Question

What is 'corporate code of conduct' and what is its role in delineating what is ethical and legal?

What are the big ethical dilemmas of the twenty-first century? Please discuss a corporate example facing ethical dilemmas regarding its consumers.

Answer 1

AMSWER- code of conduct refers to a set of rules and guidelines under which an organization have to operate. In simple words, it means rules and regulations of an individual firm or an organisation.

A well prepared code of conduct clarifies a firms mission, vision and values. It represents what is to be expected from leaders and employees. With a code of conduct a firm's performance can be better measured. It also works as a guide for employees for smoothly flow of daily workings. In a organization if ethical practices are not followed then many problem may arise like

1- more chance of employees making unethical decision.

2- failure to recruit and appoint top managers.

3- reduced image of the business in industry.

what is ethical for a business is what good and effective practices need to be followed in order to achieve more success. On the other side what is legal means the law which depicts how to run smoothly under its guidance.

ethical dilemma faced in businees are-

a- harassment at workplace

Harrasement at workplacd is a major problem for a business today. Increasing harassment may bring unexpected results for a firm both financially and Reputationally. Every business need to be aware of anti discrimination laws and regulations, to protect employees from such traetment.

b- whistleblowers and ombudsman

Business owner must respect whistleblower and ombudsman as they brings truth, when someone intends to do something wrong.

Examples of ethical issues faced by

equifax- a Renouwned credit rating agency once get stuck in a ethical scandal when some hackers stole data of approx 150 million consumers . After many enquiries held by government, it was found that company was using outdated security system which can easily be broken. This resuts in the CEO to step down and nobody knows where the stolen data of those people gone.

example of enron

a big accouting scandal in which the management discloses the false figures in its books of accounts , in order to maintain trust and faith of emoloyees. But later it was found a big scam leads to jail for many enron employees.