BBA

BBA 301: Values & Ethics in Business

Unit-I lectures:-10

Introduction: Values-Concept, types and formation of values, ethics, values and behaviour,
Values of Indian Managers, Ethics, development of ethics, ethical decision making and decision
making process, relevance of ethics and values in business.

Management of Ethics: Management process and ethics, managerial performance, ethical

issues, ethos of Vadanta in management, Hierarchism as an organizational value.

Unit-II lectures:-10

Corporate Social Responsibility & Consumer Protection: Corporate responsibility of

business: employees, consumers and community, Corporate Governance, Code of Corporate
Governance, Consumerism, unethical issues, in sales, marketing and technology.

Unit-III lectures:-12

Understanding Progress, Results & Managing Transforming: Progress and Results

definition, functions of progress, transformation, need for transformation, process & challenges
of transformation.

Understanding Success: Definitions of success, Principles for competitive success, pre-

requisites to create blue print for success. Successful stories of business gurus.

Unit-IV lectures:-13

Knowledge and Wisdom: Meaning of knowledge and wisdom, difference between knowledge
and wisdom, knowledge worker versus wisdom worker, concept of knowledge management and
wisdom management, wisdom based management.

Stress Management: Meaning, sources and consequences of stress, stress management and
detached involvement.

Concept of Dharma & Karma Yoga: Concept of Karama and kinds of Karam Yoga, Nishkam
Karma, and Sakam Karma. Total quality management, Quality of life and quality of work life.
 UNIT - 1

Importance of Values And Ethics in Business

Ethics is important not only in business but in all aspects of life because it is the vital part and the
foundation on which the society is build. A business/society that lacks ethical principles is bound
to fail sooner or later. According to International Ethical Business Registry, “there has been a
dramatic increase in the ethical expectation of businesses and professionals over the past 10
years. Increasingly, customers, clients and employees are deliberately seeking out those who
define the basic ground, rules of their operations on a day today….” Ethics refers to a code of
conduct that guides an individual in dealing with others. Business Ethics is a form of the art of
applied ethics that examines ethical principles and moral or ethical problems that can arise in
business environment. It deals with issues regarding the moral and ethical rights, duties and
corporate governance between a company and its shareholders, employees, customers, media,
government, suppliers and dealers. Henry Ford said, “Business that makes noting but money is a
poor kind of business”. Ethics is related to all disciplines of management like accounting
information, human resource management, sales and marketing, production, intellectual property
knowledge and skill, international business and economic system. As said by Joe Paterno once
that success without honor is an unseasoned dish. It will satisfy your hunger, but won’t taste
good. In business world the organization’s culture sets standards for determining the difference
between good or bad, right or wrong, fair or unfair.

“It is perfectly possible to make a decent living without compromising the integrity of the
company or the individual, wrote business executive R. Holland, “Quite apart from the issues of
rightness and wrongness, the fact is that ethical behavior in business serves the individual and the
enterprise much better in long run.”, he added. Some management guru stressed that ethical
companies have an advantage over their competitors. Said Cohen and Greenfield, “Consumers
are used to buying products despite how they feel about the company that sells them. But a
valued company earned a kind of customer loyalty most corporations only dream of because it
appeals to its customers more than a product”. The ethical issues in business have become more
complicated because of the global and diversified nature of many large corporation and because
of the complexity of economic, social, global, natural, political, legal and government
regulations and environment, hence the company must decide whether to adhere to constant
ethical principles or to adjust to domestic standards and culture.

Managers have to remember that leading by example is the first step in fostering a culture of
ethical behavior in the companies as rightly said by Robert Noyce, “If ethics are poor at the top,
that behavior is copied down through the organization”, however the other methods can be
creating a common interest by favorable corporate culture, setting high standards, norms,
framing attitudes for acceptable behavior, making written code of ethics implicable at all levels
from top to bottom, deciding the policies for recruiting, selecting, training, induction, promotion,
monetary / non-monetary motivation, remuneration and retention of employees. “Price is what
you pay. Value is what you get” – Warren Buffet. Thus, a manager should treat his employees,
customers, shareholders, government, media and society in an honest and fair way by knowing
the difference between right or wrong and choosing what is right, this is the foundation of ethical
decision making. REMEMBER: GOOD ETHICS IS GOOD BUSINESS. “Non-corporation with
the evil is as much a duty as is co-operation with good” – Mahatma Gandhi.

Values and ethics in simple words mean principle or code of conduct that govern
transactions; in this case business transaction. These ethics are meant to analyze problems
that come up in day to day course of business operations. Apart from this it also applies to
individuals who work in organizations, their conduct and to the organizations as a whole. We
live in an era of cut throat competition and competition breeds enmity. This enmity reflects in
business operations, code of conduct. Business houses with deeper pockets crush small operators
and markets are monopolised. In such a scenario certain standards are required to govern how
organizations go about their business operations, these standards are called ethics.

Business ethics is a wider term that includes many other sub ethics that are relevant to the
respective field. For example there is marketing ethics for marketing, ethics in HR for Human
resource department and the like. Business ethics in itself is a part of applied ethics; the latter
takes care of ethical questions in the technical, social, legal and business ethics.

Origin of Business Ethics

When we trace the origin of business ethics we start with a period where profit maximization
was seen as the only purpose of existence for a business. There was no consideration whatsoever
for non-economic values, be it the people who worked with organizations or the society that
allowed the business to flourish. It was only in late 1980’s and 1990’s that both intelligentsia and
the academics as well as the corporate began to show interest in the same. Nowadays almost all
organizations lay due emphasis on their responsibilities towards the society and the nature and
they call it by different names like corporate social responsibility, corporate governance or social
responsibility charter. In India Maruti Suzuki, for example, owned the responsibility of maintain
a large number of parks and ensuring greenery. Hindustan unlevel, similarly started the e-shakti
initiative for women in rural villages. Globally also many corporations have bred philanthropists
who have contributed compassion, love for poor and unprivileged. Bill gates of Microsoft and
Warren Buffet of Berkshire Hathaway are known for their philanthropic contributions across
globe.

Many organizations, for example, IBM as part of their corporate social responsibility have taken
up the initiative of going green, towards contributing to environmental protection. It is not that
business did not function before the advent of business ethics; but there is a regulation of kinds
now that ensures business and organizations contribute to the society and its well being.
Nowadays business ethics determines the fundamental purpose of existence of a company
in many organizations. There is an ensuing battle between various groups, for example between
those who consider profit or share holder wealth maximization as the main aim of the company
and those who consider value creation as main purpose of the organisation.

The former argue that if an organizations main objective is to increase the shareholders wealth,
then considering the rights or interests of any other group is unethical. The latter, similarly argue
that profit maximization cannot be at the expense of the environment and other groups in the
society that contribute to the well being of the business. Nevertheless business ethics continues
to a debatable topic. Many argue that lots of organizations use it to seek competitive advantage
and creating a fair image in the eyes of consumers and other stakeholders. There are advantages
also like transparency and accountability.

SOURCES OF BUSINESS ETHICS

Ethics in general refers to a system of good and bad, moral and immoral, fair and unfair. It is a
code of conduct that is supposed to align behaviors within an organization and the social
framework. But the question that remains is, where and when did business ethics come into
being? Primarily ethics in business is affected by three sources - culture, religion and laws of the
state. It is for this reason we do not have uniform or completely similar standards across the
globe. These three factors exert influences to varying degrees on humans which ultimately get
reflected in the ethics of the organization. For example, ethics followed by Infosys are different
than those followed by Reliance Industries or by Tata group for that matter. Again ethical
procedures vary across geographic boundaries.

Religion

It is one of the oldest foundations of ethical standards. Religion wields varying influences across
various sects of people. It is believed that ethics is a manifestation of the divine and so it draws a
line between the good and the bad in the society. Depending upon the degree of religious
influence we have different sects of people; we have sects, those who are referred to as orthodox
or fundamentalists and those who are called as moderates. Needless to mention, religion exerts
itself to a greater degree among the orthodox and to lesser extent in case of moderates.
Fundamentally however all the religions operate on the principle of reciprocity towards ones
fellow beings!

Culture

Culture is a pattern of behaviors and values that are transferred from one generation to another,
those that are considered as ideal or within the acceptable limits. No wonder therefore that it is
the culture that predominantly determines what is wrong and what is right. It is the culture that
defines certain behavior as acceptable and others as unacceptable. Human civilization in fact has
passed through various cultures, wherein the moral code was redrafted depending upon the epoch
that was. What was immoral or unacceptable in certain culture became acceptable later on and
vice versa. During the early years of human development where ones who were the strongest
were the ones who survived! Violence, hostility and ferocity were thus the acceptable.
Approximately 10,000 year ago when human civilization entered the settlement phase, hard
work, patience and peace were seen as virtues and the earlier ones were considered otherwise.
These values are still pt in practice by the managers of today. Still further, when human
civilization witnessed the industrial revolution, the ethics of agrarian economy was replaced by
the law pertaining to technology, property rights etc. Ever since a tussle has ensued between the
values of the agrarian and the industrial economy!

Law

Laws are procedures and code of conduct that are laid down by the legal system of the state.
They are meant to guide human behavior within the social fabric. The major problem with the
law is that all the ethical expectations cannot be covered by the law and specially with ever
changing outer environment the law keeps on changing but often fails to keep pace. In business,
complying with the rule of law is taken as ethical behavior, but organizations often break laws by
evading taxes, compromising on quality, service norms etc.

IMPORTANCE OF ETHICS

Most of us would agree that it is ethics in practice that makes sense; just having it carefully
drafted and redrafted in books may not serve the purpose. Of course all of us want businesses to
be fair, clean and beneficial to the society. For that to happen, organizations need to abide by
ethics or rule of law, engage themselves in fair practices and competition; all of which will
benefit the consumer, the society and organization.
Primarily it is the individual, the consumer, the employee or the human social unit of the society
who benefits from ethics. In addition ethics is important because of the following:

1. Satisfying Basic Human Needs: Being fair, honest and ethical is one the basic human
needs. Every employee desires to be such himself and to work for an organization that is
fair and ethical in its practices.
2. Creating Credibility: An organization that is believed to be driven by moral values is
respected in the society even by those who may have no information about the working
and the businesses or an organization. Infosys, for example is perceived as an
organization for good corporate governance and social responsibility initiatives. This
perception is held far and wide even by those who do not even know what business the
organization is into.
3. Uniting People and Leadership: An organization driven by values is revered by its
employees also. They are the common thread that brings the employees and the decision
makers on a common platform. This goes a long way in aligning behaviors within the
organization towards achievement of one common goal or mission.
4. Improving Decision Making: A man’s destiny is the sum total of all the decisions that
he/she takes in course of his life. The same holds true for organizations. Decisions are
driven by values. For example an organization that does not value competition will be
fierce in its operations aiming to wipe out its competitors and establish a monopoly in the
market.
5. Long Term Gains: Organizations guided by ethics and values are profitable in the long
run, though in the short run they may seem to lose money. Tata group, one of the largest
business conglomerates in India was seen on the verge of decline at the beginning of
1990’s, which soon turned out to be otherwise. The same company’s Tata NANO car was
predicted as a failure, and failed to do well but the same is picking up fast now.
6. Securing the Society: Often ethics succeeds law in safeguarding the society. The law
machinery is often found acting as a mute spectator, unable to save the society and the
environment. Technology, for example is growing at such a fast pace that the by the time
law comes up with a regulation we have a newer technology with new threats replacing
 the older one. Lawyers and public interest litigations may not help a great deal but ethics
can.

Ethics tries to create a sense of right and wrong in the organizations and often when the law fails,
it is the ethics that may stop organizations from harming the society or environment.

UNIT – 2

Corporate Social Responsibility & Consumer Protection

Corporate responsibility of business:

Definitions of social responsibility

Corporate social responsibility (CSR) is:

• An obligation, beyond that required by the law and economics, for a firm to pursue long
term goals that are good for society
• The continuing commitment by business to behave ethically and contribute to economic
development while improving the quality of life of the workforce and their families as
well as that of the local community and society at large
• About how a company manages its business process to produce an overall positive
impact on society

Corporate social responsibility means:

• Conducting business in an ethical way and in the interests of the wider community
• Responding positively to emerging societal priorities and expectations
• A willingness to act ahead of regulatory confrontation
• Balancing shareholder interests against the interests of the wider community
• Being a good citizen in the community
Is CSR the same as business ethics?

• There is clearly an overlap between CSR and business ethics

• Both concepts concern values, objectives and decision based on something than the
pursuit of profits
• And socially responsible firms must act ethically

The difference is that ethics concern individual actions which can be assessed as right or wrong
by reference to moral principles. CSR is about the organisation’s obligations to all stakeholders –
and not just shareholders.

There are four dimensions of corporate responsibility

• Economic - responsibility to earn profit for owners

• Legal - responsibility to comply with the law (society’s codification of right and wrong)
• Ethical - not acting just for profit but doing what is right, just and fair
• Voluntary and philanthropic - promoting human welfare and goodwill
• Being a good corporate citizen contributing to the community and the quality of life

The debate on social responsibility

Not all business organizations behave in a socially responsible manner, And there are people
who would argue that it is not the job of business organizations to be concerned about social
issues and problems.

There are two schools of thought on this issue:

• In the free market view, the job of business is to create wealth with the interests of the
shareholders as the guiding principle
• The corporate social responsibility view is that business organisation should be
concerned with social issues
Free market view - a summary

• The role of business is to create wealth by providing goods and services

• “There is one and only one social responsibility of business- to use its resources and
engage in activities designed to increase its profit so long as it stays will the rules of the
game, which is to say, engages in open and free competition, without deception or
fraud.” [Milton Friedman, American economist]
• Giving money away is like a self imposed tax
• Managers who have been put in charge of a business have no right to give away the
money of the owners
• Managers are employed to generate wealth for the shareholders - not give it away
• Free markets and capitalism have been at the centre of economic and social development
• Improvements in health and longevity have been made possible by economies driven by
the free market
• To attract quality workers it is necessary to offer better pay and conditions and this leads
to a rise in standards of living and wealth creation
• Free markets contribute to the effective management of scarce resources
• It is true that at times the market fails and therefore some regulation is necessary to
redress the balance
• But the correcting of market failures is a matter for government - not business
• Regulation should be kept to a minimum since regulation stifles initiative and creates
barrier to market entry

The free market case against corporate social responsibility

• The only social responsibility of business is to create shareholder wealth

• The efficient use of resources will be reduced if businesses are restricted in how they can
produce
• The pursuit of social goals dilutes businesses’ primary purpose
• Corporate management cannot decide what is in the social interest
• Costs will be passed on to consumers
 • It reduces economic efficiency and profit
• Directors have a legal obligation to manage the company in the interest of shareholders –
and not for other stakeholders
• CSR behavior imposes additional costs which reduce competitiveness
• CSR places unwelcome responsibilities on businesses rather than on government or
individuals

The corporate responsibility view

• Businesses do not have an unquestioned right to operate in society

• Those managing business should recognize that they depend on society
• Business relies on inputs from society and on socially created institutions
• There is a social contract between business and society involving mutual obligations that
society and business recognize that they have to each other

Stakeholder theory

The basic premise is that business organizations have responsibility to various groups in society
(the internal and external stakeholders) and not just the owners/ shareholders. The responsibility
includes a responsibility for the natural environment. Decisions should be taken in the wider
interest and not just the narrow shareholder interest

Arguments for socially-responsible behavior

• It is the ethical thing to do

• It improves the firm’ public image
• It is necessary in order to avoid excessive regulation
• Socially responsible actions can be profitable
• Improved social environment will be beneficial to the firm
• It will be attractive to some investors
 • It can increase employee motivation
• It helps to corrects social problems caused by business

Enlightened self interest

This is the practice of acting in a way that is costly and/or inconvenient at present but which is
believed to be in one’s best long term interests. There is a long history of philanthropy based on
enlightened self interests e.g. Robert Owens’s New Lanark Mills, Titus Salt’s Solitaire as well
the work of the Quaker chocolate makers such as Cadbury at Bourneville and Row tree in York.

CSR behaviour can benefit the firm in several ways

• It aids the attraction and retention of staff

• It attracts green and ethical investment
• It attracts ethically conscious customers
• It can lead to a reduction in costs through re-cycling
• It differentiates the firm from its competitor and can be a source of competitive advantage
• It can lead to increased profitability in the long run

CORPORATE GOVERNANCE

Corporate governance refers to the set of systems, principles and processes by which a company
is governed. They provide the guidelines as to how the company can be directed or controlled
such that it can fulfill its goals and objectives in a manner that adds to the value of the company
and is also beneficial for all stakeholders in the long term. Stakeholders in this case would
include everyone ranging from the board of directors, management, shareholders to customers,
employees and society. The management of the company hence assumes the role of a trustee for
all the others. Corporate governance is based on principles such as conducting the business with
all integrity and fairness, being transparent with regard to all transactions, making all the
necessary disclosures and decisions, complying with all the laws of the land, accountability and
responsibility towards the stakeholders and commitment to conducting business in an ethical
manner. Another point which is highlighted in the SEBI report on corporate governance is the
need for those in control to be able to distinguish between what are personal and corporate funds
while managing a company. Fundamentally, there is a level of confidence that is associated with
a company that is known to have good corporate governance. The presence of an active group of
independent directors on the board contributes a great deal towards ensuring confidence in the
market. Corporate governance is known to be one of the criteria that foreign institutional
investors are increasingly depending on when deciding on which companies to invest in. It is
also known to have a positive influence on the share price of the company. Having a clean image
on the corporate governance front could also make it easier for companies to source capital at
more reasonable costs. Unfortunately, corporate governance often becomes the centre of
discussion only after the exposure of a large scam.

Corporate governance is "the system by which companies are directed and controlled". It
involves a set of relationships between a company’s management, its board, its shareholders and
other stakeholders; it deals with prevention or mitigation of the conflict of interests of
stakeholders. Ways of mitigating or preventing these conflicts of interests include the processes,
customs, policies, laws, and institutions which have impact on the way a company is
controlled. An important theme of corporate governance is the nature and extent of
accountability of people in the business, and mechanisms that try to decrease the principal–agent
problem. Corporate governance also includes the relationships among the many stakeholders
involved and the goals for which the corporation is governed. In contemporary business
corporations, the main external stakeholder groups are shareholders, debt holders, trade creditors,
suppliers, customers and communities affected by the corporation's activities. Internal
stakeholders are the board of directors, executives, and other employees. It guarantees that an
enterprise is directed and controlled in a responsible, professional, and transparent manner with
the purpose of safeguarding its long-term success. It is intended to increase the confidence of
shareholders and capital-market investors.
CONSUMERISM

Consumerism is a social and economic order that encourages the purchase of goods and services
in ever-greater amounts. The term is often associated with criticisms of consumption starting
with Thorstein Veblen. Veblen's subject of examination, the newly emergent middle class arising
at the turn of the twentieth century, comes to full fruition by the end of the twentieth century
through the process of globalization. Sometimes, the term "consumerism" is also used to refer to
the consumerists movement, consumer protection or consumer activism, which seeks to protect
and inform consumers by requiring such practices as honest packaging and advertising, product
guarantees, and improved safety standards. In this sense it is a movement or a set of policies
aimed at regulating the products, services, methods, and standards of manufacturers, sellers, and
advertisers in the interests of the buyer. In economics, consumerism refers to economic policies
placing emphasis on consumption. In an abstract sense, it is the belief that the free choice of
consumers should dictate the economic structure of a society (cf. Producerism, especially in the
British sense of the term). The term "consumerism" was first used in 1915 to refer to "advocacy
of the rights and interests of consumers".

UNETHICAL ISSUES, IN SALES, MARKETING AND TECHNOLOGY

Ethics in marketing deals with the principles, values and/or ideals by which marketers (and
marketing institutions) ought to act. Marketing ethics is also contested terrain, beyond the
previously described issue of potential conflicts between profitability and other concerns. Ethical
marketing issues include marketing redundant or dangerous products/services transparency about
environmental risks, transparency about product ingredients such as genetically modified
organisms possible health risks, financial risks, security risks, etc., respect for consumer privacy
and autonomy, advertising truthfulness and fairness in pricing & distribution.

Markets present a clash of interest between various players. There is competition for resources,
customers and price etc, which breeds ground for activities that may not get ethical sanctions. A
certain code of conduct, policies and practices called ethics are required to manage markets and
marketing. Marketing is the heart of all businesses and all other functions depend upon the same
for keeping the business moving. It is one business function that interacts the most with markets,
in fact markets are meant to sell and they exist only when they sell! In such a scenario there are
bound to be multiple players and a clash is inevitable. Such clash leads to malpractices like
hoarding, price competitions, brand wars and use of unfair tactics, which is precisely where
marketing ethics come into play. Simply put, ethics means principle or values by which
marketing ought to be conducted in the market place. Logically also when there are huge number
of transactions involved, a certain code or guiding principles are required to ensure that
operations and industry competitiveness is fair and beneficial to the end user.

There are different philosophies or schools of thought for ethics in marketing, one is the
political philosophy and the other is the transaction focused.

Whereas one school of thought says that all marketing efforts should be focused on maximizing
the shareholder value and that this is the only marketing ethics; the other believes that that
marketing and market is equally responsible to consumers, other stake holders and the
shareholders. The tactic of targeting targeted segments, creating needs that were inexistent till
now, transparency about the source of labor and environmental risks, transparency about the use
of source and the ingredients, appropriate labeling, mentioning associated health risks,
advertising jurisprudence and not making false promises fall within the ambit of marketing
ethics. Lots of marketing and promotion was carried out for goods and services that were not a
need till yesterday and only a luxury. Today cell phones have become a need and a status
symbol! These are issues that are being discussed in marketing ethics nowadays. Marketing
ethics is in its budding stage only considering that it came into being only in late 1990s.

Like other ethical disciplines, marketing ethics is also looked up from various perspectives.
There is the perspective of virtue, expediency and other perspectives. But like other ethics
there is also the difficulty of deciding the agency responsible for ethical practice. Since there is
not one single agency responsible for ethics this gives the independence to an individual or to
any marketing agency to act on its own and be ethical. Marketing ethics unlike other business
ethics is not only restricted to the field of marketing alone. It influences many aspects of our life
and especially in developing perceptions in the minds of people and creating identities, classes
and sections in the society. The visual channels of communication used for marketing sometimes
lead to closure of knowledge, opinions, ideas and beliefs. It creates prejudices in the mind of
people.

UNETHICAL ISSUES IN TECHNOLOGY

Scientific advances allow businesses to use technology to reach goals more easily and more
completely than ever before. In some areas, however, such applications of technology start
infringing on the rights of individuals and may be unethical. Governments and ethically operated
companies are aware of these limitations. Governments have passed privacy laws and regulated
communication companies. Some companies self-censor and apply internal policies to limit
unethical behavior. Businesses that wish to be considered ethical must look at whether applying
certain technologies may harm some individuals and constrain such applications to what is
absolutely necessary.

Privacy

Individual privacy is one area that has been identified clearly as a base for unethical business
behavior through the application of technologies. Companies can track Internet usage, buying
habits and individual movement as well as collect personal information about millions of
customers or even potential clients. While governments have passed legislation restricting the
collection of personal data and allowing individuals some control over what companies can
collect and store, ethical businesses must decide -- independently of legislation -- what is
appropriate behavior.

Security

Companies monitor employees and visitors and collect much additional information in the name
of security. Ethical issues arise from the continuous monitoring of employee activity and the
recording of security camera images. An unjustified level of employee surveillance is ethically
questionable; the ethical company must try to establish a level of monitoring it can justify. The
surveillance of non-employees, such as visitors or suppliers' representatives, must be constrained
to an even lower level to be ethically acceptable.

Businesses today are technology and innovation driven. There is huge competition in the sphere
and therefore like other industry or business function ethics is essential here also. Specially
because ethics by itself is only a tool to create and doesn’t know ethics or morals. Every day we
have innovative products and services that announce their arrival in the market place and others
that go obsolete. It is this technology and innovation that leads to ethical issues, considering the
competition to stay ahead by innovating is immense. Issues like data mining, invasion to privacy,
data theft and workplace monitoring are common and critical.

In technology we speak of ethics in two contexts; one is whether the pace of technological
innovation is benefiting the humankind or not, the other is either severely empowering
people while choking others for the same. Technology, for example, has drastically replaced
people at work.

In the first case we are compelled to think about the pace at which technology is progressing.
There are manifold implications here, be it things like computer security or viruses, Trojans,
spam’s that invade the privacy of people or the fact the technology is promoting consumerism.
Nowadays data storage is primarily on computer systems. With the advent of internet technology
the world has got interconnected and data can be accessed remotely by those who are otherwise
unauthorized to do the same. This is one of the pitfalls of innovation. The other one i.e. the pace
of technological change also raises the question of ethics. New products make their way and
leave the existing ones obsolete. In fact technological change and innovation is at the heart of
consumerism, which is bad for economy and environment in general. The recent economic
downturn makes up for a very good example. Increasingly technological products are adding up
to environmental degradation. Computer screens, keyboards, the ink used in the printers are
some of the ways in which technology is polluting the environment. All these produce toxins that
cannot be decomposed easily.
The other major issue in technology that brings in ethics is interface between technology
and the computers. Many scientists are of the opinion that the world will come to an end with a
war between the humankind and the technology. Technology they say will advance to an extent
beyond the control of those who have made it!

No doubt technology has replaced people at work and made certain others redundant. On the flip
side many people have been raised to power while others have been severely handicapped. The
latter is especially true for third world countries. New manufacturing processes that are
outsourced either replace manpower there or either exploits the latter in the name of employment
by engaging them cheaper prices. Technology has also made inroads into the field of medicine
and life care. New cloning techniques, genetic modifications or other life saving drugs need
continuous monitoring and surveillance. Bioethics has thus emerged as ethics in the field of
medical technology. Whereas we cannot talk of controlling technology and innovation, the better
way is to adapt and change. The role of ethics in technology is of managing rather controlling the
same. Continuous monitoring is required to keep track of latest innovations and technological
changes and for ensuring fair practices.

UNIT – 3

DEFINITION OF PROGRESS

People have been thinking about what progress means for at least two millennia. The concept has
taken a variety of directions and forms, with various notions gaining favour depending on
prevailing political regimes, cultural influences and environmental conditions. But, in all cases,
the notion of progress has been used to reflect those qualitative dimensions that are missed by
more conventional and quantitative definitions of economic growth. Progress, in other words,
takes us back to a broad notion of wellbeing and welfare, and to how these concepts are changing
over time.
TRANSFORMATION

Transformation is the process of changing from one qualitative state to another, Transformation
as a process of transmutation from one state to another can apply to an individual or an
organization or the product or service supplied by the organization. When related to higher
education, transformation usually refers to the transformation of the student via learning or the
transformation of the institution so that it is better able to provide transformative outcomes, that
is, transformative learning or research.

SUCCESS

Success is comprised of three things: being happy with what you’re doing, constantly growing as
an individual, and contributing to other people in meaningful ways. If these three things are
present, then you’re successful

UNIT – 4

Knowledge and wisdom

KNOWLEDGE is stored information. It is whatever you ‘know.’ Knowledge does not require
that information which you hold be true, it simply requires that you know something. Knowledge
comes exclusively from learning. This means you can gain knowledge in school or from books.
You can learn from experiences you have or from observing the experiences of others. The
single defining factor of knowledge is that it is data which is stored in your brain—on your hard
drive.

WISDOM is far different from knowledge. Wisdom is the ability to process knowledge. To play
on the hard drive analogy, wisdom is the software that is able to organize the data on the hard
drive and put it into practice. In a practical sense, wisdom still does not require that the data you
are processing be truth, it simply is the ability to put knowledge into practice.

From a philosophical stance, wisdom requires that data be true. To process information which is
false and apply it would be foolish. Think about statistics. Say I interview three people and ask
what their favorite color is. The first person says that his favorite color is green. Not wanting to
be left out, the second and third person also says green even though their favorite colors are
yellow and red respectively. As the statistician, I conclusively state that all mankind has the
favorite color of green. This is obviously wrong so philosophically this is not a wise conclusion

Difference between Knowledge and wisdom

Knowledge... knowledge is the appropriate collection of information, such that it's intent is to be
useful. Knowledge is a deterministic process. When someone "memorizes" information (as less-
aspiring test-bound students often do), then they have amassed knowledge. This knowledge has
useful meaning to them, but it does not provide for, in and of itself, an integration such as would
infer further knowledge. For example, elementary school children memorize, or amass
knowledge of, the "times table". They can tell you that "2 x 2 = 4" because they have amassed
that knowledge (it being included in the times table). But when asked what is "1267 x 300", they
cannot respond correctly because that entry is not in their times table. To correctly answer such a
question requires a true cognitive and analytical ability that is only encompassed in the next
level... understanding. In computer parlance, most of the applications we use (modeling,
simulation, etc.) exercise some type of stored knowledge.

Wisdom... wisdom is an extrapolative and non-deterministic, non-probabilistic process. It calls

upon all the previous levels of consciousness, and specifically upon special types of human
programming (moral, ethical codes, etc.). It beckons to give us understanding about which there
has previously been no understanding, and in doing so, goes far beyond understanding itself. It is
the essence of philosophical probing. Unlike the previous four levels, it asks questions to which
there is no (easily-achievable) answer, and in some cases, to which there can be no humanly-
known answer period. Wisdom is therefore, the process by which we also discern, or judge,
between right and wrong, good and bad. I personally believe that computers do not have, and
will never have the ability to posses wisdom. Wisdom is a uniquely human state, or as I see it,
wisdom requires one to have a soul, for it resides as much in the heart as in the mind. And a soul
is something machines will never possess (or perhaps I should reword that to say, a soul is
something that, in general, will never possess a machine).

KNOWLEDGE WORKER VS WISDOM WORKER

A knowledge worker is anyone who works for a living at the tasks of developing or using
knowledge. For example, a knowledge worker might be someone who works at any of the tasks
of planning, acquiring, searching, analyzing, organizing, storing, programming, distributing,
marketing, or otherwise contributing to the transformation and commerce of information and
those (often the same people) who work at using the knowledge so produced. A term first used
by Peter Drucker in his 1959 book, Landmarks of Tomorrow, the knowledge worker includes
those in the information technology fields, such as programmers, systems analysts, technical
writers, academic professionals, researchers, and so forth. The term is also frequently used to
include people outside of information technology, such as lawyers, teachers, scientists of all
kinds, and also students of all kinds.

CONCEPT OF KNOWLEDGE MANAGEMENT

The term knowledge management is something which is difficult to define. In an organization

which is giving preference to knowledge based working, the knowledge is managed in a better
way in terms of quantity and quality in compliance with the organization policies to achieve the
ultimate goal of the organization. Knowledge is everywhere and it is scattered. In knowledge
management, the people are treated as assets and they are termed as human assets. Business
organizations which have given importance to knowledge have become a success by
implementing new knowledge based methods.
The instruments of knowledge management

The process of knowledge management is never complete with the following heads.

• Change management
• Best practices
• Risk management
• Benchmarking

Change management: Change is inevitable. An organization undergoes change due to so many

reasons. It might happen because of environmental, economical, legal, political and
technological factors. The organization which adopts change quickly will be able to cope with
the new developments. In change management the business becomes sensitive to change. The
business might be able to achieve the good results on the basis of how sensitive they were in
adapting to changes.

Best practices: The best practices in business mainly consist of a leader who leads the
organization. He or she should be able to lead the human assets by example. The best practices
include establishing attainable targets, flat management structure, transparent and flawless
communication from top to bottom level and vice versa and constructing futuristic plans for
generating positive results.

Risk management: Presence of a good risk management system will help in the smooth flow of
the business for a longer period. A good risk management system should be able to understand
and measure the risks. The management should sketch new policies and the policies have to be
executed on the right time to overcome the risks. When the risks are monitor periodically, then
the business is able to diminish various kinds of risks.

Benchmarking: Benchmarking, in simple terms is the process of setting standards. The set
standards are practiced in the future for better productivity both in qualitative and quantitative
terms.
Knowledge for business:

Knowledge is power. The time has gone when people carried their businesses with good old
principles. It is time to adopt quality information and knowledge of the related areas to run
business in a better way.

Knowledge management

The knowledge management might be treated as a new concept. With knowledge management,
the conventional business activities are getting a paradigm shift.

Advantages
The primary advantages are:

• The business can get an advantage in the competitive environment by the implementation
of knowledge management and
• The tricky situations and stress of the business are minimized

There are several different, and sometimes quite confusing statements that claim to be a
definition of Knowledge Management' and there are different perspectives on what Knowledge
Management is. For example:

▪ KM is about systems and technologies

▪ KM is about people and learning organisations

▪ KM is about processes, methods and techniques

▪ KM is about managing knowledge assets

▪ KM is a holistic initiative across the entire organisation

▪ KM is not a discipline, as such, and should be an integral part of every knowledge workers
daily responsibilities

What is most important is for you to have your own definition of Knowledge Management; what
KM is to you and your organization. What is even more important is that you and your
colleagues have a 'common shared understanding' of what KM means for you all. To help you
get started, we have included immediately below a few definitions of what KM means to some
organizations. We suggest you consider them, together with any other definitions you may have,
and see if there are any words or phrases that particularly 'resonate' with what you are trying to
do. This will help you formulate your own definition of knowledge management. At the end of
this page, we invite you to share with us all, any definitions you have discovered and/or
formulated. We can then all comment and rate the usefulness of each definition as we wish. This
then provides us, at the bottom of this page, with a list of KM Definitions, listed in highest
rated/ranked order, to help us even further. So please share your definitions and/or any comments
or rating to definitions.

STRESS MANAGEMENT

Stress is the body's reaction to a change that requires a physical, mental or emotional adjustment
or response. Stress can come from any situation or thought that makes you feel frustrated, angry,
nervous, or anxious. Stress is caused by an existing stress-causing factor or "stressor." Dealing
with a serious illness or caring for someone who is can cause a great deal of stress. Stress is often
thought about from three different perspectives: an event, a reaction or a transaction. When we
associate stress with an event, that event is called a stressor. Examples of stressors include
getting divorced, being laid off or being diagnosed with a serious illness, although minor hassles
can also have an impact. People with OCD often report experiencing an increase in the number
or severity of stressors just prior to their symptoms becoming worse. Stress can also be thought
of as our reaction to an event. The classic stress response is the "flight or flight" reaction in
which your body activates a number of physical and behavioral defense mechanisms to deal with
an impending threat. It is often the physical and psychological sensations associated with these
mechanisms that we are detecting when we say that we "feel stressed." Finally, stress can be
defined as a state that results from a transaction between you and the things around you. In this
model, people or circumstances are constantly making demands on you such as getting to work
on time, paying monthly bills, resolving conflicts with friends or co-workers or parenting
children. If you believe that you do not have the resources you need to deal with the demands
placed on you, you feel stress. A feature of this model of stress is that it accounts for why
different people react differently when faced with the same challenges -- there are as many
different reactions to potentially stressful conditions as there are people.

SOURCES AND CONSEQUENCES OF STRESS

Stress is a normal physical response to events that make you feel threatened or upset your
balance in some way. When you sense danger – whether it’s real or imagined – the body's
defenses kick into high gear in a rapid, automatic process known as the “fight-or-flight” reaction,
or the stress response. The stress response is the body’s way of protecting you. When working
properly, it helps you stay focused, energetic, and alert. In emergency situations, stress can save
your life – giving you extra strength to defend yourself, for example, or spurring you to slam on
the brakes to avoid an accident. The stress response also helps you rise to meet challenges. Stress
is what keeps you on your toes during a presentation at work, sharpens your concentration when
you’re attempting the game-winning free throw, or drives you to study for an exam when you'd
rather be watching TV. But beyond a certain point, stress stops being helpful and starts causing
major damage to your health, your mood, your productivity, your relationships, and your quality
of life.

Causes of stress

The situations and pressures that cause stress are known as stressors. We usually think of
stressors as being negative, such as an exhausting work schedule or a rocky relationship.
However, anything that puts high demands on you or forces you to adjust can be stressful. This
includes positive events such as getting married, buying a house, going to college, or receiving a
promotion.
What causes stress depends, at least in part, on your perception of it. Something that's stressful to
you may not faze someone else; they may even enjoy it. For example, your morning commute
may make you anxious and tense because you worry that traffic will make you late. Others,
however, may find the trip relaxing because they allow more than enough time and enjoy
listening to music while they drive.

Common external causes of stress

Not all stress is caused by external factors. Stress can also be self-generated:

• Major life changes • Financial problems

• Work • Being too busy
• Relationship difficulties • Children and family

Common internal causes of stress

Not all stress is caused by external factors. Stress can also be self-generated:

• Inability to accept uncertainty • Unrealistic expectations

• Pessimism • Perfectionism
• Negative self-talk • Lack of assertiveness

Dealing with stress and its symptoms

While unchecked stress is undeniably damaging, there are many things you can do to reduce its
impact and cope with symptoms.

Learn how to manage stress

You may feel like the stress in your life is out of your control, but you can always control the
way you respond. Managing stress is all about taking charge: taking charge of your thoughts,
your emotions, your schedule, your environment, and the way you deal with problems. Stress
management involves changing the stressful situation when you can, changing your reaction
when you can’t, taking care of yourself, and making time for rest and relaxation.

Learn how to relax

You can’t completely eliminate stress from your life, but you can control how much it affects
you. Relaxation techniques such as yoga, meditation, and deep breathing activate the body’s
relaxation response, a state of restfulness that is the opposite of the stress response. When
practiced regularly, these activities lead to a reduction in your everyday stress levels and a boost
in your feelings of joy and serenity. They also increase your ability to stay calm and collected
under pressure.

Learn quick stress relief

Everybody has the power to reduce the impact of stress as it’s happening in that moment. With
practice, you can learn to spot stressors and stay in control when the pressure builds. Sensory
stress-busting techniques give you a powerful tool for staying clear-headed and in control in the
middle of stressful situations. They give you the confidence to face challenges, knowing that you
have the ability to rapidly bring yourself back into balance.

STRESS MANAGEMENT

Stress management refers to a wide spectrum of techniques and psychotherapies aimed at

controlling a person's levels of stress, especially chronic stress, usually for the purpose of
improving everyday functioning. In this context, the term 'stress' refers only to a stress with
significant negative consequences, or distress in the terminology advocated by Hans Selye, rather
than what he calls eustress, a stress whose consequences are helpful or otherwise positive. Stress
produces numerous symptoms which vary according to persons, situations, and severity. These
can include physical health decline as well as depression. According to the St. Louis
Psychologists and Counseling Information and Referral, the process of stress management is one
of the keys to a happy and successful life in modern society. Although life provides numerous
demands that can prove difficult to handle, stress management provides a number of ways to
manage anxiety and maintain overall well-being.

Despite stress often being thought of as a subjective experience, levels of stress are readily
measureable using various physiological tests, similar to those used in polygraphs. Many
practical stress management techniques are available, some for use by health practitioners and
others for self-help, which may help an individual to reduce stress, provide positive feelings of
being in control of one's life and promote general well-being. The effectiveness of the different
stress management techniques can be difficult to assess, as few of them have received signifcant
attention from researchers. Consequently, the amount and quality of evidence for the various
techniques varies widely. Some are accepted as effective treatments for use in psychotherapy,
whilst others with less evidence favouring them are considered alternative therapies. Many
professional organisations exist to promote and provide training in conventional or alternative
therapies.

DETACHED INVOLVEMENT

Detached Involvement requires a leader to be aware of his/her own emotions at all times and
how they are changing. At its best, a leader practicing detached involvement is engaged in Level
3 Listening. Level 1 listening often results in being drawn into the drama because the listener is
relating his/her own emotional experience to what's being said. Just because someone else is
feeling angry, and understandably so, does not mean that you too should feel angry. The key to
successful detached involvement is to remain emotionally connected while being separate. For
many of us, we've been taught from a young age that in order to be emotionally connected to
someone else, we need to be feeling the same emotions. And so we search for similar
experiences we've had to conjure up the emotions we perceive the other to be experiencing.
However, when you start to think about this, it really is not a genuine connection. In that moment
you are creating a parallel experience, and so you are not really present, and often your efforts
fall short. By working to become increasing aware of your emotions at any moment and how
they are influenced by your experiences throughout the day, you take a step toward practicing
detached involvement. Own your feeling, recognize when your emotions are being influenced,
accept that and let it go. This takes practice and vigilance and with time and practice you can
become a master.

CONCEPT OF KARMA

Karma is a concept in Hinduism which explains causality through a system where beneficial
effects are derived from past beneficial actions and harmful effects from past harmful actions,
creating a system of actions and reactions throughout a soul's reincarnated lives forming a cycle
of rebirth. The causality is said to be applicable not only to the material world but also to our
thoughts, words, actions and actions that others do under our instructions. When the cycle of
rebirth comes to an end, a person is said to have attained moksha, or salvation from samsara. Not
all incarnations are human. The cycle of birth and death on earth is said to be formed from 8.4
million forms of life, but only in human life is an exit from this cycle possible.

"Karma" literally means "deed" or "act", and more broadly names the universal principle of
cause and effect, action and reaction, which Hindus believe governs all consciousness. Karma is
not fate, for we act with what can be described as a conditioned free will creating our own
destinies. According to the Vedas, if we sow goodness, we will reap goodness; if we sow evil,
we will reap evil. Karma refers to the totality of our actions and their concomitant reactions in
this and previous lives, all of which determine our future. The conquest of karma lies in
intelligent action and dispassionate reaction. Not all karmas rebound immediately. Some
accumulate and return unexpectedly in this or other lifetimes. Human beings are said to produce
karma in four ways:

• through thoughts
• through words
• through actions that we perform ourselves
• through actions others perform under our instructions

Everything that we have ever thought, spoken, done or caused is karma, as is also that which we
think, speak or do this very moment. Hindu scriptures divide karma into three kinds:

• Sanchita is the accumulated karma. It would be impossible to experience and endure all
karmas in one lifetime. From this stock of sanchita karma, a handful is taken out to serve
one lifetime and this handful of actions, which have begun to bear fruit and which will be
exhausted only on their fruit being enjoyed and not otherwise, is known as prarabdha karma.
• Prarabdha Fruit-bearing karma is the portion of accumulated karma that has "ripened" and
appears as a particular problem in the present life.
• Kriyamana is everything that we produce in the current life. All kriyamana karmas flow in
to sanchita karma and consequently shape our future. Only in human life we can change our
future destiny. After death we lose Kriya Shakti (ability to act) and do (kriyamana) karma
until we are born again in another human body.

NISHKAM KARMA & SAKAM KARMA

There are two aspects to Karma Yoga - Sakam Karma and Nishkam Karma. Sakam Karma is to
work with selfish expectations and your own interests in mind. Nishkam Karma on the other
hand is working with unselfish/selfless motives. You have to pay back all Karmas in this life or
in future lives, good or bad. It could be good Karma, but if it is selfish it is a chain that binds
you. Nishkam Karma also still binds you to the Karmic law. It doesn't matter if the chain is made
of iron or gold, it binds you in same way. Good and bad, both Karmas will bind you, put you into
bondage. Of course negative Karma is harder, and good Karmas are softer. Nishkam Karma
means free or without desire. Karma comes from the root word “kama” which means desires.
Karma comes from the root word "kriya" which means to do. In the act of Nishkam Karma you
have no selfish expectation, you are only giving. Give with love, devotion and happiness. What
should we give? Whatever you can! But observe your limitations, don’t overdo it! Nishkam
Karma means doing Seva (selfless service), without the expectation of receiving
acknowledgement, reward or a word of thanks. When you have even just one thought that
someone should have said "Thank you", this is not Nishkam Karma. In Vedic culture there is no
tradition of saying 'Thank you', only 'Blessing'.

This can be a problem for westerners when they go to India, that whatever you may do, Indians
will never say thank you. But with modern education the word thank you has spread everywhere.
However, when you say thank you, it means you don’t accept this Seva and you give back some
fruits. Nishkam Karma leads to liberation. Selfless service bears fruit similar to Raja Yoga,
Bhakti Yoga and Gyana Yoga. The fruits of Sakam Karma will be paid for in this life and the
fruit of Nishkam Karma will be returned after this life. Here you enjoy a life of luxury, but in
another life you will have empty hands. What will go with you? Don’t just think of this life,
think also of your future lives. Therefore, in Yoga and Indian culture there is less focus on past
lives, but more on future lives. Past is past, you no longer have any control over it. In a past life
you were king and now you are a cook. Suddenly you gain knowledge of the past life when you
were a king but nobody will give your kingdom back to you, instead you will be taken to a
psychiatric hospital.
QUALITY OF LIFE

The term quality of life is used to evaluate the general well-being of individuals and societies.
The term is used in a wide range of contexts, including the fields of international development,
healthcare, and politics. Quality of life should not be confused with the concept of standard of
living, which is based primarily on income. Instead, standard indicators of the quality of life
include not only wealth and employment, but also the built environment, physical and mental
health, education, recreation and leisure time, and social belonging.

According to ecological economist Robert Costanza:

While Quality of Life (QOL) has long been an explicit or implicit policy goal, adequate
definition and measurement have been elusive. Diverse "objective" and "subjective" indicators
across a range of disciplines and scales, and recent work on subjective well-being (SWB)
surveys and the psychology of happiness have spurred renewed interest. Also frequently related
are concepts such as freedom, human rights, and happiness. However, since happiness is
subjective and hard to measure, other measures are generally given priority. It has also been
shown that happiness, as much as it can be measured, does not necessarily increase
correspondingly with the comfort that results from increasing income. As a result, standard of
living should not be taken to be a measure of happiness.

QUALITY OF WORK LIFE

Work is an integral part of our everyday life, as it is our livelihood or career or business. On an
average we spend around twelve hours daily in the work place, that is one third of our entire life;
it does influence the overall quality of our life. It should yield job satisfaction, give peace of
mind, a fulfillment of having done a task, as it is expected, without any flaw and having spent the
time fruitfully, constructively and purposefully. Even if it is a small step towards our lifetime
goal, at the end of the day it gives satisfaction and eagerness to look forward to the next day.
The factors that influence and decide the Quality of work life are:

1. Attitude

2. Environment

3. Opportunities

4. Nature of Job

5. People

6. Stress Level

7. Career Prospects

8. Challenges

9. Growth and Development

10. Risk Involved and Reward

Attitude: The person who is entrusted with a particular job needs to have sufficient knowledge,
required skill and expertise, enough experience, enthusiasm, energy level, willingness to learn
new things, dynamism, sense of belongingness in the organization, involvement in the job, inter
personnel relations, adaptability to changes in the situation, openness for innovative ideas,
competitiveness, zeal, ability to work under pressure, leadership qualities and team-spirit.

Environment: The job may involve dealing with customers who have varied tolerance level,
preferences, behavioral pattern, level of understanding; or it may involve working with
dangerous machines like drilling pipes, cranes, lathe machines, welding and soldering machines,
or even with animals where maximum safety precautions have to be observed which needs lot of
concentration, alertness, presence of mind, quick with involuntary actions, synchronization of
eyes, hands and body, sometimes high level of patience, tactfulness, empathy and compassion
and control over emotions.

Opportunities: Some jobs offer opportunities for learning, research, discovery, self-
development, enhancement of skills, room for innovation, public recognition, exploration,
celebrity-status and loads and loads of fame. Others are monotonous, repetitive, dull, routine, no
room for improvement and in every sense boring. Naturally the former ones are interesting and
very much rewarding also.

Nature of Job: For example, a driller in the oil drilling unit, a diver, a fire-fighter, traffic
policeman, train engine driver, construction laborers, welder, miner, lathe mechanic have to do
dangerous jobs and have to be more alert in order to avoid any loss of limb, or loss of life which
is irreparable; whereas a pilot, doctor, judge, journalist have to be more prudent and tactful in
handling the situation; a CEO, a professor, a teacher have more responsibility and accountability
but safe working environment; a cashier or a security guard cannot afford to be careless in his
job as it involves loss of money, property and wealth; a politician or a public figure cannot afford
to be careless, for his reputation and goodwill is at stake. Some jobs need soft skills, leadership
qualities, intelligence, decision making abilities, abilities to train and extract work from others;
other jobs need forethought, vision and yet other jobs need motor skills, perfection and extreme
carefulness.

People: Almost everyone has to deal with three set of people in the work place. Those
are namely boss, co-workers in the same level and subordinates. Apart from this, some
professions need interaction with people like patients, media persons, public, customers, thieves,
robbers, physically disabled people, mentally challenged, children, foreign delegates, gangsters,
politicians, public figures and celebrities. These situations demand high level of prudence, cool
temper, tactfulness, humor, kindness, diplomacy and sensitiveness.
Stress Level: All these above mentioned factors are inter-related and inter-dependant. Stress
level need not be directly proportional to the compensation. Stress is of different types - mental
stress/physical stress and psychological or emotional stress. A Managing Director of a company
will have mental stress, a laborer will have physical stress, a psychiatrist will have emotional
stress. Mental stress and Emotional stress cause more damage than physical stress.

Career Prospects: Every job should offer career development. That is an important factor which
decides the quality of work life. Status improvement, more recognition from the Management,
appreciations are the motivating factors for anyone to take keen interest in his job. The work
atmosphere should be conducive to achieve organizational goal as well as individual
development. It is a win-win situation for both the parties; an employee should be rewarded
appropriately for his good work, extra efforts, sincerity and at the same time a lethargic and
careless employee should be penalized suitably; this will motivate the former to work with more
zeal and deter the latter from being so, and strive for better performance.

Challenges: The job should offer some challenges at least to make it interesting; That enables an
employee to upgrade his knowledge and skill and capabilities; whereas the monotony of the job
makes a person dull, non-enthusiastic, dissatisfied, frustrating, complacent, initiative - less and
uninteresting. Challenge is the fire that keeps the innovation and thrill alive. A well-
accomplished challenging job yields greater satisfaction than a monetary perk; it boosts the self-
confidence also.

Growth and Development: If an organization does not give chance for growth and personal
development it is very difficult to retain the talented personnel and also to find new talent with
experience and skill.

Risk Involved and Reward: Generally reward or compensation is directly proportional to the
quantum of work, man-hours, nature and extent of responsibility, accountability, delegated
powers, authority of position in the organizational chart, risk involved, level of expected
commitment, deadlines and targets, industry, country, demand and supply of skilled manpower
and even political stability and economic policies of a nation. Although risk is involved in every
job its nature and degree varies in them; All said and done, reward is a key criteria to lure a
prospective worker to accept the offer.

Conclusion: A happy and healthy employee will give better turnover, make good decisions and
positively contribute to the organizational goal. An assured good quality of work life will not
only attract young and new talent but also retain the existing experienced talent.

Text Books:

1. Kaur, Tripat; Values & Ethics in Management, Galgotia Publishers

2. Chakraborty, S.K.; Human values for Managers

Reference Books:

1. Chakraborty, S.K.; Ethics in Management: A Vedantic Perspective, Oxford University

Press.

Website:

1) http://www.ethicstrainingguide.com/2009/08/importance-of-values-and-ethics-in.html
2) http://www.managementstudyguide.com/values-ethics.htm
3) http://einquisitive.com/definition-of-knowledge-and-wisdom/
4) http://www.bukisa.com/articles/525610_quality-of-work-life
5) http://articles.economictimes.indiatimes.com/2009-01-18/news/28462497_1_corporate-
governance-satyam-books-fraud-by-satyam-founder.