UNIT-1

PROFESSIONALISM:

Here are two different definitions of professionalism:

“The skill, good judgment, and polite behavior that is expected from a person who is trained to
do a job well” -Merrium-Webster, n.d.

“‘Professionalism’ is commonly understood as an individual’s adherence to a set of standards,

code of conduct or collection of qualities that characterize accepted practice within a particular
area of activity” -Universities UK et al. 2004.

What is PROFESSIONALISM? What does Professionalism mean to you?

Definition of PROFESSIONALISM:

1 : the conduct, aims, or qualities that characterize or mark a profession or a professional

person(see 1professional)

2 : the following of a profession (as athletics) for gain or livelihood

Examples of PROFESSIONALISM

1. A high level of professionalism is expected when working with clients.

2. She is highly respected for her professionalism.

3. For writers such as Alexander Pope and Samuel Johnson, struggling in the transition from the
age of patronage to that of Grub Street professionalism, Shakespeare offered not only a body of
poetic invention but also an inspirational career trajectory. —Jonathan Bate, Harper's, April 2007

You know that it's essential to be professional if you want to be a success. But what does
"being professional" actually mean?

For some, being professional might mean dressing smartly at work, or doing a good job. For
others, being professional means having advanced degrees or other certifications, framed and
hung on the office wall. Professionalism encompasses all of these definitions. But, it also covers
much more.

So, what is professionalism, and why does it matter? And how can you be completely
professional in your day-to-day role? In this article we'll explore all of these questions, so that
you can present a really professional image in the workplace.
Defining Professionalism:

The Merriam-Webster dictionary defines professionalism as "the conduct, aims, or qualities that
characterize or mark a profession or a professional person"; and it defines a profession as "a
calling requiring specialized knowledge and often long and intensive academic preparation."

These definitions imply that professionalism encompasses a number of different attributes, and,
together, these attributes identify and define a professional. So, what are these attributes?

Specialized Knowledge

First and foremost, professionals are known for their specialized knowledge. They've made a
deep personal commitment to develop and improve their skills, and, where appropriate, they
have the degrees and certifications that serve as the foundation of this knowledge.

Not all business areas have a stable core of knowledge (and the academic qualifications that go
with this); not all areas demand extensive knowledge to practice successfully; and not all
professionals have top degrees in their field.

What matters, though, is that these professionals have worked in a serious, thoughtful and
sustained way to master the specialized knowledge needed to succeed in their fields; and that
they keep this knowledge up-to-date, so that they can continue to deliver the best work possible.

Competency

Professionals get the job done. They're reliable, and they keep their promises. If circumstances
arise that prevent them from delivering on their promises, they manage expectations up front,
and they do their best to make the situation right.

Professionals don't make excuses, but focus on finding solutions.

Honesty and Integrity

Professionals exhibit qualities such as honesty and integrity . They keep their word, and they can
be trusted implicitly because of this. They never compromise their values , and will do the right
thing, even when it means taking a harder road.

More than this, true professionals are humble – if a project or job falls outside their scope of
expertise, they're not afraid to admit this. They immediately ask for help when they need it, and
they're willing to learn from others.

Accountability

Professionals hold themselves accountable for their thoughts, words, and actions, especially
when they've made a mistake. This personal accountability is closely tied to honesty and
integrity, and it's a vital element in professionalism.
Self-Regulation

They also stay professional under pressure.

For instance, imagine a customer service employee who's faced with an irate customer. Instead
of getting upset or angry in return, the employee exhibits true professionalism by maintaining a
calm, business-like demeanor, and by doing everything that she can to make the situation right.

Genuine professionals show respect for the people around them, no matter what their role or
situation. They exhibit a high degree of emotional intelligence (EI) by considering the emotions
and needs of others, and they don't let a bad day impact how they interact with colleagues or
clients.

Image

Professionals look the part – they don't show up to work sloppily dressed, with unkempt hair.
They're polished, and they dress appropriately for the situation. Because of this, they exude an air
of confidence, and they gain respect for this.

How to Exhibit Professionalism

As you can see from these characteristics, professionals are the kind of people that others respect
and value. They are a genuine credit to their organizations!

This is why it's so important that we work to earn a professional reputation in the workplace.
True professionals are the first to be considered for promotions, they are awarded valuable
projects or clients, and they are routinely successful in their careers.

Now that you have a clear view of what constitutes professionalism, are you demonstrating these
characteristics to the people around you? It's likely you're already showing some characteristics,
but you may find yourself lacking in others: to build your own professionalism, focus on
improving each of these characteristics. (Focus on one at a time, so you don't get overwhelmed.)

Additionally, here are some further strategies that will help you be more professional in the
workplace:

Build Expertise

Don't let your knowledge and skills get outdated. Make a commitment to build expertise and stay
upto-date with your industry .

Tip: Take our Bite-Sized training session on Building Expert Power to find out how to build and
maintain your own expert power.
Develop Your Emotional Intelligence

Professionals can sense the emotional needs of others. They're able to give clients and coworkers
what they need, because they know how to listen actively and observe what's happening.

So, if you want to improve your professionalism, focus on developing emotional intelligence .

Honor Your Commitments

Whenever you make a promise to your boss, colleagues, or clients, keep it. If it looks as if you
won't be able to meet a deadline, let your boss, team or client know as soon as sensibly possible.
However, do what you can to avoid ending up in this situation!

Don't make excuses – instead, focus on meeting expectations as best you can, and on making the
situation right.

Be Polite

Be kind and polite and use good manners to everyone you come into contact with, no matter
what their role is, and no matter how you're feeling. This might sound unimportant, but it makes
a significant impact.

Have the Tools You Need

Do you show up to a client meeting lacking important samples? Or arrive at work, only to realize
that you left a vital file at home? Or do you find yourself operating in situations where you don't
have the skills needed to do a good job?

True professionals are always prepared. This requires advance planning, timeliness, and
attention. Focus on improving your time management and planning skills , so that you're always
in control.

Note: Although professionalism means keeping commitments, doing high quality work, and
having expert status, occasionally the pursuit of these attributes might tempt you not to volunteer
for projects that fall outside your "comfort zone." However, this doesn't necessarily mean that
you shouldn't try! Analyze risks beforehand to minimize the consequences of getting things
wrong, be honest about any skills gaps that you have, and work to fill them. Then do the best you
possibly can!

Key Points

Professionalism is a trait that's highly valued in the workforce. It has many attributes, including:
1. Specialized knowledge.

2. Competency.
3. Honesty and integrity.

4. Respect.

5. Accountability.

6. Self-regulation.

7. Image.

To improve your own professionalism, focus on improving in each of these areas. You can also
exude professionalism by being kind and polite to everyone, presenting a professional image in
your attitude and dress, and showing up for work or meetings fully prepared.

PROFESSIONAL RESPONSIBILITY
Professional responsibility is the area of legal practice that encompasses the duties of counsels to
act in a professional manner, obey the law, avoid conflicts of interest, and put the interests of
clients ahead of their own interests.

All doctors have a professional responsibility to ensure that they only undertake operations
within their clinical competence.

The ethic of professional responsibility, which starts from a context dominated by individual
relationships, may also inevitably and naturally extend into a social context.

The planning of a curriculum is a specialized pursuit and it is important that teachers should see
this as part of their professional responsibility.

WHAT IS A CONFLICT OF INTEREST?

A conflict of interest occurs when an entity or individual becomes unreliable because of a clash
between personal (or self-serving) interests and professional duties or responsibilities. Such a
conflict occurs when a company or person has a vested interest—such as money, status,
knowledge, relationships, or reputation—which puts into question whether their actions,
judgment, and/or decision-making can be unbiased. When such a situation arises, the party is
usually asked to remove themselves, and it is often legally required of them.

KEY TAKEAWAYS
 A conflict of interest occurs when a person's or entity's vested interests raise a question of
whether their actions, judgment, and/or decision-making can be unbiased.
 In business, a conflict of interest arises when a person chooses personal gain over duties
to their employer, or to an organization in which they are a stakeholder, or exploits their
position for personal gain in some way.
 Conflicts of interest often have legal ramifications.

Understanding Conflict of Interest

 A conflict of interest in business normally refers to a situation in which an individual's

personal interest’s conflict with the professional interests owed to their employer or the
 company in which they are invested. A conflict of interest arises when a person chooses
personal gain over the duties to an organization in which they are a stakeholder or
exploits their position for personal gain in some way.
 All corporate board members have fiduciary duties and a duty of loyalty to the
corporations they oversee. If one of the directors chooses to take action that benefits them
at the detriment of the firm, they are harming the company with a conflict of interest.
 One example might be the board member of a property insurance company who votes on
the induction of lower premiums for companies with fleet vehicles—when they, in fact,
own a truck company. Even if the institution of lower premiums isn't a bad business
move for the insurer, it could still be considered a conflict of interest because the board
member has a special interest in the outcome.
 In legal circles, representation by a lawyer or party with a vested interest in the outcome
of the trial would be considered a conflict of interest, and the representation would not be
allowed. Additionally, judges who have a relationship with one of the parties involved in
a case or lawsuit will recuse themselves from presiding over the case.

Special Considerations

 A conflict of interest may lead to legal ramifications as well as job loss. However, if
there is a perceived conflict of interest and the person has not yet acted maliciously, it's
possible to remove that person from the situation or decision in which a possible conflict
of interest can arise. Using the prior example of a board member who owns a truck
company, they could simply remove themselves from all decisions that could positively
or negatively affect their personal business.

Common Types of Conflicts of Interest:

 Self-dealing is the most common type of conflict of interest in the business world. It
occurs when a management-level professional accepts a transaction from another
organization that benefits the manager and harms the company or the company's clients.
 Gift issuance is also a very common conflict of interest. It happens when a corporate
manager or officer accepts a gift from a client or a similar type of person. Companies
normally circumvent this issue by prohibiting gifts from customers to individual
employees.

 Troublesome situations may also arise when, in the course of professional duties, an
individual collects confidential information. Any information of this type used for
personal gain by an employee is a huge conflict of interest, at least in the United States.
The financial industry constantly grapples with this type of conflict of interest in the form
of insider trading.
 Finally, the hiring of, or showing favorable workplace treatment to, a relative or spouse—
known as nepotism—can result in a potential conflict of interest.

Gift Vs Bribery
Gift is given to someone without any expectation in return. Value of gift is often based on
closeness in relation, time of gifting, economic condition of giver and receiver.

Bribe is given with expectation of favor toward giver.

Environmental Breach

Breaches may be related to spills, emissions, pollution and overuse of resources. Procedures for
dealing with these will be outlined in documents such as manuals and in signs. When there is an
environmental hazard or breach, a report is required to document details and the actions taken.

Negligence:
Negligence is a failure to exercise appropriate and/or ethical ruled care expected to be exercised
amongst specified circumstances. The area of tort law known as negligence involves harm
caused by failing to act as a form of carelessness possibly with extenuating circumstances. The
core concept of negligence is that people should exercise reasonable care in their actions, by
taking account of the potential harm that they might foreseeably cause to other people or
property.
Someone who suffers loss caused by another's negligence may be able to sue for damages to
compensate for their harm. Such loss may include physical injury, harm to property, psychiatric
illness, or economic loss. The law on negligence may be assessed in general terms according to a
five-part model which includes the assessment of duty, breach, actual cause, proximate cause,
and damages.

DEFICIENCIES IN STATE-OF-THE-ART

The state of the art (sometimes cutting edge or leading edge) refers to the highest level of
general development, as of a device, technique, or scientific field achieved at a particular time.
However, in some contexts it can also refer to a level of development reached at any particular
time as a result of the common methodologies employed at the time.

VIGIL MECHANISM
The Vigil Mechanism aims to provide a channel to the Directors and employees to report
genuine concerns about unethical behavior, actual or suspected fraud or violation of the Codes of
Conduct or policy.

Objective:

• The Company believes in the highest standards of ethical, moral and fair conduct of business
operations. To maintain these standards, the Company encourages its employees who have
concerns about suspected misconduct to come forward and express these concerns without fear
of punishment or unfair treatment.
• It is primarily to address this objective, the Company adopted the Code of Conduct (the
"Code"), which stipulates the guiding principles and standards governing the actions of the
Company, its Directors and senior employees.

• The provisions of the Companies Act, 2013, provides a requirement for Listed and certain other
classes of Companies to establish a Vigil mechanism for its employees, to report genuine
concerns about unethical behaviour, actual or suspected fraud or violation of the Company’s
code of conduct.

The Operating framework for matters under Vigil mechanism / Whistle Blower policy has
been provided in detail herein below.
Definitions:

The definitions of some of the key terms used in this Policy are given below.
• "Audit Committee" means the Audit Committee as constituted by the Board of Directors of the
Company in accordance with Section 177 of the Companies Act, 2013 or under the Companies
Act, 1956.

• "Employee" means all the employees of the Company (whether working in India or
abroad)

• "Investigators" mean those persons authorised, appointed, consulted or approached by the

Chairman of the Audit Committee or Management and include the Auditors of the Company and
the law enforcement authorities.

• "Protected Disclosure" means any communication made in good faith that discloses or
demonstrates information, about the Company or its subsidiary (ies) that may evidence unethical
or improper activity.

• "Good Faith" An employee shall be deemed to be communicating in good faith if there is a

reasonable basis for communication of unethical and improper practices or any other alleged
wrongful conduct. Good Faith shall be deemed lacking when the employee does not have
personal knowledge on a factual basis for the communication or where the employee knew or
reasonably should have known that the communication about the unethical and improper
practices or alleged wrongful conduct is malicious, false or frivolous.

• "Subject" means a person against or in relation to whom a Protected Disclosure has been made
or evidence gathered during the course of an investigation.

• "Whistle Blower" means an Employee making a Protected Disclosure under this Policy.

• "Disciplinary Action" means any action that can be taken on the completion of /during the
investigation proceedings including but not limiting to a warning, imposition of fine, suspension
from official duties or any such action as is deemed to be fit considering the gravity of the
matter.
Scope:
1) The Policy covers malpractices and events which have taken place/ suspected to take
place involving:
• Abuse of authority
• Breach of contract
• Negligence causing substantial and specific danger to public health and safety
• Manipulation of company data/records
• Financial irregularities, including fraud or suspected fraud or Deficiencies in Internal
Control and check or deliberate error in preparations of Financial Statements or
Misrepresentation of financial reports
• Any unlawful act whether Criminal/ Civil
• Pilferation of confidential/propriety information
• Deliberate violation of law/regulation
• Wastage/misappropriation of company funds/assets
• Breach of Company Policy or failure to implement or comply with any approved
Company Policy.

2) The Whistle Blower’s role is that of a reporting party with reliable information. A Whistle
Blower is not required or expected to act as an investigator or finder of facts, nor would he
determine the appropriate corrective or remedial action that may be warranted in a given case.

3) A Whistle Blower should not act on his own in conducting any investigative activities, nor
does he have a right to participate in any investigative activities other than as requested by the
Chairman of the Audit Committee or the Investigators.

4) Protected Disclosure will be appropriately dealt with by the Chairman of the Audit
Committee.

Disqualifications:
1) While it will be ensured that genuine Whistle Blowers are accorded complete protection from
any kind of unfair treatment as herein set out, any abuse of this protection will warrant
disciplinary action by the Company in such manner as may be deemed fit by the Company.
2) Protection under this Policy would not mean protection from disciplinary action arising out of
false or bogus allegations made by a Whistle Blower knowing it to be false or bogus or with a
mala fide intention.

3) Whistle Blowers, who make two or more Protected Disclosures, which have been
subsequently found to be mala fide, frivolous, baseless, malicious, or reported otherwise than in
good faith, shall be immediately disqualified from reporting further Protected Disclosures under
this Policy.

GST (Goods and Service Tax)

Goods and Service Tax (GST) is a comprehensive tax levy on manufactures, sale and
consumption of goods and services. The fundamental aim of GST is to make uniform the
scattered indirect tax system in India and avoid the cascading effect in taxation. The impact
going to make by GST will be a transformation in the entire tax system in India.” The Goods and
Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st
July 2017.”

The word tax is derived from the Latin word “taxare” meaning “to estimate”. “A tax is not a
voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative
authority" and is any contribution imposed by government whether under the name of toll,
tribute, impost, duty, custom, excise, subsidy, aid, supply, or other name.”

The first known system of taxation was in Ancient Egypt around 3000 BC - 2800 BC in the first
dynasty of the Old Kingdom. Records from that time show that the pharaoh would conduct a
biennial tour of the kingdom, collecting tax revenues from the people. Other records are granary
receipts on limestone flakes and papyrus.

Need for GST Model in India

Following are the supporting reasons to adopt GST:

 Present system allows for multiplicity of taxes, the introduction of GST is likely to rationalize
it.
 Many areas of ervices which are untaxed. After the introduction of GST they will also get
covered.
 GST will help to avoid distortions caused by present complex tax structure and will help in
development of a common national market.
 Existing taxes i.e. Excise, VAT, CST, Entry Tax have the cascading effects of taxes.
Therefore, we end up in paying tax on tax. GST will replace existing taxes.
 GST will lead to credit availability on interstate purchases and reduction in compliance
requirements.
 Introducing GST will do more than simply redistribute the tax burden from one sector or
Group in the economy to another.
 Achieves, uniformity of taxes across the territory, regardless of place of manufacture or
distribution.
 Provides, greater certainty and transparency of taxes.
 Ensure tax compliance across the country
 GST will avoid double taxation to some extent.
 The implementation of GST would ensure that India provides a tax regime that is almost
similar to the rest of world. It will also improve the International cost competitiveness of native
Goods and Services.
 GST will provide unbiased tax structure that is neutral to business processes and geographical
locations.
 If the Goods and Service Tax is implemented in the true spirit, it will have many positives for
the stakeholders and will lead to a better tax environment.

Challenges for GST

There are few aspects with disagree with the growth story and might be seen as hurdle. The
aviation industry was witnessing the much awaited growth with increasing domestic traffic since
from establishment; the GST implementation might slower the rate at which the industry is
expecting growth as flying will become expensive. Service tax on various fares currently ranges
between 6% - 9% (depending on traveling class). With GST, the rate will surpass 15%, if not
18%, effectively doubles of the tax rate. India, on one hand, has the lowest insurance percentage
in the world and on the other GST will further make the insurance products popular. Life, health
& motor insurances will begin to cost more from July 2017 as taxes will go up by up to 300-320
basis points. If the rate of GST will be over 15 % the all the services will be costlier. It is really
required that all the states implement the GST together and that too at the same rates, It will help
to stay service charge constant. Different tax analysts say that real estate market will be 12 %
down by GST and may affect demanded of new houses because of increased cost up to approx.
10%. As per the Constitutional Amendment Bill placed in the Lok Sabha, it was proposed that all
state government would be allowed to an additional 1% non-vatable tax on inter-state supply of
goods for the initial two years, in order to compensate the states for loss of revenue while
moving to GST. This was supported by a few states, while a few others criticized the same. The
success of GST mainly depends upon major factor the Revenue Neutral Rate, is the rate at which
there will be no revenue loss to the government after implementation of GST. These are some of
the major challenges for the central and state government with the industry, ahead of the actual
implementation of GST.

Impact of GST on Stakeholders

Goods & Service Tax (GST) or VAT serves the purpose to impose a broad-based tax on final
consumption by households. Hence, GST is a comprehensive tax levy on supply of goods and
services. 
Both Government and Industry are keen to implement GST.
 Governments are looking at increasing the tax base and tax collections (i.e. increase revenue
buoyancy) through GST.
 State is looking at GST as a window for taxing services
 Centre is looking at GST to go beyond the point of manufacture
 Industry wants GST to eliminate the cascading effect of taxes
 Harmonization of taxes
The following benefits for the intended stakeholders:

(A) To Trade
 Reduction in multiplicity of taxes
 Mitigation of cascading/ double taxation
 More efficient neutralization of taxes especially for exports
 Development of Common National Market or Common Economic Market
 Simpler tax regime with fewer rates and exemptions
 Increase in cost competitiveness' for domestic industries with reduction in tax cost and also
reduced cost of compliance.

(B) To Government
 Simpler tax system
 Broadening tax base
 Improved compliance and revenue collections
 Efficient use of resources
 Investments out of savings by consumers - due to mitigation of cascading effect, contributes to
increase in availability of funds out of savings of consumer - whichmay be used for financing
developmental activities .

(C) To Consumer
 Reduction in cost of goods and services due to
elimination of cascading effect of taxes
 Increase in purchasing power and real income
 Increase in savings due to decrease in cost
 Increase in investments due to increase in savings