Professional Ethics

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A “Professional Ethics – Corporate Value”

Two Day State Level UGC Seminar on

“Inculcating Professional & Personal Ethics & Value Systems in Students, for a Better Chhaya Sehgal

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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 Wall Chhaya 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 to Chhaya Sehgal

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Moral Values Are       These

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

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Values Determine •How you go about getting things done •How you treat people •How you spend your time

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Ethics

•Based on core values •Consensus acceptance •Shared •Penalized for breaches (dishonesty and manipulative gain are examples Chhaya Sehgal

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Ethics And

•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

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•Economic rules, What Isinstitutions, Unethical?

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

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Is Business All About Making Profits ? Ethical Trade Just Chhaya Sehgal

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Business & Wealth Maximization of

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 satisfaction Chhaya Sehgal

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Ethics

Every Business Should Have An

ØUK's

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).

Individual ØBy

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

Community ØThe

relationship the business creates are generally its most undervalued assets

Profit making for Self-Sustainability Chhaya Sehgal

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Human Values •Brings out the best in employees as it has been proven by FOR 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. Sehgal •Helps in delivering ‘CustomerChhaya delight’ .

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Profits Are Clearly

üHappy Employee = Happy customers üIncrease in employee productivity = Increase in sales üCosts on employee is INVESTMENT for future üReduce employee turnover üReduce employee absenteeism üIncrease productivity, commitment and engagement üIncrease morale and job satisfaction üIncrease profits Chhaya Sehgal

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The Vicious

•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

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Value For Money

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 style Chhaya Sehgal

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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 Ethicalcan be nourished only

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

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Every Business Should Have An Ethical Plan The results of ethical practices normally start

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late 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 brand Chhaya Sehgal

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Beliefs Identity Vision Mission Purpose Values ETHICS Goals

“Wisdom denotes the pursuing of the best ends by the best means.”

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

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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. Premji Chhaya Sehgal

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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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Mantras for excellence

•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.

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AZIM 32

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“The surest way to reveal one’s character is not through adversity but by giving them power.” – Abraham Lincoln Chhaya 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, •in Though the business carries his the name, he only 800 villages near Jamshedpur headquarters draws salary from Tata Sons, Ratan Tata takes of TataaSteel. 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 people’s 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 be competitive in the Chhaya to 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 gang, a football field, in an Chhaya Sehgal

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NARAYANA MURTHY, is one of the cofounders and the first CEO and Chairman of the Indian IT Outsourcing company Infosys. •Founded in 1981, Infosys was first Indian company to be listed on the US stock exchange, (Nasdaq) in 1999. •In 2007, Infosys had over 50,000 employees and over $2 billion in revenues. •The company has been voted “the best employer in India” two years in a row in a survey conducted by Hewitt Associates. •In 2006 Narayana Murthy was voted as the most admired CEO in India for the fifth year in a row. •Several factors make Infosys stand out, but the Chhayabeen Sehgal most significant one has its founder CEO 37

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Narayanamurthy, the CEO of Infosys was •“ I want Infosys be a place exemplified fortohis

where people of different genders, nationalities, races, and religious beliefs work together in an environment of intense competition but utmost harmony, courtesy, and dignity to add more and more value to our customers day after day.” •Despite all the accolades and the praise he has received, Narayana Murthy remains simple, humble and Chhaya Sehgal

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Conventional Business Equation S+E =R S = Strategy E = Execution R = Results Source: The Speed of Trust – Stephen M R Covey

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Revised Business Equation (S + E) X T = R

T = TRUST Source: The Speed of Trust – Stephen M R Covey

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Why is Trust important for

Trust Cost

Time

Whether you are paying THE TRUST TAX or reaping THE TRUST DIVIDEND and what is THE TRUST INDEX of your Source: The Speed of Trust –

Source: The Speed of Trust – Stephen Chhaya Sehgal M R Covey

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Business Benefits of TRUST Productivity Costs • Caliber of Employees

• Turnover Costs

• Quality Products

• Resistance to Change

•

Innovation & Risk-Taking

• Health-Care Costs

Result: Increased Customer Loyalty & Profitability Chhaya Sehgal

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Essential elements of a Great Place to Work ® T R U S T I N D E X

Two way Communication Manager’s Competence Levels of Integrity

Credibility

Respect

Professional Support Collaboration Demonstrated Caring

Fairness

Equity Impartiality Justice For the Job About my Team With the Organization

Pride

Camaraderie

Individuality is valued Welcoming Atmosphere Part of something larger

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Great Place to Work®

An Emphasis on

w Leaders articulate a vision and values, and commit to creating a great workplace. w Managers at all levels must consistently live the values and foster trust, pride and camaraderie. w Employees recognize their important role in creating a Chhaya Sehgal

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A Great Place to Work® is one where you: Management Trust the people you work

for...

Employee Job ...have pride in what you do...

Other Employees ...and enjoy the people you work with.

Relationships are the key Chhaya Sehgal

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•“Just as TRUST is the key to all relationships, so also is TRUST the glue of organisations. It is the cement that holds the bricks together. •I have also learned that TRUST is the fruit of the trustworthiness of both people and organisations. •TRUST comes from three sources: the personal, the institutional, and one person consciously choosing to give it to another – an act that leads me to feel your belief that I can add value. •YOU GIVE ME TRUST AND I RETURN IT. •TRUST is a verb AND a noun. When it’s both a verb and a noun, it’s something shared and reciprocated between people. •That is the essence Chhaya of how Sehgal a person becomes46

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The 4 cores of CredibilityCORPORATE 4. Results Competence

VALUE

“CHARACTER, 3.Capabilities in the long run, is the decisive factor 2. Intent in the life of Character an individual and 1.Integrity of nations Chhaya Sehgal

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Values & Ethics Chhaya Sehgal

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People who have VALUES have no Price Tag and neither do they Value themselves Chhaya Sehgal

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It is Priceless Value •The moment Price is set on Values, the values lose their value •No possible gain can make up for that loss Chhaya Sehgal

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What Money Won’t Buy •It is not uncommon to hear that everyone has a price •People who talk that language are really up for sale themselves •People with “CHARACTER”, “INTEGRITY” and the “RIGHT VALUES” are not for Chhaya Sehgal

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How Does Our Value System Change? •With constant Exposure, what is intolerable becomes acceptable and translates into involvement •And all through the Transition process, Justification keeps Chhaya Sehgal

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Commitment An integral part of a good Value System is

Our strongest relationships in Business or Personal lives are tied together with the invisible Chhaya Sehgal

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Commitment •When our value system is clear it becomes a lot easier to make Decisions and Commitments •Unkept commitments result in dishonest behavior •No relationship whether personal or professional, Chhaya Sehgal

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Commitment

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continued…..

•I will try but I can’t Commit •I will do it but don’t count on me •I will be there if I can, but don’t get your hopes up •I will be there, so long as you do well •I will be there so long as you are in good health •I will stick with you till I find Today, breaking a promise is something better

considered no big deal Chhaya Sehgal

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A letter from Satyam Employee

Dear All,   I (Satyam Employee) am deputed at client location and came across a very interesting conversation in cafeteria yesterday. One of my co-worker, also deputed with the same client through some lesser known two room company, mustered guts to ask me sarcastically in front of entire team, "So, Satyam is gone! What are you guys planning to do now?" In normal circumstances, I have a habit to not to reply to lose talks, but in front of entire team.... I thought I need to fix this guy's thought process. I asked him, as my military training has imbibed in me the habit to fight till last breadth, "Who says Satyam is gone when I am very much alive here and committed to create value on behalf of my company?". He shot Chhaya Sehgal 59 back, "Hello Mr., your chairman has resigned, you

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country India was not there?" He was not prepared for this level of thought and asked back, "What a stupid question, How can India be gone, it is a country?" I asked him back, "Country! What makes a country? Land? Economy? Our Prime Minister? Our President? Our Geography? Or the PEOPLE? If our PM resigns, will you say India is gone? If our economy faces a slowdown, will you say India is gone? But yes, if the people of a country are lost for any reason, we will say that country has no meaning. Who cares of vast land of Antarctica today which has just one permanent resident, Father Georgy? Which country does it belongs to? Why does not it have any government? Why does not it have any economy? Or, how many countries were there when humans Chhaya Sehgal 60 used to hunt for food in pre-historic times?

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Commitment

When a person makes a commitment to someone, he is really saying, “You can count on me no matter what,” and “I will be there when Chhaya Sehgal

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Commitment •Unconditional Commitment says, “ My Behavior is predictable in an unpredictable future.” •Regardless of the uncertainty, Commitment says “You can Count on me.” •A person who makes a commitment is willing to give up a lot. Chhaya Sehgal

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Commitment

Commitment Says: 3. I am willing to sacrifice because I care. 5. I am a person of Integrity and you can Trust me. 7. I will not let you down. 9. Despite pain, I will still be there. 11.I will not let you down in GOOD TIMES OR IN BAD TIMES. Chhaya Sehgal

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Commitment •Commitment is not like a legal Contract which is “Enforceable” •It’s foundation is not a signed piece of paper but CHARACTER, INTEGRITY, and EMPATHY Chhaya Sehgal

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Commitment •Commitment is not like a legal Contract which is “Enforceable” •It’s foundation is not a signed piece of paper but CHARACTER, INTEGRITY, and EMPATHY Chhaya Sehgal

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Commitment

•Commitment to Customer implies giving “Good Service” •Commitment to Job implies “Integrity” •Commitment means not quitting at the first option or sign of problems

Individuals with STRONG COMMITMENTS build Chhaya Sehgal

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Commitment

•Commitment to Customer implies giving “Good Service” •Commitment to Job implies “Integrity” •Commitment means not quitting at the first option or sign of problems

Individuals with STRONG COMMITMENTS build STRONG ORGANIZATIONS Chhaya Sehgal

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Commitment To Values Where the Value system is conflicting, people cannot live in the same home, they cannot work in

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Old Values Are Not Values Obsolete considered Universal are:

• Responsibility, • Integrity, • Commitment, and • Patriotism Chhaya

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Old Values Are Not Obsolete

• They have stood the test of time and will be here forever • These values have the same meaning in New York as in New Delhi or New Zealand Chhaya

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Ethics

• Values and Ethics are not just designed for good times, but also to prevent bad times • They are like the laws of the land which you need when people are good and you Chhaya

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Ethics

• Values and Ethics are not just designed for good times, but also to prevent bad times • They are like the laws of the land which you need when people are good and you need even more to protect them from the bad • That is why the conscience hurts when making an unethical choice and does not

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Situational Ethics

• Those who believe that Ethics cannot be generalized but vary with every situation • Come up with Justification and keep changing their Ethics from situation to situation, and person to person • This is called “SITUATIONAL ETHICS” This is Ethics of Chhaya

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Benchmarks

• An Organization becomes good or bad, based on the Ethical Values of Individuals • And what gives Organization its

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Benchmarks

• People are changing moral values by giving new names and it is glamorized today • Liars are glorified as Extroverts with an Imagination • "everyone does it“ “WE MUST BECOME THE CHANGE WE SEEK IN THE WORLD .” Chhaya

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“We want THAT EDUCATION by which character is formed, strength of mind is increased, the intellect is expanded, and by which one can stand on one’s own feet”. Swamy Vivekananda Business Ethicists have noted a common belief of MBA faculty that, since their students are adults, they are too mature to be taught ethics. It Chhaya Sehgal

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EFFECTIVE BUSINESS ETHICS EDUCATION A Business Week survey of over 2700

A Business Week survey of over 2700 readers found that business people question the utility of business ethics education, and the majority of the respondents said that ethics education is better taught outside of the business school. (Business Week Online, 2003) Thus, it is clear that stakeholder scepticism represents an obstacle to Chhaya Sehgal

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EFFECTIVE BUSINESS ETHICS EDUCATION

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•Some believe that by the time students enrol in college-level business courses their values have already been formed, rendering ethics education a waste of time. •Others have argued that business is best conducted as a self-interested venture, suggesting that ethics are not of prime importance in a business context. •Finally, others point to the failure of ethics training programs provided by businesses to prevent their employees' unethical behaviour.

Arthur Andersen, in particular, Chhaya Sehgal

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Myth no. 1. Values Are Formed Prior to Higher •Studies that have compared the moral Education development of freshmen to the moral development of seniors in colleges have shown a significant and positive effect for educational experiences

•Additional longitudinal studies indicate that even a couple of years of college experience produces higher moral development than no college experience, and that more college experience in general promotes greater Chhaya Sehgal

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Myth no. 2. Ethics Are Irrelevant in a Business Context Milton Friedman, Adam Smith,

•Milton Friedman's (e.g., 1970) writings on the social responsibility of businesses were not intended to advocate unethical, selfish behaviour in the name of capitalism. •Friedman believes that self-interests must be exercised within the law, in accord with ethical customs, without Chhaya Sehgal

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Myth no. 2. Ethics Are Irrelevant in a Business Context; continued….

•Similarly, Adam Smith did not equate the term "self-interest" to greed or selfishness (James & Rassekh; 2000; Williams, 1997). •In 1759 Smith published The Theory of Moral Sentiments. Therein Smith describes self-interested behaviour within the bounds of self-control, regard for the well being of others, an Chhaya Sehgal

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Myth no. 3. Teaching

•A third reason for skepticism stems from the escalating occurrence of business related scandals. •Teaching business ethics must not work given the many instances of corporate scandal within firms that provide ethics training: 1. Moreover, a 2002 Conference Board Survey found that a majority of corporate ethics officers did not believe that Enron could have prevented their internal corruption and Chhaya Sehgal

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Myth no. 3. Teaching What are reasonable Businessexpectations for an ethics training program or for business ethics education? •Ethical behaviour is a function of a variety of personal and situational factors including moral development, norms, coercion, regulations, selfcontrol, and ethics training (Trevino, 1986). •The issue therefore should be: How business ethics education can be a Chhaya Sehgal

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Goals for Business Ethics GOAL 1--AWARENESS Education

•Business ethics education should enhance students' awareness of and sensitivity towards the ethical consequences of their actions. •This is perhaps the most common goal of business ethics education, and for good reason. For example, when managers see parties harmed by their decisions they develop greater sensitivity and Chhaya Sehgal

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Goals for Business Ethics GOAL 2- MORAL DEVELOPMENT Education

•Business ethics education should promote students' moral development; an individual's moral development strongly influences decisions regarding right or wrong choices. •Due to the critical role of moral development in determining whether an individual is prone to act ethically, and the evidence indicating that educational experiences can Chhaya Sehgal

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Goal 3 --Handling •Business ethics education should promote

students' ability to handle complex ethical decision making. •For example, consider the dilemma a sales representative faces when asked whether her firm's product is the best available in the market when, in fact, she believes the value of a competitor's product is significantly greater. Approaching the dilemma from a virtue ethics perspective, the most ethical course of action might appear to be an honest disclosure of her opinion. However, a MORE COMPLETE ETHICAL ANALYSIS OF THE Chhaya Sehgal DILEMMA would consider factors such as 86

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Executive Ethical Leadership Everyone we interviewed (40 interviewees) was able to quickly think of someone they would identify as an executive ethical leader and answer questions about that person for about an hour. That suggested to us that executive ethical leadership is not as Linda K. Trevino, Ph.D.

Copyright 2005

Smeal College of Business, The Pennsylvania State University Ethical leadership research conducted with Laura Hartman and Michael Brown supported by the Ethics Resource Center Fellows Program Chhaya Sehgal

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Executive Ethical Leadership Moral Person Moral Manager

Weak

Strong Hypocritical Leader

Weak

Unethical Leader

Strong

Ethical Leader

?

Ethically neutral (silent) leader Chhaya Sehgal

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Ethical Leadership Example Moral Person

Moral Manager

High Ethical Leader

High

James Burke, Johnson & Johnson

Known to be a person of the highest integrity. Reinvigorated and revised corporate credo, launched annual credo survey after Tylenol crisis, required action plans to address problems, handled ethical violations swiftly Chhaya Sehgal

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Unethical Leadership Example Moral Person

Moral Manager

Low Lied to employees & financial analysts, was condescending, belligerent and disrespectful of employees, made decisions and rewarded employees based upon bottom line only, left company crippled, accused of filing false financial reports - settled with SEC for half million dollars.

Unethical Leader Low Al Dunlap, Sunbeam Chhaya Sehgal

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Hypocritical Leadership Example Moral Person Moral Manager Strong

Weak Hypocritical Leader Jim Bakker of PTL Ministries Talked about ethics, religion (doing “God’s work”). Yet, employees became aware of deceptive financial practices, conflicts of interest, lying to donors, theft of donor contributions, sexual liaisons, etc!

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Rules of Ethical Leadership

•Play By the Rules: Compete fiercely and fairly •Set the example: risk, responsibility, reliability •Revenge is unproductive: Learn to move on •Operate businesses and organizations as if they are family-owned Chhaya Sehgal

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Winners Never Cheat There are no moral shortcuts in

the game of business -- or life. There are, basically, THREE KINDS OF PEOPLE: the unsuccessful, the temporarily successful, and those who become and remain successful. THE DIFFERENCE IS

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Implications for Business Education •Let’s put the “business” back into

“business schools”. •Value creation and trade is the central idea of business schools, •Ethics need Much stronger connections with the practice of business. •We need to focus on the almost lost art of Chhaya Sehgal

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Implications for Business Education

•More prominence for entrepreneurship, leadership, and ethics….especially as these subjects are connected to strategy. •Commit to improving the practice and profession of management. •Commit to producing leaders that create Chhaya Sehgal

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Inculcation of ethics though According the Sathya Sai Baba the following five values are necessary for students. v     Right Conduct v     Peace v     Truth v     Love Thinking with love is truth, Feeling with love peace Acting with love is right v    isNon-Violence

conduct, Understanding with love is nonChhaya Sehgal 96 violence.

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Acknowledgements and

.Everyday Values We Learned as Children (But May Have Forgotten) by Jon M. Huntsman

(Wharton School

Publishing)

. Speed of Trust by Stephen Covey . The 8th Habit by Stephen Covey .Building a Great Place to Work .“Ethical Leadership and Creating Value for Stakeholders” R. Edward Freeman, University of Virginia .Linda K. Trevino, Ethical leadership research, The Pennsylvania State University . Google Search Chhaya Sehgal 97 . Sharad Heda CEO- Global Tech Support Microland