focuses on rules, principles and standards in respect to the business' activities Identify how ethics impact outcomes in organizations · Organizations tainted by questionable ethics suffer by a decline in their consumer base, increase employee turnover, and mistrust from their investor's. · Setting an unrealistic goal can lead to the compromise of ethics and standards. Example of personal ethics Speaking the truth, respecting elders, and never purposely hurt others. Example of professional ethics. Being punctual, refraining from gossip, and having good time management Provide an example of when personal and professional ethics may conflict Under the 'Code of Conduct,' police officers are obligated to enforce and uphold the law even if they don't agree with it. What are the 4 main ethical issues and their roles within organizations Societal, Stakeholder Issues, Internal Issues, Personal Issues Societal Issues Relates to society and getting involve in societal issues out of care and concern. Stakeholder Issues Anyone affected by the company's actions (consumers, employees, suppliers, and people within the community). Internal issues Relates to relationship between organization and its employees (fairness in management, pay, and employee participation). Personal Issues Deals with how employees treat each other (gossiping, taking credit for someone else's work). What are some benefits to an organization that practices high ethics? benefit from the trust of their stakeholders and has a competitive advantage in the marketplace. Define Corporate Social Responsibility (CSR). when an organization voluntarily engages in issues that are affecting the environment, community or society at large. What is the importance of CSR in the organization and in the community? · It's beneficial to both the organization and its stakeholders. It creates long-term profits and shareholder's trust for the organization. · Attract consumers who share the same values. · Increases organization's brand image (awareness) /creates a better image · Creates an advantage over competitors. CSR is important in the community because · Organization is gives back to the community (food bank/ school supplies giveaways, charities/donations, scholarships). · Ability to influence organization's economic practices. Company in accordance with their commitment example: Company ABC, states that they are becoming more eco-friendly. They show their commitments by manufacturing in a sustainable way, using renewable products, encouraging employees to recycle, partnering with like-minded people within the community. Company in discord with their commitment example: Company DEF, states that they are becoming more eco-friendly, but their actions are contrary. They don't manufacture in a sustainable fashion, don't practice recycling. All the company's actions are detrimental to the environment. Greenwashing Company's actions goes against their ethical commitments. Internal transparency the ability of everyone in an organization to exist within a system of openness, communication, and accountability Whistleblowing when someone tells the public or authorities of alleged misconduct in government department, private company or organization Sarbanes-Oxley Act (SOX aims at improving transparency in organizations by requiring clear reporting practices. Process Management/Business Process management (BPM) refers to management's initiative to design work processes so that they align with the organization's strategic goals Management involves directing a team of employees to work toward achieving a goal. Top management Presidents, CEOs, Executives, and vice president. Middle management- Plant managers, division managers, branch managers, general managers, department managers. First/Front-Line managers Foremen, Supervisors, office managers Interpersonal role focuses on relationship building and communication internally within the company and externally with clients and other stakeholders Informational role spending time to gather, analyze, and sharing information related to the business to those above and below, in order to prioritize, and implement strategies. Decisional role 1. responsible for making decisions, allocating resources, and negotiating. What are the 3 core roles or management? Interpersonal, Informational, Decisional What are the 3 major skills managers should have to manage effectively and accomplish goals? Technical, Communication, Analysis Technical skills understanding everyday challenges, proposing solutions, representing the team, redesigning procedures, having a firm grasp of the tools and procedures, and techniques imperative to the department. Communication skills able to listen and understand employee's issues, motivational factors, and their team's group dynamics, and establishing cordial working relationship with people. Analysis skills able to understand, visualize, and analyze abstract knowledge and concepts; change direction; and improve organizational performance. Explain the Competing Values Framework (CVF) framework use for evaluating the effectiveness of the culture and dynamics of an organization Clan It tends to be more family oriented and flexible, and less structured, and has a more extensive hierarchy (e.g., small start-up business).