BBA Study Material Imp Short Notes of Ethical Values
BBA Study Material Imp Short Notes of Ethical Values
A value is a belief, a mission, or a philosophy that is meaningful. Whether we are consciously aware of them or not, every individual has a core set of personal values. Values can range from the common place, such as the belief in hard work and punctuality, to the more psychological, such as self-reliance, concern for others, and harmony of purpose.
When we examine the lives of famous people, we often see how personal values guided them, propelling them to the top of their fields. For example, one actor was motivated by his commitment to social justice, which held to important acting roles related to that value that made him world famous. Likewise, a well-known business CEO was motivated by the personal value that technology should be easy to use, which caused his company to spawn a technology revolution. Whatever one’s values, when we take them to heart and implement them in the smallest details of our lives, great accomplishment and success are sure to follow.
Values are the deep seated ideas and beliefs that manifest (show) themselves as behaviour or conduct
Values are abstract ideas that shape an individual’s thinking and behaviour. Values are the assumptions what is right and important or society and business. Ethics are based on society.
ETHICS : It is a branch of philosophy.
It is the study of both moral and immoral behaviour in order to make well founded judgments and to arrive at adequate recommendations.
In management, business value is an informal term that includes all forms of value that determine the health and well-being of the firm in the long run. Business value expands concept of value of the firm beyond economic value (also known as economic profit, Economic value added and shareholder value) to include other forms of value such as employee value, customer value, supplier value, channel partner value, alliance partner value, managerial value, and societal value. Many of these forms of value are not directly measured in monetary terms.
Business value often embraces intangible assets not necessarily attributable to any stakeholder group. Examples include intellectual capital and a firm’s business model. The Balanced scorecard methodology is one of the most popular methods for measuring and managing business values.
Values and ethics are closely related with each other. Ethics is the entire body of moral and values are the language of ethics. No value is applicable to all individuals or organizations or societies just as there are no universally accepted standards of ethics. values and ethical norms change over time. BBA Study Material Short Notes of Ethical Values
A system of shared values and beliefs, which prescribes behavioural norms to judge the activities of members of an organisation, is called corporate culture. It reflects the organizational culture within which people consider the same things important. When employees understand and share the corporate values, their behaviour tends to be uniform and consistent. For example, if every employee of a company believes in ; customer satisfaction, the company will perform better
Values play a vital role in business affairs in the following ways :
- Corporate Culture : As stated earlier, an effective value system creates a strong corporate culture which is necessary for high performance and growth in business. Companies which have given excellent performance year after year follow high corporate values such as “Corporate is the king”. People are our biggest assets, etc.
- Ends Means Chain : Values help to establish proper relationship between business goals and means. When business adopts well-considered social values, its goals are socially justifiable. Business values are useful for determining socially worthwhile goals which in turn determine sound business practices for attaining these goals.
- Guides to Action : Business values serve as social guides to decisions and actions in These values provide the right answers to the basic question as to what is good business. Values are universal in nature and indicate to businessmen the right behaviour.
- Objective Standards: Business values serves objective standards or norms which the conduct of businessmen and their performance can be judged.
- Social Responsibility : Business has social obligations. Business values help to persuade businessmen to discharge their social obligations. Business firms follow ethical norms to fulfill their responsibilities to different sections of society.
A Comprehensive View Of Values
Since the time of Descartes (Smith, 1957) and Locke (1960), the theory of knowledge has got more importance than the theory of values, which has resulted in the total divorce of philosophy from life. In fact, the theory of knowledge is just one part of the theory values, called logical value. Logical values deal with preliminaries relating to knowledge in general. These preliminaries are either psychological or logical, according to their concern with the nature of knowledge as a fact of mental life or with its validity as pointing to an object beyond itself.
Indian philosophy presents a comprehensive understanding of values. M. Hiriyanna, addressing a gathering of scholars at the Bhandarkar Oriental Research Institute, Pune (1937), expressed, “The subject of value is a very complicated one….I have for long felt that Indian Philosophy is essentially a philosophy of values. In his book, Indian Conception of values, he gives an idea of the values of life a conceived in ancient India (M. Hiriyanna, 1975). He describes four types of values :
- Logical Values (true value)
- Ethical Values (good value)
- Absolute value (ultimate value),
- Aesthetic value
- Logical Values: Logic is both a science of proof and a science of discovery. All knowledge prompts the know to act in accordance with it. In the absence a motive knowledge will not have any practical outcome, but it does not follow its logical quality is not questioned. What are the ways of knowing that we accept a valid, i.e., revealing hear that there is ghost in a tree, should we accept the knowledge as valid? Hearing rumors cannot be accepted as valid means of knowledge.
The cognitive value of knowledge is determined by the given object laws of logic, or, in other words, by the nature of reality and the nature of Knowledge does not derive its validity from its success as an instrument activity is not constitutive of truth, but is only a consequence of it. BBA Study Material Short Notes of Ethical Values BBA Study Material Imp Short Notes of Ethical Values
Six means of knowledge reveal the existence and nature of things hitherto unknown to be but dealing with everyday truth
(Raju, 1985; Montague, 1925). These sic valid means of knowing are:
- Word or language
- Ethical Values: Values can also be considered as desires and obligations. It is the distinction between ‘I want to’ and ‘l ought to’. In case of conflict between these two values, there is a question of values as a preference or what is justified morally. Therefore, the first axiom of a philosophy of values is that things are preferable to or worthier than others.
Ethical values deal with moral truth and dwell upon the importance of virtuous conduct, These values are based on the concept of obligation. This concept comes from the idea of ones indebtedness to those that have conferred him existence. The motive shifts from gratification desire to fulfillment of duty. No specific good as such is sought through it. It is only in general that good motivates action here.
Ethical values signify the basis of all order-whether social or moral. Ethical virtues are intelligent ways of reviving a man’s exhausted energies and fatigued spirit. By living healthy values of a righteous life, the individual frees himself from his self-made entangle BBA Study Material Imp Short Notes of Ethical Values
- Absolute Values: Logical and ethical values are not considered ultimate values Indian thought system. What is an ultimate value? An absolute classic value or value in itself. But an intrinsic value may conceivably serve as an ins value also. A second feature is that it must be all comprehensive The pleasure of the Palate.
An ultimate value should be all-satisfying. Borrowing the words of Aristotle, we may describe it as that ‘end which we wish for its own sake and for the sake of which we wish everything else. There are three spiritual values-truths, goodness and perfection and they May be designated as absolute or ultimate values. The practice of goodness as well as the pursuit of truth is oriented towards the ultima5e end of life. Knowledge of truth presuppose practice of goodness, and the practice of goodness presupposes the knowledge of truth to attain either completely, both are necessary. Truth and goodness is, both are instrumental They are also, at the same time, interdependent. The ultimate value is represented by the result to which their combined pursuit leads. BBA Study Material Short Notes of Ethical Values
- Aesthetic value : These values deal with the appreciation of the intrinsic perfection of nature. If someone does not enjoy pleasure from watching nature, it is purely due to his or her limited outlook or lack of right knowledge, and not due to any imperfection in nature.
In realistic view, ugliness is real, so beauty by itself can never be experienced .It is possible for us to mentality abstract the aspect of beauty from any object or situation and contemplate on it by itself. But that would not be beauty of nature but a selection with the eye of imagination. If someone is not able to discern this intrinsic beauty, it is because of distraction by personal and practical concerns and narrow desires. One has to transcend personal attitude and reach a point of detachment, though temporarily, before one can apprehend beauty in nature and enjoy it.
Spiritual values are the most important source of information. Spiritual values are the important source of creativity and this plays an important role in improving the quality of life. There are the following points to express the spiritual values which business professionals must have… BBA Study Material Imp Short Notes of Ethical Values
- Managers must have higher consciousness : The spiritual values for managers focuses on having higher level of consciousness which means that a manager must be aware of positive and negatives attached to his action and undertake decisions which his conscious permits.
- Wisdom and Skill: Any act performed by a person must follow an approach of wisdom in which there is a spiritual support and it is automatically reflected in the behaviour of a person. e.g. a manager in the organization who believes in the existence of God utilizes his skills in a better way.
- Spiritual values in terms of divine qualities : There are number of qualities in an individual which can be termed as spiritual values. e.g. respect for self, respect for God, belief in giving more than grabbing etc.
- Spiritual values in terms of inspiration and participation : High level of inspiration can be achieved through any source of life and participation in terms of spiritual values which means purification of heart, feeling and expression. Inspiration can be achieved through God or can be through any living or non living object.
These are the one which are not concerned with the spiritual aspects which means their focus is not on religious affairs of the world; their focus is more on facts and science. Following are the points to explain the secular values :
- Focus on factual realities : Under this all the decisions are to be taken on the basis of facts and the real situation o the circumstances. There is no other consideration is taken into the mind instead of reality.
- To take the person on the basis of actuality : This means secular value focuses on the facts and the way of life is to behave with the persons on the basis of their response.
- Secular values focus on practical orientation and independent efforts.
- Secular values focus on facts and science.
- Secular values believe in lack of disparity inequality, difference). BBA Study Material Short Notes of Ethical Values
The valuing process, or self-appraisal is effective in achieving self- enhancement. By this process, we become aware of the experiences which have commonality se value directions enhance our development and contribute to the survival of human race. We should choose values freely from alternatives after considering the effects of the various alternatives. They should be acted upon consistently and publicity to achieve potential.
When we carry out this self appraisal, we experience certain value direction in life such as :
- We move away form facades, we defensiveness and putting up a front.
- We move away form meeting expectations of others and pleasing others as goals in life.
- We move towards being ourselves, aware of our real feelings.
- We discover an increasing pride and confidence in making our own choices, guiding our own life.
When we follow these value experiences we become sensitive to our own inner reactions and feelings, the concern and feelings of others, and the realities of the objective and subjective world. Concern for others and acceptance of others result in lasting relationships.
Indian Value And Changing Value System In India
The religious literature of India includes the ideas and many different separate books. For e.g. Bhagwat Gita and various religious practices.
The previous values systems prevailing in India was basically pious (sacred) having the moral principles of respect, trustworthiness etc.
But with the changing times and the upcoming of the modern times, we as Indians are how were directed by the Western Culture. All these lead to the erosion of Indian values. BBA Study Material Imp Short Notes of Ethical Values
The changing scenario of Indian value system can be analysed as under:
- Earlier, there was a system of lose joint family which developed the value of togetherness, sharing respect for elders, love and care for the younger ones but with the modern development today the value system is directed towards the Nuclear value
- The previous values of promise keeping, trustworthiness, sincerity are not available in modern times.
- Earlier, punctuality and hardworking were the core values among the individuals whereas the values have been eroded in the modern era.
- Earlier, Indian used to respect each other very much. They treated guests as God, but now no more people are concerned about others. They no longer respect others. BBA Study Material Short Notes of Ethical Values
They respect only those with whom they feel it would be beneficial for them with respect to money matters. Now they respect an individual in his or her front and in actual they hate the person on his back and don’t even like to talk with that person.
- Earlier, there was a system of sincerity; an individual has a belief on other, helping nature among all the individual, hard workers. But today value system has changed. Now, no longer people are sincere. They do not want to work, they have become work shirkers. They are just concerned about their salary and wages which they are earning. They want to earn without performance.
- Earlier, there was system of simplicity among the people. They used to wear clothes for covering their body but now the system totally changed. They wear clothes just for fashion.
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