BUS305 Ethical Business Management aims to provide the basic understandings of doing business management in ethical ways. Doing business and its management in ethical terms has become very rare as far as the present global businesses are concerned. Business is most often being indicated as something that has no proper correlation with ethics or moral backgrounds. The reasons majorly constitute the basic attributes that neglected the terms of doing business by doing good for people and keeping in mind the concerns of earth, environment, and sustainable business.
The course seeks to teach the students about the importance of business ethics and nourishing moral values and ideals along with day-to-day business operations and management. Ethical management of a business is the goal that seeks to deliver ethical business management in terms of virtuosity, honesty, probity, accountability, and understanding the socio-economic and environmental concerns of business and industrial footprint. The BUS305 task solutions will cover all the necessary principles and guidance as said and will train the students efficiently.
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Unit details of this course include the following:
Unit code:- BUS305
Location:- Torrens University, Australia
Study level:- Undergraduate
The assessments of the course will be based on the ability of the students to understand the concepts of business ethics and how well they can apply them in the context of business. Generally, there are four basic principles of business ethics that cover the core areas that managers often face during their business operations. Respect for each employee is the first area of importance and how they can apply diversity and equality in doing business. Throughout business settings, people tend to expect the best possible practices and vibrancy in organizational culture.
Mutual respect is the next area that ethical business should seek to deliver and it boosts team morale of the employees, managers, and even the other staff such as office boys, janitors, cleaning and maintenance staff. As a manager, one should focus on catering to the same standards of ethical practices by simply everyone as they are and not on the basis of their background and cultural traits.
Decision-making with transparency is the third pillar of business ethics that shall cover the major organizational goals and objectives and that should not violate the participation of the concerned employees. Employees shall know why a decision is being taken place and how will benefit the staff and the organizational goals in the longer run. It is found that most of the time, such decision-making favors the concerns of employees and they feel connected and valued in the organization which results in more retention rate and lesser scope of job dissatisfactions and attrition rates. Fairness of organizational procedures can serve as the fourth pillar of business ethics as it entails how fair a decision is or how clear a policy of the concerned professional setting is and how these will bring in positive outcomes in the settings.
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The course has a weightage of 30 credit points and assignments, examinations, viva-voce, and other academic assessment criteria will be employed in the evaluation of the semester. Business ethics is that unavoidable area that shall be practiced at any cost and maintained under all circumstances. Ethical business management includes the practices of appropriate business acumen involving the bar on unethical business practices such as insider trading, discrimination at the workplace, racial or religious intolerance, fiduciary responsibilities, and bribery.
However, there is no universal consensus regarding what practices are good and what practices need to be dropped. Moreover, in the present context businesses require passing the criteria of Environmental Impact Assessment (EIA) and catering to the global pledge of reducing carbon footprints markedly. Hence, more impetus on corporate governance, generating more accountability on the people, generating more public listing or share-market listing for enhanced control of public on businesses and economies, and legal support is very common in such a scenario. The course hence gives major weightage to corporate governance, corporate social responsibility (CSR), and corporate environmental responsibility (CER) for a better geoeconomic scenario and a sustainable future.
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