Question

How pervasive are ethical problems in corporate America? What can be done to enhance ethical conduct at the executive level? Keep in mind the reporting structure of corporations and business today!

Answer 1

Today the world is in the middle of the fastest transformation the international economy has ever experienced. The pandemic coronavirus (COVID-19) has caused many Americans having to stay at home and not being permitted to go out for work. Also it's an incredibly testing time for the functioning in corporate America. Employees in corporate America are still trying to be perform and productive in their jobs from remote locations. Human resources are concerned about the safety and health of their staff, and also whether their companies will survive. The ethical problems and risk factors on fraud increase at a time of financial crisis because employees and organisations experiences more financial pressures, the opportunity for fraud increases when main internal controls weaken, and employees find it simpler to rationalize their actions. The pandemic may offer all three fraud elements.

The business must enhance ethical conduct at the executive level to boost the confidence of employees, customers, suppliers, to shareholders and lenders about the organisation’s long-term future through the resilence process. Health and safety must be the primary concern of the organisations. The organisations can partner, coordinate and reach out with government entities to advance the health and safety, community and economic needs. Sanitizers and social distancing must be ensured for those who are coming to office. These drastic measures are required to mitigate risks on health and safety. The retailers and large online marketplaces must take the responsibility towards the public by taking vigorous and immediate steps on eliminating the predatory behaviour, which they are aware to be illegal, from their platforms.

The business must ensure the employee safety and comfort. The employees should be provided as much flexibility as possible to complete their work tasks. It is not a time for self-promotion for an entity; and any appearance of trying to take financial gain can damage the brand reputation forever. Business can create a positive impact on society and entity's bottom lines with the creation of corporate social innovation strategies. The companies can update their policies on sick-leave to provide a support and an additional coverage for their most vulnerable employees. The business should move the needle during the pandemic with the implementation of initiatives and strategies that benefit society along with their long-term success by supporting their customers, employees, and the economy at large