(Mt) – MGMT 1010 MCC Rational Decision Making Process Discussion

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Chapter 3 The TRIPLE BOTTOM LINE: PEOPLE, PLANET, PROFITTriple bottom line•Represents people, planet, and profit (the 3 Ps).•Measures an organization’s social, environmental, and financialperformance.Success can be measured through a social audit•A systematic assessment of a company’s performance in implementing socially responsible programs. The SOCIAL RESPONSIBILITIES REQUIRED of YOU as a MANAGERSocial responsibility •Manager’s duty to take actions that will benefit the interests of society as well as of the organization.Corporate social responsibility •Notion that corporations are expected to go above and beyond following the law and making a profit. Social ObligationEngaging in social actions because of obligation to meet economic/legal responsibilities Social ResponsivenessEngaging in social actions in response to a popular social need. Social ResponsibilityIntending to go beyond its legal/economic obligations to do the right things and act in ways that are good for society. DEFINING ETHICS and VALUESEthics•Standards of right and wrong that influence behavior. •May vary among countries and cultures.Values•Relatively permanent and deeply held underlying beliefs and attitudes that help determine a person’s behavior. EthicsThe principles, values, and beliefs that define right and wrong HOW DO PEOPLE LEARN ETHICS?Three levels of personal moral development:•Level 1, preconventional: follows rules to avoid unpleasant consequences.•Level 2, conventional: follows expectations of others (most managers are at this level).•Level 3, postconventional: guided by internal values, they lead by exle. Stages of Moral DevelopmentGo up in levels, rely less on external influences and more on our internal compass. ExleYour company has decided to donate to the Together Support (TS), and top managers have decided to ask employees to make individual donations as well. You know that several of your employees can’t afford to make donations due to legitimate financial hardships. You’ve also heard that the top management checks the list of individual contributors to see who is and isn’t supporting their “very important cause”. First-Line Managers Meeting•At Monday morning’s meeting, you decide to survey your first-line manager peers about the request for donations, and here’s what you find:•Kelly – “I’m going to donate, and require my employees to as well. There’s no way I want anyone working for me to be on that bad list!”•Pat – “It sounds like they really want our support, and it’s good to donate to those less fortunate, so I think I will contribute. I’ll make sure everyone on my team know about it, but will let each employee decide.”•Chris – “I have heard that the TS organization has been filled with corruption, and I don’t think it’s right to give to them. I will work with my employees to find another charity to support. If anyone from top-management asks me why my employees don’t support the TS foundation, I’ll show them the information I have. I’ll also ask them to support their own!” First-Line Managers Meeting•At Monday morning’s meeting, you decide to survey your first-line manager peers about the request for donations, and here’s what you find:•Kelly – “I’m going to donate, and require my employees to as well. There’s no way I want anyone working for me to be on that bad list!”•Pat – “It sounds like they really want our support, and it’s good to donate to those less fortunate, so I think I will contribute. I’ll make sure everyone on my team know about it, but will let each employee decide.”•Chris – “I have heard that the TS organization has been filled with corruption, and I don’t think it’s right to give to them. I will work with my employees to find another charity to support. If anyone from topmanagement asks me why my employees don’t support the TS foundation, I’ll show them the information I have. I’ll also ask them to support their own!” •Kelly – “I’m going to donate, and require my employees to as well. There’s no way I want anyone working for me to be on that bad list!” •Preconventional – why? •Pat – “It sounds like they really want our support, and it’s good to donate to those less fortunate, so I think I will contribute. I’ll make sure everyone on my team know about it, but will let each employee decide.”•Conventional – why? •Chris – “I have heard that the TS organization has been filled with corruption, and I don’t think it’s right to give to them. I will work with my employees to find another charity to support. If anyone from top-management asks me why my employees don’t support the TS foundation, I’ll show them the information I have. I’ll also ask them to support their own!” •Principled – why?•Chris – “I have heard that the TS organization has been filled with corruption, and I don’t think it’s right to give to them. I will work with my employees to find another charity to support. If anyone from topmanagement asks me why my employees don’t support the TS foundation, I’ll show them the information I have. I’ll also ask them to support their own!” •Principled – why? HOW ORGANIZATIONS CAN PROMOTE ETHICS1.Create a strong ethical climate.2.Screen prospective employees.3.Institute ethics codes and training programs.4.Reward ethical behavior: Protecting whistle-blowers who report organizational misconduct. The COMMUNITY of STAKEHOLDERSFigure 3.1. Source: From Diverse Teams at Work by Lee Gardenswartz. Published by the Society for Human Resource Management. for these images.Copyright ©McGraw-Hill Education. Permission required for reproduction or display. Access the text alternative INTERNAL STAKEHOLDERSInternal stakeholders •Consist of employees, owners, and the board of directors.Owners•Consist of all those who can claim the organization as their legal property.Board of directors •Members elected by the stockholders to see that the company is being run according to their interests. EXTERNAL STAKEHOLDERSExternal stakeholders •People or groups in the organization’s external environment that are affected by it.The task environment•Consists of 10 groups that present an organization with daily tasks to handle.The general environment•Refers to the macroenvironment, such as economic, technological, and sociocultural. The TASK ENVIRONMENT (1 of 3)Customers•Those who pay to use an organization’s goods or services.Competitors•People or organizations that compete for customers or service.Supplier•Provides raw materials, services, equipment, labor, or energy to other organizations.Distributor•A person or organization that helps another organization sell its goods and services to customer. The TASK ENVIRONMENT (2 of 3)Strategic allies •The relationship of two organizations who join forces to achieve advantages neither can perform as well alone.Employee organizations•Labor unions and professional associations.Local communities•May institute clawbacks: rescinding tax breaks when firms don’t deliver promised jobs.The TASK ENVIRONMENT (2 of 3)Strategic allies •The relationship of two organizations who join forces to achieve advantages neither can perform as well alone.Employee organizations•Labor unions and professional associations.Local communities•May institute clawbacks: rescinding tax breaks when firms don’t deliver promised jobs. The TASK ENVIRONMENT (3 of 3)Financial institutions•Banks, savings and loans, and credit unions.•May engage in crowdfunding, raising money for a project by obtaining many small amounts of money from many people (the crowd).Government regulators•Regulatory agencies that establish ground rules under which organizations may operate.Special-interest groups •Groups whose members try to influence specific issues. The GENERAL ENVIRONMENT (1 of 2)Economic forces •Consist of the general economic conditions and trends: unemployment, inflation, interest rates, economic growth.Technological forces•New developments in methods for transforming resources into goods and services.Sociocultural forces•Influences and trends originating in a country’s, a society’s, or a culture’s human relationships and values that may affect an organization. The GENERAL ENVIRONMENT (2 of 2)Demographic forces •Influences on an organization arising from changes in the characteristics of a population, such as age, gender, or ethnic origin.Political-Legal forces •Changes in the way politics shape laws and laws shape the opportunities for and threats to an organization.International forces •Changes in the economic, political, legal, and technological global system that may affect an organization. FIVE MOST COMMON UNETHICAL BEHAVIORS at WORKHow do these relate to personal values?1.Misusing company time.2.Abusive behavior.3.Employee theft.4.Workplace cheating.5.Violating corporate Internet policies. The ETHICAL RESPONSIBILITIES REQUIRED of YOU as a MANAGEREthical dilemma •Create a situation in which you would have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal. Chapter 4 Managing in a Global Environment The RISE of the “GLOBAL VILLAGE” The “global village” •The ©McGraw-Hill Education. “shrinking” of time and space as air travel and the electronic media have made it much easier for the people of the globe to communicate with one another.•Twenty-five years ago, cell phones, pagers, fax, and voicemail links barely existed. By 2015, there were nearly 7 billion mobile-cellular subscriptions.•Today, of the 7.5 billion people in the world, 52% are Internet users. $409 billion ©McGraw-Hill Education. 9% of total retail sales $630 billion ©McGraw-Hill Education. By 2022 ELECTRONIC COMMERCEE-commerce is the ©McGraw-Hill Education. buying and selling of products and services through computer networks. ONE BIG WORLD MARKET: The GLOBAL ECONOMY Megafirmsand mergersare ©McGraw-Hill Education. on the rise.•Industries are becoming bigger and cross-global, especially automobiles, telecommunications, and healthcare.Minifirms are operating worldwide.•The Internet allows almost anyone to be global.•Small companies can get started more easily.•Small companies can maneuver faster. QUESTION #1Jelene sells her ©McGraw-Hill Education. art through her own website and her Etsy store. She receives questions from many different countries. Jelene is engaged inA.e-commerce.B.global trading.C.counter-trading.D.embargo. ParochialismViewing the ©McGraw-Hill Education. world solely through your own perspectives; inability to recognize differences in people. The SUCCESSFUL INTERNATIONAL MANAGER (1 ©McGraw-Hill Education. of 2)Ethnocentric managers •Believe that their native country, culture, language, and behavior are superior to all others.•Related to parochialism, a narrow view in which people see things solely through their own perspective. Polycentric managers •Take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone.Are either of these the “right” way to be? What is the alternative? The SUCCESSFUL INTERNATIONAL MANAGER (2 ©McGraw-Hill Education. of 2)Geocentric managers •Accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective. QUESTION #2Alvin accepts ©McGraw-Hill Education. that differences and similarities exist between home and foreign personnel and practices, and that the company should use whatever techniques are most effective. Alvin can be described asA.ethnocentric. B.polycentric.C.geocentric.D.expatriate. WHY COMPANIES EXPAND INTERNATIONALLY1.Availability of ©McGraw-Hill Education. supplies.2.New markets.3.Lower labor costs (exle: maquiladorasin Mexico).4.Access to financial capital.5.Avoidance of tariffs and import quotas. ©McGraw-Hill Education. CULTURAL DIMENSIONS: The GLOBE PROJECT (1 of 2) ©McGraw-Hill Education. Started in 1993 by professor Robert J. House, the GLOBE project is a massive and ongoing cross-cultural investigation of nine cultural dimensions involved in leadership and organizational processes.DIMENSIONMEANINGPower distanceThe degree to which a society’s members expect power to be unequally shared.Uncertainty avoidance The extent to which a society relies on social norms and procedures to alleviate the unpredictability of future events.Institutional collectivismThe extent to which individuals are encouraged and rewarded for loyalty to the group as opposed to pursuing individual goals.In-group collectivismThe extent to which people should take pride in being members of their family, circle of close friends, and their work organization.Gender egalitarianismThe extent to which a society should minimize gender discrimination and inequalities.AssertivenessThe extent to which a society expects people to be confrontational and competitive as opposed to tender and modest.Future orientationThe extent to which a society encourages investment in the future, as by planning and saving.Performance orientationThe extent to which society encourages and rewards its members for performance improvement and excellence.Human orientationThe degree to which individuals are encouraged to be altruistic, caring, kind, generous, and fair. CULTURAL DIMENSIONS: The GLOBE PROJECT (2 of 2) ©McGraw-Hill Education. Table 4.8: Countries Ranking Highest and Lowest on the Globe Cultural Dimensions DIMENSIONHIGHESTLOWESTPower distanceMorocco, Argentina, Thailand, Spain, RussiaDenmark, Netherlands, South Africa(black sle), Israel, Costa RicaUncertainty avoidanceSwitzerland, Sweden, Germany(former West), Denmark, AustriaRussia, Hungary, Bolivia, Greece,VenezuelaInstitutional collectivismSweden, South Korea, Japan,Singapore, DenmarkGreece, Hungary, Germany (former East),Argentina, ItalyIn-group collectivismIran, India, Morocco, China, EgyptDenmark, Sweden, New Zealand,Netherlands, FinlandGender egalitarianismHungary, Poland, Slovenia, Denmark, SwedenSouth Korea, Egypt, Morocco, India, ChinaAssertivenessGermany (former East), Austria,Greece, United States, SpainSweden, New Zealand, Switzerland,Japan, KuwaitFuture orientationSingapore, Switzerland, Netherlands, Canada (English speaking), DenmarkRussia, Argentina, Poland, Italy, KuwaitPerformance orientationSingapore, Hong Kong, NewZealand, Taiwan, United StatesRussia, Argentina, Greece,Venezuela, ItalyHumane orientationPhilippines, Ireland, Malaysia, Egypt, IndonesiaGermany (former West), Spain, France,Singapore, Brazil OTHER CULTURAL VARIATIONS1.Language: More than 7,000 ©McGraw-Hill Education. languages are spoken in the world.2.Interpersonal space: Americans like to conduct business with 3.1 to 3.4 feet of space compared to Asia where the ranges is 3.6 to 4.2 feet.3.Communication: Do you treat business as a “task” (U.S.) or as a “relationship” (China)?4.Time orientation: Doing one thing at a time is monochronic. Doing more than one thing at a time is termed polychronic.5.Religion: How does religion influence work-related values?6.Law and political stability: Be aware of the Foreign Corrupt Practices Act, instability, expropriation, corruption, or labor abuses. What is a Decision?A choice between 2 or more alternatives Satisificing Intuition•Experience•Values/Ethics•Subconscious•AffectInitiated (feelings)•Cognitive-based (skills, knowledge)

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