Professional Ethics

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Transcript of Professional Ethics

The Winning Edge

A Professional Ethics Corporate ValueTwo Day State Level UGC Seminar on

Inculcating Professional & Personal Ethics & Value Systems in Students, for a BetterChhaya Sehgal 1

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"Winners Never Cheat; Cheaters

"If you plot and connive to deceive people, you may fool them for a while and profit thereby, but you will without fail be visited by divine punishment. Shinto religion teaching "There is no more difficult place to find an honest man than on WallChhaya Sehgal

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To

enable people to appreciate themselves and others, and to take greater responsibility for their actions and for the world around them. Moral Values are linked toChhaya Sehgal 3

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Moral Values AreThese

values may be classified as: Personal Values Social Values Moral Values Spiritual Values and Behavioural valuesChhaya Sehgal

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ValuesDetermineHow you go about getting things done How you treat people How you spend your time

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Based on core values Consensus acceptance Shared Penalized for breaches(dishonesty and manipulative gain are examplesChhaya Sehgal 7

Ethics

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First, economists have ethical values that help shape the way they do economics. This builds into the core of economic theory a particular view of how the economy does work and how it should work. Second, economic actors (consumers, workers, business owners) have ethical values that help shape their behavior.Chhaya Sehgal 8

Ethics And

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Economic Unethical? What Isinstitutions, rules,

practices which disadvantage the poor will be viewed as unethical Ethical behavior requires progressive intent: the poor should benefit disproportionately Hypocritical behavior viewed as unethicalChhaya Sehgal 9

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Is Business All About Making Profits ?Ethical Trade JustChhaya Sehgal 10

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shareholders Long Term Survival & Growth Profit Maximization Sales Maximization Cost minimization Increase in market share Growth of the firm/ business Industry Leadership Produce quality products Increase in customer satisfactionChhaya Sehgal

Business & Wealth Maximization of

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EthicsUK's

Every Business Should Have An

Institute of Business Ethics (IBE) surveyed 350 firms which showed that 'ethical' companies outperformed those which made no such claims; on three out of four financial measures (market value added [MVA], economic value added [EVA] and price/earnings ratio).

IndividualBy

empowering the individual, decisions can be made more quickly and efficiently

CommunityThe

relationship the business creates are generally its most undervalued assets

Profit making for Self-SustainabilityChhaya Sehgal

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HumanasValues by Brings out the best in employees it has been provenFOR EMPLOYEES:research that 'Customer satisfaction is contingent on employee satisfaction'. Helps in attracting and retaining the best talent. Talent finds comfort in an environment of universal values; and attrition gets reduced.

FOR CUSTOMERS:Competition has provided Customers with numerous options. They will choose products and services that satisfy their needs. The identification of unique needs and providing solutions for satisfying them, will attract Customers. Helps Customers to build trust in the company.Chhaya Sehgal Helps in delivering Customer delight. 14

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Profits Are Clearly

Happy Employee = Happy customers Increase in employee productivity = Increase in sales Costs on employee is INVESTMENT for future Reduce employee turnover Reduce employee absenteeism Increase productivity, commitment and engagement Increase morale and job satisfaction Increase profitsChhaya Sehgal 15

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Ethical financial management ultimately refers to total quality consciousness at all the phases of value chain of any enterprise. The customer must get the best quality at the reasonable price which ultimately leads to a virtuous cycle of perpetual success as depicted by diagram above. Neglecting quality is not just an ethical blunder but also it is very logical, natural and simple that an unethical environment would only promote deficient Chhaya Sehgal quality awareness and leads to vicious circle of 17

The Vicious

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This is important because: Customers want higher Quality and Value at a lower price. This is an absolute global reality A value packed product or a service makes sure that the Customers feel that they have received Value for Money It helps in creating Customer delight and makes them brand ambassadors It enables to concentrate more on substance rather than styleChhaya Sehgal 19

Value For Money

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Market Leadership Can Be Retained For Years If Quality And Ethics Go Together

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Entrepreneurship And True entrepreneurship can be nourished only Ethical

if an all round ethical financial planning and control system is created and used. Ethical entrepreneurship requires cultural support and a constant assessment at all levels in the organization. Ethical economics is normally disturbed by one or more of the three aspects of the overall performance framework end targets, means and methods to achieve such targets and the time within which the targets are to be achieved.Chhaya Sehgal 21

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Every Business Should Have An Ethical Plan normally start The results of ethical practiceslate on the performance curve of the organization. It is also expensive but the results are big and sustainable compared to those unethical and shortcut tactics and relationships. One has to work hard to establish the brand equity practicing high standard of ethics. The following long term self supportive cost effective chain of business iterations gets activated again and again once ethical brandChhaya Sehgal 23

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Beliefs Identity Vision Mission Purpose Values ETHICS Goals

Wisdom denotes the pursuing of the best ends by the best means.25

Targets Results build CORPORATE VALUE Chhaya Sehgal

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The best leaders operate in FOUR DIMENSIONS: VISION, REALITY, ETHICS AND COURAGE. These are the four intelligences, the four forms of perceiving, the languages for communicating that are required to achieve meaningful, sustained results.Chhaya Sehgal 26

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To us in Wipro our primary satisfaction comes not only from the robust financial results but from the fact that this success has been built upon a strong foundation of values. Azim H. PremjiChhaya Sehgal 27

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Wipro vs software

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Wipro vs electric lighting companies

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Wipro vs medical equipment companies

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Wipro vs solvent extraction companies

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First, we create an obsession with excellence. Second, we need to build a collective self-confidence. Third, we must understand the difference between perfection for its own sake and excellence. Fourth, we must realise that we cannot be the best in everything we do. We must define what we are or would like to be best at and what someone else can do better. Fifth, we must create processes that enable excellence. Sixth, we must create a culture of teaming. Seventh, invest in excellence for the future. Finally, excellence requires humility.

Mantras for excellence

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AZIM32

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The surest way to reveal ones character is not through adversity but by giving them power. Abraham LincolnChhaya Sehgal

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Tata Steel led by Ratan Tata, Chairman of Tata Sons, and Muthuraman, CEO of Tata Steel in 2006 and 2007 spent millions of dollars on education, health, and agricultural development projects, Though the business carries his the headquarters in 800 villages near Jamshedpur name, he only draws a salary from Tata Sons, Ratan Tata takes of Tata Steel. personal modesty very seriously and what really excites him is his ability to combine the Chhaya Sehgal 34 philanthropic heritage of the Tata group with

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He has clearly developed a global footprint for the Tata companies by the aggressive acquisitions of Tetley Tea (UK), Daewoo Commercial vehicles (Korean company) and Corus Steel (UK) (Media Reports, Tata Sons, 2007). Through his development of a now much hyped low cost peoples car, Nano Ratan Tata reinforces his legacy of commitment to the common man while at the same time recognizing the explosive profit potential in the growing segment of the upwardly mobile in India. Ratan Tata is a leader with a strong sense of ethics and who has tried to be competitive in the Chhaya Sehgal 35

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The supreme quality for leadership is unquestionably INTEGRITY. Without it, no real success is possible no matter whether it is on a section g