DIFFERENT ASPECTS OF MANAGEMENT

ETHICAL CHALLENGES IN HUMAN RESOURCES MANAGEMENT. 

The branch of philosophy that deals with morality. Ethics is concerned with distinguishing between good and evil in the world, between right and wrong human actions, 

it is all about the human being how he deal his/her personal and professional life ETHICAL OR UNETHICAL 
it is all about being loyal, honest and disciple towards your work.

HUMAN RESOURCES professional a given a great deal of moral, ethical and legal  responsibilities in recruiting, training, reviewing, terminating and working with employees
HR plays a very vital role in making decisions towards the organisation 

•  Making the right HR decision is dependent on choosing the right option for action.
•  it means acting fairly and honestly in individual as well as group decision  making

        

Ethical issues that HR faces in any organisation:-

1. employees issues:                                                                                                    
2. → HR professionals are likely to face maximum ethical dilemmas in the areas of hiring of employees.                                                                                                                  → Pressure to hire a friend or relative of a highly placed executive.
4. cash and incentives plans:                                                                                          →Cash and incentive plans include issues like basic salaries, annual increments or incentives, executive perquisites and long term incentive plans
5. employees discrimination:                                                                                            → A framework of laws and regulations has been evolved to avoid the practices of treatment of employees on the basis of their caste, sex, religion, disability, age etc. No organisation can openly practice any discriminatory policies, with regard to selection, training, development, appraisal etc
6. privacy:                                                                                                                            → The private life of an employee which is not affecting his professional life should be free from intrusive and unwarranted actions.

Measures to control unethical behaviors:-

1. create a code of conduct
2. show employees appreciations
3. welcome an ETHICS speakers
4. hire for values
5. administrative reform

THE IMPORTANCE OF ETHICS IN FINANCE.

Ethics in general is concerned with human behavior that is acceptable or "right" and that is not acceptable or "wrong" based on conventional morality They relate to all aspects of life, including business and finance. Financial ethics is, therefore, a subset of general ethics.

ETHICAL ISSUES FACING FINANCIAL MANAGER:-

1. ACCURACY:                                                                                                                                                                 A company’s financial manager ensures that all financial publications accurately and fairly reflect the financial condition of the company Accounting errors and financial fraud,  damage the interests of shareholders, employees and affect confidence in the financial system. Some organizations document ethics guidelines specifically for financial managers                     
2. TRANSPARENCY:                                                                                                                                                              Financial documents reflect a company's performance relative to its peers, and its internal strengths and weaknesses. Regulatory agencies require publicly traded companies to submit periodic financial statements and make full disclosures of material information  Transparency also means explaining financial information clearly, especially for those who aren't familiar with the company’s operations. Financial managers should not hide     
3. TIMELINES:                                                                                                                                                              Timely financial information is just as important as accurate and transparent information. Management, investors and other stakeholders require timely information to make the right decisions.                                                                                                                           
4. INTEGRITY:                                                                                                                                                             Customers, shareholders and employees should be able to trust a financial manager's words. Managers should not allow prejudice, bias and conflicts of interest to influence their actions. Managers should disclose real or apparent conflicts of interest                 

UNETHICAL PRACTICES IN FINANCE:

The unethical practices in accounting are more in proprietary, partnership and private limited companies. it is at lower levels in public limited companies and MNCs.

1. Deliberate abnormal delays in payments vendor, dealers commissions and promotion costs.                                                                                                                                                   
2. Delays in paying wages, interest to financiers, incentive, bonus to employees.                 
3.  Not promoting in statutory payments of ESI, PF, sales tax and excise duties.
4. Cheating employees of their dues towards medical expenses, leave travel assistance, children education fees etc.
5. Taking private finance only from those who are ready to do personal favours to the finance department head.

ETHICAL AND UNETHICAL CHALLENGES IN MARKETING. 

Business ethics is one of the most complicated and contentious subjects in human history. the relationship between doing the right thing and making money has been studied by both academics and business leaders for years with little concesus reached.

ETHICAL beliefs shape the way we live- what we do, what we make and the world we create through our choices.

WHAT IS ETHICAL MARKETING?

ETHICAL  marketing is less of a marketing strategy and more of the philosophy that informs all marketing efforts. it seeks to promote honesty, fairness, and responsibilities in all advertising. ETHICS is a notoriously difficult subject because everyone  has subjective judgments about what is "RIGHT" and what is "WRONG".  

       PRINCIPLES OF ETHICAL MARKETING.

• All marketing communications share the common standard of truth.
• Advertising is clearly distinguished from news and entertainment content.
• Consumers should be treated fairly based on the nature of the product and the nature of the consumer (e.g. marketing to children).
• The privacy of the consumer should never be compromised.
• ETHICS should be discussed openly and honestly during all marketing decisions.

TYPES OF UNETHICAL MARKETING/ADVERTISING.

1. SURROGATE ADVERTISING-   Surrogate advertising finds ways to remind consumers of these products without referencing them directly.
2. EXAGGERATION-     Some advertisers use false claims about a product's quality or popularity. A SLOGAN like "get coverage everywhere on earth" advertises features that cannot be delivered.
3. PUFFERY-    When a advertiser relies on subjective rather than objective claims, they are puffing up their products.
4. UNVERIFIED CLAIMS-    Many products promise to deliver result without providing any scientific evidence. shampoo commercials that promises stronger, shinier hair do so without telling consumers why or how.
5. FALSE BRAND COMPARISONS-    Any time a company makes false or misleading claims about their competitors they are spreading misinformation.