Overview
This lecture covers the key concepts of professionalism and ethics in business studies for Grade 11, including definitions, principles, theories, and practical applications in the workplace.
Introduction to Professionalism and Ethics
- Professionalism is using skills, abilities, and knowledge to perform a specific job well.
- Ethics involves making decisions based on what is right for society and the public.
- Combining professionalism and ethics helps employees act in their own and the business's best interests.
Differences Between Professionalism and Ethics
- Professionalism is about expected behavior and standards within a profession (e.g., dress code, punctuality).
- Ethics is about broader societal principles of right and wrong.
- Professionalism focuses on reputation and conduct; ethics focuses on values and moral decision-making.
Principles of Professionalism and Ethics
- Competency: Using expertise for the benefit of the organization and society.
- Integrity: Doing the right thing even when not supervised.
- Respect: Treating colleagues and clients with dignity.
- Objectivity: Acting fairly without favoritism or bias.
- Confidentiality: Not disclosing sensitive information without permission.
- Transparency: Full disclosure when required; actions are open and honest.
- Conflict of Interest: Avoiding situations where personal interests conflict with professional duties.
- Commitment: Respecting others’ rights and the image of the workplace.
- Caring and Environmental Responsibility: Giving back to communities and protecting the environment.
Theories of Ethics
- Consequential Theory: Actions are judged good or bad based on their outcomes.
- Common Good Approach: Business values should align with societal values, which differ by region.
- Rights Approach: Focuses on respecting individual rights and dignity.
Good vs. Bad Business Decisions
- Good decisions are thoughtful, ethical, and benefit the business and society (e.g., fair expansion).
- Bad decisions are impulsive, ignore ethical principles, and may harm the business (e.g., hiring unqualified staff).
Responsible and Ethical Business Practices
- Treat all employees equally regardless of personal characteristics.
- Include equality and respect in the mission statement.
- Ensure a safe and fair working environment.
- Pay fair wages, including for overtime and public holidays.
- Produce goods/services to required ethical standards.
- Avoid using copyrighted names/ideas.
- Provide equal access to opportunities and resources.
Benefits of Ethical Business Practices
- Builds a good reputation and attracts investors.
- Increases customer loyalty and positive image.
- Maintains high staff morale and productivity.
- Avoids legal penalties by being environmentally compliant.
Examples of Ethical Practices
- Following codes of conduct and joining ethical organizations.
- Practicing fair advertising and honest business dealings.
- Paying fair wages and supporting community initiatives.
Key Terms & Definitions
- Professionalism — The standard of behavior and competence expected in a profession.
- Ethics — Principles of right and wrong guiding behavior in society and business.
- Code of Conduct — Set of rules outlining expected professional and ethical behavior.
- Integrity — Doing the right thing, even when unsupervised.
- Transparency — Openness and honesty in business dealings.
- Conflict of Interest — Situation where personal and professional interests clash.
Action Items / Next Steps
- Review this chapter for upcoming exams.
- Study bullet points as single facts; avoid separating them in exam answers.
- Complete any assigned readings or textbook exercises on professionalism and ethics.