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MANAGERIAL ETHICS Introduction The word ethics is derived from the Greek work ethos which refers to the character and sentiment of the community and standards of behavior Ethical means conforming to the standards of a given profession or group Any group can set its own ethical standards and then live by them or not Ethical standards whether they are established by an individual a corporation a profession or a nation help to guide a persons decisions and actions The commonly accepted definition of ethics is rules or standards that govern behavior Managerial decision making is the type of behavior that managers are paid to do They must make choices among alternatives and these may vary in terms of their perceived ethicality The argument might be that ethics and morality ought to be kept as an exclusive part of religious and educational organizations When morality intrudes on the business organization it has a potential of diverting from the organizations main objective to make money and as a result lead to deprive stockholders returns But there is an increased realization that managers needs to be more responsible not just to their stockholders but also to their other stakeholders - consumers employees suppliers the government and local communities There is a need for ethics to be a part of management We see business leaders taking bribes being dishonest biased toward age gender race and ethnicity and committing sexual harassment There is a lack of moral integrity among business leaders and professionals Many unethical acts also overlap with the law One of those unethical act by American executives is bribery Bribery is used to turn power to the advantage of the person offering Before the passage of the Foreign Corrupt Practices Act of 1977 it was estimated that approximately 400 American companies paid millions of dollars in bribes for business favors This act makes it illegal for companies to exchanging money or material goods for
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