Monimed: Voluntary
Was the ethical dilemma that the company was involved in also illegal? If not, why should anyone within the company be concerned?
Ethically I do not believe MoniMed was in the wrong. Legally the company was not involved in any illegal interactions. I will outline the reasons below:
Mr. Grantz, CEO of MoniMed made the decision to withhold information from the company to prevent an employee exodus. Ethically Mr. Grantz withheld the information to protect what was left of the company in hopes the new staff could turn the bad fortune around. If employees knew the company wasn 't do as well as they believed more problems may have occurred.
Legally the company did not have to share information with the employees. By law, MoniMed only had to share …show more content…
What evidence exists to support the answer to this question?
MoniMed did not follow its obligation towards society and practiced no social responsibilities to its employees and shareholders. The following examples are compared to, The Pyramid of Corporate Social Responsibility: (Carroll, 1991).
The vertex, Voluntary responsibilities; define a company to be a good corporate citizen, which contributes resources to the community and improves the quality of life. (site) In the end, MoniMed did contribute to the community with quality monitoring devices; however, quality towards employees and shareholders was unrewarding. After being acquired, MoniMed lost stock value hurting shareholders and leaving employee stock under water. (Carroll, 1991).
Next down is Ethical, Be ethical. Obligation to do what is right, just, and fair. Avoid harm. The company did not show obligation towards employees. In this case, MoniMed did not follow its social responsibility when informing employees the company was not doing well. Grantz, CEO, was the only member to receive a profit when selling the company, leaving the share holders in the red. (Carroll, …show more content…
Many companies find it hard to trust a company within the first stages of a merger. Buyers may find it hard to back their warranties through CV.
What standards should be included in a code of ethics to guide managers of this company in making ethical decisions when dealing with customers, employees, and other stakeholders?
When dealing with customers, employees, and other stakeholder, the new company should include the following code of ethics:
The company will share the wealth they have created. MoniMed had a choice to make a profit for shareholders; however, the CEO decided to keep millions leaving stockholders in the red.
The company will provide customers with quality products and the highest level of service. Customer transactions will be fair and reasonable compared to the market. A warranty will be placed on products insuring the buyer.
Employees will receive information that is only limited to competitive restraint.
Managers need to insure owners a complete and fair return on investment.
The company will provide fair salary, benefits, and a safe working
Ethically I do not believe MoniMed was in the wrong. Legally the company was not involved in any illegal interactions. I will outline the reasons below:
Mr. Grantz, CEO of MoniMed made the decision to withhold information from the company to prevent an employee exodus. Ethically Mr. Grantz withheld the information to protect what was left of the company in hopes the new staff could turn the bad fortune around. If employees knew the company wasn 't do as well as they believed more problems may have occurred.
Legally the company did not have to share information with the employees. By law, MoniMed only had to share …show more content…
What evidence exists to support the answer to this question?
MoniMed did not follow its obligation towards society and practiced no social responsibilities to its employees and shareholders. The following examples are compared to, The Pyramid of Corporate Social Responsibility: (Carroll, 1991).
The vertex, Voluntary responsibilities; define a company to be a good corporate citizen, which contributes resources to the community and improves the quality of life. (site) In the end, MoniMed did contribute to the community with quality monitoring devices; however, quality towards employees and shareholders was unrewarding. After being acquired, MoniMed lost stock value hurting shareholders and leaving employee stock under water. (Carroll, 1991).
Next down is Ethical, Be ethical. Obligation to do what is right, just, and fair. Avoid harm. The company did not show obligation towards employees. In this case, MoniMed did not follow its social responsibility when informing employees the company was not doing well. Grantz, CEO, was the only member to receive a profit when selling the company, leaving the share holders in the red. (Carroll, …show more content…
Many companies find it hard to trust a company within the first stages of a merger. Buyers may find it hard to back their warranties through CV.
What standards should be included in a code of ethics to guide managers of this company in making ethical decisions when dealing with customers, employees, and other stakeholders?
When dealing with customers, employees, and other stakeholder, the new company should include the following code of ethics:
The company will share the wealth they have created. MoniMed had a choice to make a profit for shareholders; however, the CEO decided to keep millions leaving stockholders in the red.
The company will provide customers with quality products and the highest level of service. Customer transactions will be fair and reasonable compared to the market. A warranty will be placed on products insuring the buyer.
Employees will receive information that is only limited to competitive restraint.
Managers need to insure owners a complete and fair return on investment.
The company will provide fair salary, benefits, and a safe working