Discuss the concept of business ethics

Discuss, in one paragraph, the concept of business ethics.
ASSESSMENT COVER SHEET Assessment Details Qualification Code and Title BSB60420 Advanced Diploma of Leadership and Management Block/ Term/ Year Unit Code and Title BSBLDR602 Provide leadership across the organisation Assessment Type A1 – Knowledge Questions Re-assessment YES NO Due Date Student Details Student Name Student ID Instructions to Students: Please read the following instructions carefully. ? The purpose of this assessment is to assess your knowledge and skills. ? This assessment is to be completed according to the instructions. ? If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. ? If you have questions and other concerns that may affect your performance in the assessment, please inform the assessor immediately. ? To be deemed satisfactory in this assessment, you must write the answers to all written questions correctly or meet all the performance criteria for activity based assessments. ? You will get a due date and submission after the due date will result in a penalty fee. ? Should you not complete the tasks correctly, you will be given feedback on the results. ? You are entitled to one (1) resubmission of this task. ? If you feel the decision made by your assessor was incorrect please refer to your Student Handbook for information on assessment appeal. ? Please refer to the College re-submission and re-sit policy for more information. ? This is individual Assessment. Hand in or submit the hard copy of the Assessments to your Trainer/ Assessor. We will check your work before marking ? You must have student name and student ID on the task ? Follow line spacing and font guidelines (see eSpace) ? Remember, that it must be your own work and if you use other sources then you must reference these appropriately. ? Plagiarism is copying someone else’s work and submitting it as your own. Any plagiarism will result in NYS. (see eSpace “say no to Plagiarism) For Assessor Use Only Assessor’s Name Assessment Decision: To be accessed as satisfactory in this assessment task, the student must address ALL assessment items/questions satisfactorily. All individual assessment tasks of this unit must be completed satisfactorily for a student to achieve an overall grade of competent for this unit. Task Result SATISFACTORY NOT SATISFACTORY Student Declaration: I declare that I have read and agreed to the instructions mentioned above and declare that the work submitted is my own and has not been copied or plagiarized from any person or source. Signature: Date: / / Assessor Declaration: I declare that I have conducted a fair, valid and flexible assessment with this student and I provided appropriate feedback. Signature: Date: / / BSBPEF502 Develop and use emotional intelligence – A1 2 A S S E S S M E N T 1 – K N O W L E D G E Q U E S T I O N S Provide answers to all of the questions below: 1. Discuss, in one paragraph, the concept of business ethics. Business ethics are the guiding principle and standards for moral right or wrong in business practices. Subject like corporate governance, bribery, fraud, insider trading, discrimination, corporate social responsibility and alike fall under the umbrella of it. Generally, these concepts provide trust between customers and business. Beside business ethics promote integrity of employee of organization and helps to gain trust from various stakeholders like investors, public, suppliers and consumers. It should be noted that law define minimum degree of ethical conduct required by business but ethics are border than law. Ethics enhance the law by outlining acceptable business practices beyond government rules and regulation. In an business organization business ethics are implemented through employee code of conduct manuals. 2. Discuss ethical leadership and its importance in supporting organisational values. Ethical leadership mean that leader should act with in the moral principle and standards that are recognized by majority of people for common good. Ethical leader embraces the qualities like integrity, objectivity, independence, respect, trust, truthful, fairness, accountability, transparency into his words and action. Being ethically conscious leader helps to achieve some benefits in collective and personal context. On individual level ethic help to build solid brand. In collective context ethical leader influence the crowd by becoming role model. Similarly ethical leader helps to extract enormous value in the organizational context as well. How? Following points demonstrate the points. 1. Ethical leadership helps to increased sense of belongness with in organization which helps to create family like atmosphere to make everybody feel great. This increase productivity and creativity since everybody want to take their best shot while carrying out their roles. 2. Ethical leadership helps to build strong relationship with customers. Every customer wants to connect with company that embrace ethical culture in its root. By leading organization into ethically responsible corporate, it helps to achieve just that. 3. Ethical leadership helps to retain and collect best workforce talent in the marketplace. Ethical leader has gravitational power which not only keep the current employee but attract best workforce as well. Every people want to learn and help such charismatic leadership. BSBPEF502 Develop and use emotional intelligence – A1 3 4. Ethical leadership helps to motivate everybody- the employs, management. Investor, suppliers and customers. In a sense good ethics are the fuel for better life. So embracing ethics into leadership helps to motivate everybody and drive the growth of business. 3. Discuss three characteristics of an ethical leader. Ethical leadership are like alien that come from another planet. They are less in number and generally less understood by most of us. But when they get on the stage everybody feels shocked by the power they wield. So how can we understand them better? What are the fundamental characteristics they have inside them? The following paragraphs will shed some light on this aspect. 1. Fair and honest; The ethical leader is filed with fair and honest behaviour. They are not biased towards personal interest and favouritism. They act independently and remail objectivity in any satiation. 2. Value driven People that are value driven achieve great things. Leader that seeks value greater than themselves turn every obstacle into possibility. They are not afraid to take risk and drive to the edge of cliff no matter the cost. Only the value they seek should be greater than the self. 3. Lead by example What happen if you give star touching speech but fails to apply in your own life? Will people see same or different you? Ethical leader leads by not just words but by their actions and steps. They know that BSBPEF502 Develop and use emotional intelligence – A1 4 it is the action that define the man not just poetry. So, fundamentally ethical leader makes their story into reality through action and this make all the difference. 4. Give, and explain, three benefits of ethical leadership. The world we are living now is made by the ethical leader. The proof of it is all over the books. Ethical leadership not only help organization in the pursuit of profit and growth. It is more. Human civilization has relied on it and the generation that will come will rely on it more. Here I have illustrated some benefit of ethical leadership in context of organization. 1. Create Disneyland like culture Culture is everything when it comes to work. If the organization has profound and awakening atmosphere in them the benefit is countless. So first the ethical leadership helps to create culture inside an organization that ensure everybody are human at first. 2. Create loyal customers Good ethical practices draw everybody. And customer as well. The organization that practices highly valued ethics get the attention of market and public. Customers feel that they are valued and want to share their story with such organization. 3. Improve investors relationship BSBPEF502 Develop and use emotional intelligence – A1 5 Investor embrace the good and ethical bounded management. They know that it is win – win strategy. Hence ethics not only motivate employee, customers but investors as well. 4. Drive growth and profit Finally, the organization is a initiative to achieve some objective. Mostly it is profits but it is not restricted by it. No matter the objective integrating the ethical leadership in achieving it delivers more return that we anticipated at first. Growth is undeniable for such organization. 5. Explain the importance of leadership in ensuring that work health and safety legislation is met. Leadership is the ability to influence other through words and action. Leader has the power to bring the light into the various subject matter that touch our life. One of the fundamental aspects of human life is health. Whether it is in the work or in personal life health touch everybody. There is saying that health is wealth. If there is one sentence that describe the importance of health it will be – health is key to success everything. There is less attention of leader in the field of health. Toadmaster international has put that some leaders are relentlessly pushing to throw light on health even in covid crises. They are using words to bring awareness in the health sector. Some health leaders are reluctant to take rest and inspiring the younger generation. They are bringing awareness and shift the mindset of people. Work health is significant in the sense that work take significant portion of our life. It is so important that this area should be primary focus of leader. Some attention has been given through safety legislation but it is not enough. Leader should be responsible to promote it. With right amount of attention of leadership, bringing fundamental shift in the people mind is not impossible. Collaboration with various workforce and the work union will help to bring health prosperity to worker. Leadership ability should be able to ensure that work health and related legislation should be met. BSBPEF502 Develop and use emotional intelligence – A1 6 6. Give five (5) reasons why it is important to follow anti-discrimination law and provide equal opportunity, giving a short explanation of each. Anti-discrimination law makes unlawful for organization to discriminate employee and applicant on the bases of race, colour, religion, sex, national origin, disability, or age. In other word the law strives to give equal opportunity for everybody. Anti-discrimination helps both in individual and organizational level. Following points highlights why it is important 1. Promote diversity in workplace Anti-discrimination policy in the workplace helps to bring diversity in the workplace which is the modern driving force to productivity and growth. 2. Create sense of fulfilment and belonginess When there is no discrimination on age, sex, marital status, caste, religion and so forth an individual feel fulfilled and belonginess to society and the work place. This brings win-win possibility both organization and the individual. 3. Maintain equality and equilibrium Equality has been always a debate in the world. Anti-discrimination laws have provided certain right on equality. If there is equality among people the society and the organization will be rewarded positively. BSBPEF502 Develop and use emotional intelligence – A1 7 4. Inspire and motivate people When there are no discrimination so whatsoever people feel inspired and motivated through culture and philosophy. They feel obliged to contribute through creativity and hard work. 5. Provide security Insecurity has ben always a problem for low contribution and productivity in the workplace. When people meet the culture of equality, they feel secured from insecurity. This will open the possibility of opportunity for people. 7. Discuss at least three strategies that can be used to encourage employee participation in decision-making. Encouraging employee participation in decision making can be rewarding in term of productivity of organization. The management who thinks to share their vision with employee through combined participation have stand on the stage of corporate world. Following paragraph share three strategies to encourage employee participation in decision making 1. Employee surveys The fastest way to give an employee a voice is to ask what they are thinking. Take your chance with employee survey where you ask employee on the various subject online. But make sure you act based on their feedback. 2. Allow them to set their own performance targets and goals It is a human tendency to perform better when the goal is set by themselves. Give employee a chance to make their own decision making in term of goals and achievement. 3. Strategy days BSBPEF502 Develop and use emotional intelligence – A1 8 Brainstorming with different mind add creative ways to solve the same problems. Add employee in the business suite to discuss their mind and experience. This way the outcome can exceed your expectation! 8. Discuss three strategies that a leader can use for building trust and confidence with colleagues. Trust is earned. To be a successful leader, one has to earn trust ranging from employee, customers, suppliers, partners and investors. But how can leader build trust with them? Following three strategies will help a leader to build trust with all stakeholders. #Strategy 1. Be honest and supportive It is hard to be truthful all the time. But if you want to build trust, it is the only way. Speak truth even if they don’t want to hear. Communicate effectively with colleagues and make sure you are sensitive to their felling as well. Being honest and supportive will take to long way to build trust. #Strategy 2. Be consistent People don’t like surprise because it adds unpredictability and chaos. Remain consistent with your words and action. Trust is takes long time to build. So, you are to be seen consistent if you want to build trust. Incorporate this on your behaviour and trust will find you. #Strategy 3. Build in accountability Budling accountability is all about acknowledging mistake as well as success. When you celebrate the mistakes and success, everybody starts thinking how credible you are and wanted to be led by you. So, start to justify your mistakes and decision to gain trust from colleagues. BSBPEF502 Develop and use emotional intelligence – A1 9 9. Explain two research methods an organisation can use when considering leadership skills and best practice for their workplace and culture. Leadership landscape has been studied using various methods but the distinct three are psychological approach, behavioural approach and contingency approach (situational approach). Following are the twoleadership research method that an organization can use while considering leadership skill. • Situational approach of leadership method The situational approach believes that leadership is a function of a social situation, in which there is interaction between the leader and the subordinate. This research methodology argues that leadership is a concept applied to the interaction between two or more persons, any group is a system of interaction in which every member is assigned a role within the system. This role is any expression of his interactions with other members. Therefore, leadership is a combination of personality and social system in interaction. Leadership cannot have impact if it is not in interaction with the environment. • Behavioural approach of leadership method This approach sees leadership as passive outcome. This is because leadership is the possession or the interaction of personality and the social environment is propelled by the virtue of the status. BSBPEF502 Develop and use emotional intelligence – A1 10 Here the administrators are appointed based on the qualification and time devoted on the service. The critics of this approach argue that one does not need to consider the skill applied to interact with social system before becoming the leader. But upon becoming the leader he should be able to take initiative as deemed right by environment. 10. For your two research methods discussed above, describe a method of how this can be implemented in a workplace. 1. Implementing situational leadership style in workplace Situational leadership style about learning to manage team according to the situation in workplace. Essentially this style of leadership demand flexible style of leadership according to task, situation and need of the people you lead. Following point should be keep in mind while implementing this style of leadership. • Regularly assess the need of your team and their role to adjust leadership style as necessary • Give employee clear instruction and direction for completing the task • Use active listening skill to improve the relationship with team. Response based on the feedback you receive. • Collaborate with team member to share opinion, insights and ideas • Be sure to reward members of the team who participate. BSBPEF502 Develop and use emotional intelligence – A1 11 2. Implementing behavioural style of leadership in workplace. 11. Explain the key phases of a change management process. More broadly, organizational change highlights the actions a business takes to change or adjust a significant component of its organization. This change might be about company culture, internal processes, underlying technology or infrastructure, corporate hierarchy, or another critical aspect. Change management is the systematic roadmap of guiding organizational change to fruition- from the earliest stages of conception and preparation toward implementation and, finally, to resolution. Here are key phases of change management process. 1. Prepare the Organization for Change To bring change with in organization first it is imperative to bring change with in its cultural structure and mindset of people inside it. In this stage leader motivate the employee for reason for change through compelling case so that resistance can be avoided ahead. 2. Craft a Vision and Plan for Change BSBPEF502 Develop and use emotional intelligence – A1 12 Once the organization make complete preparation than manager and team craft the vision statement that is easily understandable and is inspirational in nature. At the same time, they draft the tactical plans about when and how to achieve it. 3. Implement the Changes The vision and plan come to life through implementation. Effective communication, monitoring and supervision provide guiding requirement to implement the change. All member of the team should contribute their best and change their behaviour accordingly. 4. Embed Changes Within Company Culture and Practices As we say earlier it is so important to embed the change inside the root of organization i.e., in its philosophy and culture. Otherwise, it is hard for employee not to fall under the spell of status quo biases. 5. Review Progress and Analyse Results Without reviewing and analysing the result it is hard to know if organization has been successful in achieving its goal. The various matrix and measure have to be developed to measure the result of the project which help to guide the future project. 12. Explain the organisational change process using Kotter’s 8-step change model. John Kotter, leadership and change management professor at Harvard Business School, introduced his ground-breaking 8-Step Change Model in his 1995 book, “Leading Change”. Following is the outline of the model. Step 1: Create Urgency Manager and leader should develop a compelling case for change with in organization. They must make the people understand why the change is necessary. They must be able to inspire and move the people from current state to future state. Step 2: Form a Powerful Coalition It is not possible for just one manager or leader to do all the work and required communication required for bringing the change. Leader like all people need help. Leader need team who knows how work towards that goal. They should identify key people who can act as change leaders. BSBPEF502 Develop and use emotional intelligence – A1 13 Step 3: Create a Vision for Change The vision should be short, sweet, clear, understandable and should have emotional and inspirational element to it. Step 4: Communicate the Vision it is not enough to have a vision only. it should be communicated effectively whether it is written or verbal throughout the organizational. Step 5: Remove Obstacles As leaders and his team move to the heavy work of incorporating the change, they will discover obstacle whether it is physical or emotional. So, it is critical for leader to listen to people and work on the basic of feedback. Step 6: Create Short-Term Wins There is nothing powerful to embed the change within organization than demonstrating the benefit early one. It is important to demonstrate the advantages of the new process by creating some short-term wins. Step 7: Build on the Change Change takes long time. And most change project fails at the end of project. So, leader should keep repeating above steps again and again until they get what they are looking for. Step 8: Anchor the Changes in Corporate Culture Anchoring the change deep inside the culture of organization motivate all employee, management and stakeholder to incorporate the change in the future. BSBPEF502 Develop and use emotional intelligence – A1 14 T A S K O UTC O M E S HE ET The Feedback Evaluation Sheet below is the assessment questions and tasks for each of the assessment events that the student is required to complete. Assessors, tick ‘S’ if the student achieved a satisfactory outcome for an assessment task and ‘NS’ if the student does not meet these requirements. Also, you are required to write comments on the quality of this evidence under the ‘Comments’ column. For your judgement on the student’s overall performance, tick ‘Satisfactory’ if the student achieves a satisfactory outcome for all of the tasks or ‘NotYet-Satisfactory’. Task Outcome Sheet Assessment Event 1 Knowledge Questions S NS Comments Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 10 Question 11 Question 12 Feedback to Students: Assessment Outcome ? Satisfactory ? Not Satisfactory BSBPEF502 Develop and use emotional intelligence – A1 15 Task Outcome Sheet Assessment Event 1 Knowledge Questions S NS Comments Assessor’s Signature: Date: