PPB 2023 EXAMS | ETHICS AT THE INDIVIDUAL LEVEL | BUSINESS ETHICS
Now that we understand the meaning of business ethics, we will discuss ethics at the individual level from – JAIIB Syllabus 2023.
Today, we will understand the ethics that work at the individual level in the context of Values, Norms, Morality, Conflict, Beliefs, Integrity, Golden Rule, Dilemmas, Decision-Making as given in the IIBF prescribed latest Syllabus of Principles & Practices of Banking for the MAY 2023 attempt from the prescribed Study material of JAIIB. Then we will also discuss how you can easily pass the Junior Associate of the Indian Institute of Bankers (JAIIB) this year!
So, let’s begin with our topic i.e. Ethics at the individual level
But before go straight to our main topic of Ethics, we must realize why was there a need to recognize ethics at the individual level in the first place.
Business ethics includes human qualities and some of them might not be angelic qualities. So, if a trader is overwhelmed, there is a possibility that ethical rules will be bent by him. This is known as an “ethical slip”, a short-lived and relatively rare phenomenon.
At the individual level, ethics may seem to involve only the individual, but it is actually a holistic process. There can be high pressure to be unethical from coworkers, managers, or any other area/person from the business organisation.
At that time, it’s the Ethics, a set of moral principles, guide human behavior and helps them arrive at moral standards that regulate right and wrong behavior. Ethical principles express the good habits that a person should adopt, the duties that he should observe, or the consequences of his behavior on others.
Ethical behavior at the individual level is also shaped by the ethical standards that organizations impose on individuals as employees. So, an organization’s internal culture could also prevent individuals from taking responsibility for unethical behavior. This is especially the case when the actions of individuals are not attributed to their conscience, but to their perception of what is organizationally accepted. These standards of employee behavior would be reflected externally as organizational values.
VISIT ALSO-> BUSINESS ETHICS
Principles of ethics at the individual level include the following.
Beliefs are beliefs that a person usually holds to be true. These beliefs are essentially assumptions that what we think is actually true without any evidence or proof. From the things we see, hear, experience, read, and think about, we form an opinion about what we think things should be other people’s beliefs.
Values are based on our beliefs that determine the way we behave, communicate and interact with others. Values can include our ideas about equality, honesty, education, effort, perseverance, loyalty, faithfulness, environmentalism, etc.
Morality is driven by personal beliefs and values that most people agree on, such as “always tell the truth”, “keep your promises”, “don’t cheat”, “treat others as you want them to treat you”. to you’ etc. Morals have more social value and acceptance than values, with a person being judged for their moral character rather than their values. A moral standard refers to the standards we have about the types of actions we believe are morally acceptable and morally unacceptable.
Integrity is what I will have if my ethics match my morals. A very important attribute of ethics is always honest behavior. This means being honest in all transactions or reporting transactions.
Liability is responsibility or blame. Accountability occurs when an individual or department is responsible for the activities, products, decisions, and policies, including administration, management, and implementation, within a given role or job position. Taking initiative and being punctual also falls under this purview.
Individuals have different values, opinions, needs and interest in society. Conflict can arise from conflicting ideas or torn between two different desires or perceptions and continues when people cannot find a middle ground. Conflicts are of various kinds caused on the basis of verbal, racial, class, caste, emotional, social, personal and organizational reasons. Although the basis of conflict may vary, it is always part of society. Conflict can also increase due to political and geographical border disputes between people or between countries.
Conflict of Interest:
Conflict comes from the Latin word for strike, but does not always mean violent. A conflict of interest occurs when a person puts personal gain ahead of their duties to the organization/employer or uses their position in some way for personal gain. In banks, in general, top management or managers/employees should avoid doing bank business with a relative or any other person or any firm, company, association in which the relative or other person is connected in any significant role. In the event that such a related party transaction is unavoidable, it must fully disclose the nature of the related party transaction to the relevant authority. All dealings with a related party must be conducted in such a way that this party is not favored.
Golden Rules of Ethics:
The Golden Rule is an example of a normative theory that establishes a single principle by which we judge all the actions of individuals. The three basic golden rules are; (i) We should do to others whatever we want others to do to us. (ii) We will not do to others what we do not want them to do to us. (iii) Do nothing to others that would harm you.
Based on the golden rules mentioned above, what is right or wrong can be determined. Normative theories focus on a set of basic principles or a set of good character traits.
An ethical dilemma is a conflict between two alternatives, neither of which is clearly acceptable or preferred. In other words, dilemmas are situations where no matter what one does, some ethical principle will be compromised.
Decision-making is the use of your mind to consider something carefully in order to choose a logical choice from available options. Decisions can be made by individuals or a group of individuals. The decisions made are usually based on the values, preferences and beliefs of the decision-makers. To make the right decision, the person involved must weigh the pros and cons of each option for a particular situation. When making ethical decisions, it is necessary to perceive and eliminate unethical options and choose the best ethical alternative.
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