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Listen to an extract from a lecture about ethical business principles and complete the gaps
Lecturer: Today I’m going to talk about __________. First I’ll look at what is meant by business ethics. Then I’ll examine the kind of ethical considerations companies need to address, how they can go about __________in a more ethical way, and look at some examples of ethical business __________.
So what are business ethics and why are they seen as important in today’s __________? Business ethics relate to how a company conducts its business in order __________. Although the primary goal of the company may be __________, it also recognises that it has a __________towards the society in which it operates. The term __________is often used, and nowadays many companies have strong corporate social responsibility programmes designed to help create a __________, inclusive society.
Now I’ll look at some basic __________that a company needs to address. The first area is how the company treats its __________. All employees should be treated __________, and __________. A company that cares for its workers’ welfare will tend to have a happier workforce and a lower turnover of __________. It is also important that workers are recruited on a basis of __________.
The second area is how a company conducts its __________. In a manufacturing business, this includes how suppliers of raw materials are chosen and treated. A good example of this is the Fair Trade movement. This initiative ensures that small-scale farmers are paid __________and at a fair __________for their crops. A company should also look at its __________on paying suppliers, and ensure that payments are made __________. Another ethical consideration is the impact the business has on the __________. Manufacturing companies should strive to ensure that production is __________and careful, and look for ways to __________energy consumption and waste products.
Finally, a company can also decide to give something back to the __________it operates in. This can be in the form of ‘corporate giving’ __________, where donations are given to community __________, or by initiating schemes to improve the local community and encouraging employees to work on these schemes.
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