Corporate ethics are the principles and standard that makes the business to be accepted in the community. It is the culture in which the businesses do its operations. Business be accepted I by customers, competitors, government and public in general. Therefore for a business to be accepted to operate in a place, there are ethical conducts and social values it should possess. Successful business should not only focus on making profit only, but maintain social status of their activities (Cetina and Preda 121). These ethics applies to all aspects the business is supposed to conduct including its employees and the employer.
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Gifts from vendors- some of these vendors will need products from the company and therefore, the CEO should ensure any bribery is not practiced. Some of the employees can decide to sell jewelry vendors under the terms of getting gift. This is unethical to practice such a behavior. Any employee found doing this should be punished. Ethics conduct builds trust among its customers and maintain a close relationship with the community. This is a valuable issue because that business will be able to compete with companies with minimal challenges from the community where it is situated. Most of businesses fail after a short run due to misconduct. Therefore, when the community has trust in the organization’s work, there is room for lasting.
Use of confidential information and conflicts of interest policy-- Information of any company is supposed to be confidential to enable it run its operations well in the market. This policy covers financial information, marketing strategies, trading policies, environment, and customer policies. Therefore, some of the information should remain with the managerial because if they are linked to competitor, they can take an advantage and advance more using your idea to win customers. Jewelry raw materials and the methods used to manufacture jewelry should remain within the company premises. Therefore, it is the role of the management to ensure that company’s secrets are safe. In case of any employee gives out some of these secrets, he/she should be punished according to the law of the company.
Human resource management should ensure these policies are followed. Every employee should be given notice about these policies and the consequences to follow in case they break them. Performance appraisal should be conducted well without discrimination. It will be unethical for human resource manager to allow such malpractices in the company.
Ethical values should be extended to customers because they are very important for success of any business. So executive should put measures which will ensure customers are maintained every time during business operations. This can be achieved through social responsibility of the business to customers (Kali-ski 311). The business can decide to provide some of the services to customers such as giving them incentives and providing social amenities like hospital, schools and playing grounds.
The second measure that is required is to make laws to be followed to ensure ethical issues are enforced. Environment is the most concern of the world today. Laws have been set to ensure business enterprises have kept environment clean. This is by disposing waste products in the rights areas. For example, in USA there is United States Environment Protection Agency which ensures that all companies follow guidelines for emission of dangerous gases in the atmosphere.
There are many issues which should be considered when implementing ethic policies. When setting the price of products, one has to consider the economic status of the people in the market. This will help business sell their products. It will be unethical to set high prices for the products in areas where per capita income is very low (Wayne 121). Concerning the environment, these policies are implemented according to the location of the business. Business which produces dangerous waste products is not supposed to be located near people or towns. To ensure good relationship between the business and customers, cultural values should be considered. This will secure the operations of the business.
There following are sample policies;
Finance policy (Cetina and Preda 89). This is a social discipline in every company. It ranges from sociology, economics, accounting and management of a business. It involves all money transactions in a business. Unethical finance leads to the failure of the business and economic crises in the world. Therefore, CEOs should ensure balanced finance status between its debtors, customers, competitors and the government. This is because open financial systems encourage investments. Corruption should be minimized in the financial sector, and if anyone mishandles the money to be accountable and legal measures taken against him.
Corporate should also maintain fairness in trading. This ethical abuse that can lead to poor trading terms should be stopped, and if it persists in a corporate, legal measure should be taken. Some of these legal abuses are; bribery, fraud, misleading financial analysis and unnecessary payments.
Human resource management policy (Kalinda 421) - Human resource deals with recruitment of the employees in as company, performance appraisal, training and development. Therefore, labor ethics should be maintained during employment and payment. CEOs should safeguard their workers in businesses. They should be paid well and in time according to the mutual agreement. Discrimination by age, sex race, and tribe should be eliminated and disciplinary actions should be taken in case of any violation of ethics. Employees also should have ethical obligations to protect their employer’s properties. Employers also should maintain safety for their employees to ensure smooth running of the business.
Trade unions policy- Trade unions are there to safeguard the security of workers but sometimes may cause undue strikes demanding payment increment. The two should come into consensus without violating rights of each other. Management strategy policy-Team work is the best way for success of any business. Therefore, management should ensure close relationship with employees to achieve their goals.
Sales and marketing policy- These are principles which should be maintained in the market to ensure close relationship with customers. Transparency is needed here especially about the ingredients of the products and their environment risks. It also involves price fixing for the products. Ethics in the market should be maintained, and in case they are violated, legal measures should be taken.
In conclusion, ethics are vital for the long run of any business. Huge profit can be achieved if companies take ethics as the core issue for success of their businesses. Management should ensure this in their daily activities for smooth running of the business.
Cited work
Cetina and Preda, The sociology of financial markets, Oxford University Press. 2005. Print
Kali-ski, Ethics in Management. Encyclopedia of Business and Finance .New York: Macmillan. Swire, 1997. Print.
Kalinda, K. Social Responsibility and Organizational Ethics. Encyclopedia of Business and Finance. New York: Macmillan Reference. 2001. Print.
Wayne. The A to Z of Corporate Social Responsibility. London, England; New York, NY: Wiley. 2007. Print.
