Everyone has personal values. Everyone should consider ethics and social responsibility. When a customer walks into a store, they should feel confident in the company and the goods.
Many firms have failed due to a lack of ethics and social responsibility. The Enron scandal is the most prominent illustration of our country’s lack of ethics and social responsibility. All businesses should include ethics and social responsibility in their strategy planning. This article will address the impact of ethics and social responsibility on stakeholders and strategy planning. On my personal ethics during the Master’s Degree Program. Like a moral compass, every organisation has principles and standards that management and employees must follow. A company’s ideas and values should be implemented to ensure employees know what is expected of them. Vision and mission statements should reflect stakeholder values and attitudes. These statements will help employees grasp the organization’s expectations for behaviour. The vision and purpose statement should guide strategic planning and goal-setting, while keeping ethics at the forefront of all decisions.
Even with ethical norms and strategic planning in place, unethical behaviour will occur at a subordinate or managerial level. “Many business owners believe that socially responsible business practises benefit both the company and its stakeholders” (Pearce & Robinson, 2011). “Business owners believe managers should act ethically” (Pearce & Robinson, 2011). Many executives and top-level managers have acted inappropriately, which is against corporate policy. The Bernie Madoff and Enron scandals, for example, exposed the public how unscrupulous people can be in business. Managers must act ethically not only for the sake of the company and its customers, but also for the sake of their own image and reputation. Once an employee, manager, or executive has shown unethical behaviour, the owners or directors must fire them. By removing the issue within the company, it shows the other employees that unethical behaviour is not tolerated. To prevent similar unethical actions, the Sarbanes-Oxley Act of 2002 required (CEO) and (CFO) to act on reports generated to their knowledge. If a false report is made, both parties are responsible and should be reported.
A company’s decision-making process should include ethical and social issues (Pearce & Robinson, 2011, p. 23). When running a firm, the owner must engage managers to represent the company when the owner is away. Assume the owner’s and stakeholders’ beliefs when making major decisions. Owners must urge their managers to conduct their jobs ethically. For example, owners should be able to reward managers with a bonus or perhaps a paid vacation for their ethical behaviour. This will help supervisors be more accountable. Investors will benefit from the manager’s ethical actions.
The MBA programme taught me how essential business ethics are and how potential clients will perceive my company if I don’t follow them. The MBA programme emphasises the value of ethics and hard effort in promoting my potential business success. Every lesson we’ve taken has required teamwork. While this may be difficult for some, it is a great way to live out your beliefs and ideals. For example, I’ve learnt that not everyone respects others’ feelings or situations. The teams taught me tolerance and patience for my teammates. Getting our team projects done was important in this programme, and some people struggled with writing or communication. The primary concern I had with the teams was their disregard for the time of others (2011). For example, we may set an assignment due Tuesday night, but some folks will not submit their work until Wednesday night. With every teammate, we found a way to create trust and understanding.
In conclusion, success in a classroom or business is desired by all, and it should be pursued with integrity. Inappropriate behaviour should constantly be called out so others know what not to do when striving to succeed. Whether in your personal or professional life, improving your ethical behaviour is constantly encouraged.
References
Pearce, J. A. (2011), Strategic Management: Formulation, Implementation, and Control. New
York: McGraw-Hill/Irwin. University of Phoenix.
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