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Ethics Reflection Paper

Essay by   •  March 25, 2012  •  Term Paper  •  818 Words (4 Pages)  •  1,881 Views

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Ethics Reflection Paper

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Abstract

Successful planning for any organization composes many factors including the role of ethical practices. Ethics can be presented in guidelines by which a company conducts itself in dealing with clients, partners, consumers, and other business entities. These guidelines concern behavior that is acceptable in business practices and contain values and moral principles in which a company abides by ensuring honest and fair dealings.

The contents within will describe the role of ethics in business along with an organization's strategic planning including the effect on stakeholder's needs. Finally, the paper will detail personal ethical perspectives and how they have evolved.

Ethics in Organizations

For a company to succeed while adhering to ethical guidelines, organizations must make them available to employees. Organizations must develop a comprehensive guide that documents company values, philosophy, moral obligation, responsibility, and rules in which to abide by. Part of these guidelines can be outlined in the company vision or mission statement along with purpose of existence and long-range goals. These statements also provide the direction the company wishes to take in setting objectives for its shareholders, company, partners, and employees.

Through a philosophy of ethical behavior, companies can direct those within the organization by following and enforcing high standards. In the event that unethical behavior occurs and ethics policies are violated, appropriate action must be taken to correct such activities. Managers in particular must behave in an ethical manner to ensure the company operates in a responsible manner (Pearce & Robinson, 2011). Employees also have a responsibility to observe and report any destructive and illegal behavior quickly to superiors. This includes the reporting of not only of peers but also high-level management as well. Likewise, companies are responsible for honest reporting of complete accounting and financial transactions. Organizations must abide by legal regulations from other regulatory entities. This will minimize legal liability should litigation occur in any transaction dispute. The Sarbanes-Oxley Act of 2002 makes organization chief executive and chief financial officers responsible for the accuracy of financial reports. Should inaccuracies appear, severe penalties are handed out to appropriate individuals with punishments ranging from large fines, jail sentences, reparations, and disruption of service.

With an emphasis on ethical behavior, companies become trustworthy business entities strengthening their reputation among shareholders, corporate executives, and the public.

Social Responsibility

Along with ethical responsibility, another important component of strategic planning includes social responsibility. This aspect of the plan ensures the

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