1. Following codes of ethics
1.1. What professions have code of ethics?
1.1.1. engineering, medicine, accounting, architecture, ect.,
1.1.2. Example: APES110 Code of Ethics for Professional Accountants; International Code of Ethics for Professional Accountants
1.2. code of ethics: sets out standards of conduct that members are expected to uphold
1.3. 5 fundamental principles of Code of Ethics for Professional Accountants
1.3.1. integrity
1.3.2. objectivity
1.3.3. professional competence and due care
1.3.4. confidentiality
1.3.5. professional behaviour
1.4. Threats to decision making
1.4.1. Six main types of threats
1.4.1.1. self-interest threat
1.4.1.1.1. financial or interest --> inappropriately influence member's judgement or behaviou
1.4.1.2. self-review threat
1.4.1.2.1. a member will not appropriate evaluate the results of a previous judgement made or service performed
1.4.1.3. advocacy threat
1.4.1.3.1. a member promtotes a client's position to the point that the member's objectivity is compromised
1.4.1.4. familiarity threat
1.4.1.4.1. long and close relationship with a client; member will be too sympathetic to their interest or too accepting their work
1.4.1.5. intimidation threat
1.4.1.5.1. member will be deterred from acting objectively because of actual or perceived pressures
1.4.1.6. bias
1.4.1.6.1. a prejudice in favour or against one thing, person or group compared with another
2. Corporate social responsibility (CSR)
2.1. practices and policies --> benefit society and the environment
2.2. Examples
2.2.1. minimising environmental externalities
2.2.2. promoting volunteerism
2.2.3. donating to charity
2.3. CSR is an example of ethical decision making
2.4. with financial cost, benefiting the organisation in the long run
2.5. CSR activities
2.5.1. Ethical responsibility
2.5.1.1. Operating in fair and ethical ways: paying a living wage to employees, only using suppliers treating workers well
2.5.2. Environmental responsibility
2.5.2.1. Operating in ways that donot damage the environment: offsetting carbon emissions, using renewable energy, reducing waste in the workplace
2.5.3. Philanthropic responsibility
2.5.3.1. "giving back" to society through donations
2.5.3.2. Financial, direct to charities, time-based donations
2.5.4. Economic responsibility
2.5.4.1. making financial decisions on the basis that the environment, ethics, and/or philanthropy should be the drivers of business, not profit
2.5.5. Benefits of CSR
2.5.5.1. a powerful marketing tool: organisation position in the eyes of consumers, investors, and regulators
2.5.5.2. improve employee engagement and satisfaction: attract potential employees with strong personal convictions and match the organisation
2.5.5.3. force business leaders to examine decision making practices: how they hire and manage employees, source products or components, and deliver value to customers
3. Ethical decision making
3.1. Business thics
3.1.1. Application of ethical or moral princiles to business operations
3.1.2. Topics
3.1.2.1. how organisations behave
3.1.2.2. the principles they work towards
3.1.2.3. the values that organisations uphold
3.1.2.4. how organisations relate to customers and employees
3.1.2.5. how organisations respond to challenging scenarios
3.2. Ethical dilemmas
3.2.1. debate: how people or organisations should act
3.2.2. situations: difficult choice
3.3. Example of ethical challenges in business
3.3.1. how organisations are contributing to the fight against climate change
3.3.2. how organisations cover up sexual assault, harassment or misconduct by senior employees
3.3.3. how individuals within organisations use their influence to offer bribes or illegal contracting practices
3.3.4. how manufacturers use sweatshop labour to provide cheap consumer products
3.3.5. how organisations sell financial products to customers
3.4. Acting ethically
3.4.1. Benefits for organisations and avoiding controversies
3.4.1.1. obtain employee buy-in: more comitted and trusting of new initiatives
3.4.1.2. maintain investor relations and trust
3.4.1.3. trust from customers
3.4.2. foundation for making better decisions
3.4.3. Ethical decisions
3.4.3.1. generate and sustain trust
3.4.3.2. demonstrate respect, responsibility, fairness and caring
3.4.3.3. consistent with good citizenship
3.4.4. Example
4. Using technology ethically
4.1. Roles of ethics in technology
4.1.1. increasingly prominent in minds: interacting, designing and implementing technology
4.1.2. Must be understood by: decision-makers in technology - AI, machine learning, predictive analytics
4.1.3. AI with responsibility, accountability, transparency and inclusion
4.2. Ethics in technology: moral princiles that govern how technologies should be used
4.2.1. Principles
4.2.1.1. accountability
4.2.1.2. digital rights
4.2.1.3. privacy
4.2.1.4. freedom
4.2.1.5. data protection
4.2.1.6. online behaviour
4.2.1.7. ect.,
4.3. Ethical techonogy: overarching set of values --> address the organisations' approach to its use of technologies and the ways they are deployed
4.4. Ethical usage of technology
4.4.1. anticipate and address the potential effects
4.4.2. cohesive effort from the top
4.4.3. critical decisions --> protect personal freedoms and using data appropriately
5. Diverse Perspectives
5.1. Undestanding global perspectives
5.1.1. Challenges of going global
5.1.1.1. stop using unethical suppliers --> losing jobs in those suppliers
5.1.1.2. change in local labor market conditions when a new factory being invested overseas
5.1.2. What is a global perspective?
5.1.2.1. a way of looking at the world around us that shapes how we think about humans, societies, cultures, and organisations
5.1.2.2. making an effort to consider things from different points of view and understanding the impacts of decisions across the globe
5.1.2.3. being curious about different cultures and understanding that there are different ways to “do business” and make decisions across the globe
5.1.3. Benefits
5.1.3.1. easier for organisations to do business overseas
5.1.3.2. understand different cultures and can see opportunities within them
5.1.3.3. Observing how organisations do business overseas can create ideas for our own organisations to try
5.1.4. Hofstede’s cultural framework
5.1.4.1. six categories
5.1.4.1.1. Power Distance Index
5.1.4.1.2. Collectivism vs. Individualism
5.1.4.1.3. Uncertainty Avoidance Index
5.1.4.1.4. Femininity vs. Masculinity
5.1.4.1.5. Short-Term vs. Long-Term Orientation
5.1.4.1.6. Restraint vs. Indulgence
5.2. Achieving multidisciplinary teams
5.2.1. Diverse team draw on diverse perspective --> expand number of choices
5.2.2. Multidisciplinary team has team members acrossing business units
5.2.3. Example of multidisciplinary team: one member from HR, another from Finance, another from IT, another from Sales and from Operations
5.2.4. team members who are pulled together who would not normally be working together in a traditional team structure
5.2.5. Benefits
5.2.5.1. understanding of the impacts of those decisions is expanded
5.2.5.2. add more data to help inform better decision
5.3. Achieving diversity
5.3.1. Achieving diverse workplaces
5.3.1.1. Breaking free from existing ways of thinking and doing to achieve real diversity and inclusion
5.3.2. Diversity and inclusion practices
5.3.2.1. to obtain a diverse workforce: operate in a safe and inclusive manner
5.3.2.2. Benefits: to drive innovation, to offer different perspective, help organisations attract top talent, dirving performance and improving decision making
5.3.2.3. Example: organisations in the technology sector often have a workforce with a disproportionate number of males --> attracting and retaining more female employees
5.4. Valuing diversity
5.4.1. Diversity
5.4.1.1. Any dimension: differentiate groups and people from one another
5.4.1.2. Visible or tangible: age, ethnicity, gender
5.4.1.3. Invisible or intangile: thoughts, perspective, experiences, belief systems, faith, culture, and sexual orientation
5.4.2. Equity and inclusion
5.4.2.1. Equity
5.4.2.1.1. Promotion of justice, impartiality, fairness withing the procedures, processes, and distribution of resources
5.4.2.2. Inclusion
5.4.2.2.1. A state of being valued, respected, and supported
5.4.3. Diversity and decision making
5.4.3.1. Diverse perspectives matter in business decision making
5.4.3.2. increasing diverse and inclusive --> make better decisions
5.4.3.3. outperforming industry peers on profitability has increased over time, lacking diversity are getting steeper
5.4.3.4. Need to pay attention to inclusion
5.4.3.5. McKinsey & Company research in gender diversity
5.5. Using cultural intelligence
5.5.1. Definition
5.5.1.1. Intelligence quotient (IQ): measure of ability to reason and used to assess human intelligence
5.5.1.1.1. High IQ - high abilities in reasoning
5.5.1.2. Cultural intelligence (CQ): capability of an individual to function effectively in situations characterised by cultural diversity
5.5.1.2.1. CQ components
5.5.2. Individuals with high CQ
5.5.2.1. aren't experts in every kind of culture
5.5.2.2. skills in new environments with confidence, informed judgements based on obervations and evidence
5.5.2.3. excel at understanding unfamiliar or ambiguous behaviour
5.5.2.4. recognise shared influences among particular groups, to identify the impact of a particular culture
5.5.2.5. know that cultural influences are complex and interconnected
5.5.3. CQ and decision making
5.5.3.1. cultural intelligence predicts adjustment, well-being, cultural judgment and decision-making, task performance in culturally diverse settings
5.5.3.2. be easier and more efficient to make decisions with a group of like-minded people
5.5.3.3. to develop a decision-making process that manages bias, enables a variety of ways for a diversity of individuals to share their point of view, and ultimately reach a decision
5.6. Indigenous perspectives
5.6.1. Aborginal and Torres Strait Islander people
5.6.1.1. is "Indigenous Australian"
5.6.1.2. referred as Koori, Murri or Nunga
5.6.1.3. Aboriginal identities link to language groups and traditional country
5.6.1.4. describe as "saltwater people", "freshwater", "rainforest", "desert", or "spinifex"
5.6.1.5. Consensus approach
5.6.1.5.1. made through collective discussion and consultation
5.6.1.5.2. known as consensus decision making
5.6.1.5.3. maintain harmonious relationships to share ideas and raise concerns
5.6.1.5.4. building legitimacy
5.6.1.6. Governance and culture
5.6.1.6.1. influenced by how these cultures view governance and traditions
5.6.1.6.2. differences between decision making within cultures, capitalist organisations
5.6.1.6.3. organisations can learn and enhance decision making