Businesses are under increasing pressure to be professional, responsible and ethical in their
operations. This implies that businesses must find ways to focus on profits and to adhere to
professional, responsible and ethical business practices.
Write detailed notes and refer to the following aspects:
1.1) Outline FIVE ways in which professional, responsible and ethical business practice
should be conducted.
1.2) Distinguish between professional behaviour and ethical behaviour.
1.3) Describe how the pricing of goods in rural areas, sexual harassment and unauthorised
use of funds pose a challenge in a business.
1.4) Recommend ways in which businesses may address EACH of the abovementioned
unethical business practices.
Answer:
1.1) Introduction
Ethical behaviour and business practice are expected from every employee in the business.
Ethical and professional behaviour means that the highest legal and moral standards are upheld
when dealing with stakeholders. Businesses that adopt professional, responsible and ethical
business practices will remain profitable/ sustainable over a long period of time.
1.2) Professional, responsible, ethical and effective business practices:
Businesses should treat all employees equally.
Plan properly and put preventative measures in place.
Pay fair wages/salaries which are in line with the minimum requirements of the
BCEA/Remunerate employees for working overtime/during public holidays.
Engage in environmental awareness programmes/Refrain from polluting the
environment, e.g. by legally disposing of toxic waste.
Refrain from starting a venture using other businesses' ideas that are protected by law.
Business decisions and actions must be clear/transparent to all stakeholders.
Businesses should be accountable /responsible for their decisions and actions/ patent
rights.
Hiring honest/trustworthy accountants/financial officers with good credentials.
Regular/Timeous payment of taxes.
Draw up a code of ethics/conduct.
On-going development and training for all employees.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Michael420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R150,00. You're not tied to anything after your purchase.
