Ethics play a role in everyday business. Many company executives in an attempt to build a profitable organization and build individual wealth are confronted with ethical decisions daily. Penn Square Bank and Dow Corning have both made decisions in their business that started out making millions of dollars but ultimately cost them more than could have been imagined. Unethical decisions cause more than just cash to an organization, the loss of reputation could be even more detrimental.…
Ethical behavior within a company is very important to its future and success. This type of behavior is not just important for the employees to follow, but for the entire company. In 2001, a failing company called Enron was involved in numerous unethical behaviors. For example, Enron’s Chief Financial Officer temporarily suspended their “code of ethics” not once, but twice in order to partake in personal financial gain. Enron’s actions eventually resulted in bankruptcy and assisted with the creation of a new set of guidelines for companies to follow. The so-called guidelines were called the Sarbanes-Oxley Act (Titman, S., Keown, A.J., & Martin, J.D. 2011). The SOX helped institute a set of rules for companies to follow, one being the creation and compliance of a code of ethics within every company. One company that seems to do a very good job with complying with the guidelines of SOX is Starbucks Corp. They have a strong program set in place to support their mission of making ethical decisions at work. The use of their program “Business Ethics and Compliance” might just be the very reason why their SEC filings show a relatively successful business.…
Corporations need to have an ethics policy in place. They should also have continuous training and offer seminars to deter unethical behavior. Training once a year isn’t going to help. Lifelong training is important. They should also let the expectations of violating the ethics…
In MBA 5005 class, we learned a lot about ethical behaviors both good and bad. All managers should practice proper ethical behavior in business as well as the employees that fall under their supervision. The manager or CEO sets the tone for their organization. We discussed many cases where the decisions of management was less than honorable and some that where border line. One of the most important things taught in the class to me was the teachers reminders that the first thing you need to consider when making your decision is to asked yourself, “Is it Legal?”…
All organizations that are currently operational have or ought to have a code of ethics in which is being followed. The importance of ethics in any organization helps direct in what way they will respond to internal and external stimulus. The largest organization in the world is Walmart, I work as sales manager for a CPG company and interact with Walmart every day. They deal with a great deal of external social pressures that influence their ethics. Walmart has dealt with its fair share of lawsuits as they have been in litigation 4,851 times just in the year 2000 alone Willing, R. (2001, August 13). Every time a concern rises they constantly analyze…
Businesses face ethical challenges on a daily basis. For instance, who and how they hire due to ethnicity and background. Promotions are another challenge. People get promotions because of sexual favors, kissing up,…
Lets begin with the American Red Cross a not-for-profit Organization. The American Red Cross is a humanitarian agency that responds to natural disasters here at home and also abroad. They bring comfort and care by providing food and other essentials that are needed during a natural disasters. The American Red Cross also provides community educational programs and is funded by people who donate not only money, and items, but their time.…
According the textbook, Contemporary Business, the author, Louis Boone, states the three primary factors that influence business ethics are: personal experience, peer pressure, and organizational culture. Corporate culture that is in opposition to ethical standards may result in conflict. For example, if you believe that it is immoral to put animal in cages, you shouldn’t work for a zoo. Good business ethics and positive employee-employer relationships are developed when personal ethical standards mirror a company's ethical standards, which strengthens loyalty amongst employers and employees. This manifests itself in the way that companies work to maximize awareness of their corporate cultures. The company talks and trains people in ethics, in the hope that the ethics will be incorporated in the employee’s…
Companies face many types of challenges, from financial strain to competition. However, ethical challenges can be harder to detect and more difficult to fix because they often aren't visible until the issue has taken over staffs emotions. While there are several ethical issues that face a company, some stand out more than others. (Belcher, 2014)…
Chapter 1 identified knowledge workers as a key economic resource of the twenty first century. If an employee leaves a company to work for a competitor, what types of knowledge could be ethical for the employee to share with the new employer and what types of knowledge would be unethical to share?…
Management teams, personnel and other stake holders from all over the world, experience ethically troubling situations every day. Identification of the dilemma and relating it to professionalism or moral ethics is not an easy task. It is even harder if it challenges your personal beliefs, norms and virtues (Linzer). Sometimes there may be no documented legal consequences directly related to the predicament in a particular. Most corporations’ guidelines that outline limitations and the conduct for everyone involved.…
In the recent years, there are many factors to consider for the way business is conducted, for any business small or large. Some factors, including the economy, competition between companies worldwide, technology development, the workforce, and each person’s individual ethics have played a role in a business’s decisions. In this paper, Learning Team “A” will explain a current and ongoing ethical issue, the basis of the ethical issue, and any ground rules that manifested. Team A will also review ethical change, an ethical system in which employees use, and the role of leadership within the business. Finally, team…
Ethics plays an important role in the function of a business. The overall standards of a company often determine the conscious effort and importance of ethical standards. There are various reasons for business ethics that go beyond the invisible line set by most business standards. Competition, security, and safety become compromised by carelessness, neglect, and ethic violations for companies that do not regulate themselves on a regular basis. Conflicts in leadership and a change in rank and procedures are often the end result in a company that has violated business ethics.…
Ethics and moral obligation are something that we all encounter at one time or another. Even in a professional setting, all persons should act in a manner that would uphold the good of society. Why is it that good, ethical and moral behavior is not always adhered to? Is it because some people do not understand ethics and what it means to be ethical? To be ethical, one has to decide between right and wrong, determine what is for the betterment of society and act accordingly. Ethics have three basic criteria that must be met obligations, moral ideas, and consequences (Ruggiero, 2004). Businesses have their own code of ethics and the individuals within that business have to determine whether or not they will follow that code of ethics. Ethical behavior in business is consistent with the principles, norms, and standards of business practice that have been agreed upon by society (Trevino & Nelson, 2004). At times, however, an individual decides to go against the code of ethical behavior for personal gain. This was just the case in the article researched by Team A.…
If an employee leaves a company to work for a competitor, what types of knowledge could be ethical for the employee to share with the new employer and what types of knowledge would be unethical to share?…