Overview of the Menkiti Group - Term Paper Example

? Menkiti Group Overview of the Menkiti Group The Menkiti Group is renowned as a Local Small Development Business Enterprise (LSDBE) in Brookland, Washington DC. The group was founded in the year 2004 resting on the four centre values of: Knowledge, Teamwork, Community and Excellence. The group principally acts as a real estate services company committed towards developing the quality of life in America’s urban regions through the strategic improvement, management and sale of housing and industrial properties (Menkiti Group, 2012). Benchmarking the codes of conduct used by similar companies in the industry Codes of conduct of Carey Asset Management Corp Protection and proper use of company assets Under this particular code, it is the responsibility of every personnel and director to protect the Carey’s property against any kind of loss, theft or misuse. The use of company’s assets and supplies are restricted only for the means of conducting its business. Additionally, the use of its equipments shall strictly be in accordance to the company guidelines (W P Carey, 2008). Protecting proprietary and confidentiality information Information generated in the business is regarded as an important asset and are confidential for the company’s use. All the management staffs are therefore coded to maintain this information and its confidentiality entrusted upon them by the stakeholders (W P Carey, 2008). Complying with laws, regulations, policies and procedures The company intends to follow all the rules and regulations of the state. It is further coded as the personal responsibility of all the company officials to follow and maintain the legal specifications dictated by country’s law and order in regard to the company’s mode of operations. If any legal query of civil or criminal nature arises, the employees are directed by its code of conduct to cooperate fully to such issues (W P Carey, 2008). Codes of conduct of Brookfield Asset Management Inc Business ethics and practices Through this code of conduct, the organisational teams of Brookfield are directed to use the company’s communication channels with integrity. The use of modes of communications such as e-mails, internet, and telephones are therefore coded to be only for the business purpose. All business issues identified must be communicated by the employees to the responsible personnel only through the means of company communication system. Employees shall not use the means for their personal purpose. Users are also directed to safeguard all the confidential information generated from such communication (Brookfield, 2013). Responding to media, public and other inquiries Under this provision, employees are restricted to address any issue on behalf of the company unless permitted to do so. Hence, if there is any request from the media for any information pertaining to the company, the employees are directed to refer the same to the company’s communication department. Employees are also restricted from disclosing or commenting to any matter related to the company website on any of the social networking sites (Brookfield, 2013). Discrimination and harassment-free environment Through this code, the company discourages any discrimination on the basis of age, colour, race and gender. Such matters are provisioned to be thoroughly investigated and addressed to encourage employees in maintaining a hospitable working environment (Brookfield, 2013). Codes of conduct of Catullus Development Corporation Accounting and reporting Catullus provides fair, accurate and timely disclosure of reports and documents to Security and Exchange Commission (SEC). All employees are therefore expected to comply with the advised accounting procedures when maintaining company’s accounting, corporate books records and reports as well as financial statements. This code also directs that such data must not be inaccurate or altered. Hiding any important information is also discouraged through this code of conduct (Catullus, 2004). Corporate opportunities This code directs that employees must not explore personal opportunities appearing through the dealing of corporate property information or position. Stating precisely, employees should not use the corporate property information for any personal gain which does not comply with the company, either directly or indirectly. In such circumstances, the code explains it to be the duty of the employee to advance the company’s interests prior to his own (Catullus, 2004). Fair dealing Under this code of conduct, employees are expected to deal fairly with company’s stakeholders. The employees are further restrained from the manipulation, suppression, abuse of privileged information, distortion of material facts, or any other unfair-dealing practice through this code (Catullus, 2004). Ways ethical challenges affect business Ethical challenges affect business in many ways including its business operations, organisational productivity and indirectly the economic development of the region. For instance, inaccurate recordation of data may lead to inaccurate financial reports which may not be in compliance to the provisions mentioned by the SEC. Such discrepancies in the prescribed accounting procedures and controls shall lead to further confusions in assessing the company’s financial positioning (Catullus, 2004). To mitigate this particular challenge, it is quite necessary that adequate awareness concerning the issue is generated among the employees. Additionally, classified information, such as all non-public data, if disclosed, might be of use to competitors of the company or prove to be harmful for its customers, officers or directors. It is in this context that trained and qualified spokespersons should be hired to release the required information to the media. In the similar context, any kind of harassment or discrimination in the workplace may disrupt the environment and increase dissatisfaction among employees or may even result in legal issues. Also, the occurrences of accidents or even deaths for not resorting to proper safety practices, equipments and failure to conduct a safe process may also be identified as a vital challenge for companies (Brookfield, 2013). Last but not the least; unfair dealings, deciphering ill-behaviour towards the organisational clients, might further hamper company’s reputation and productivity in the long run and thus should be rendered with due significance (Catullus, 2004). Creating code of conduct for Menkiti Group Accounting and reporting The employees will prepare financial as well as strategic reports and documents in accordance with the prescribed standards and refer to the guidelines strictly. The prepared report should further be approved by the higher authority to ensure no discrepancies or mistakes arise (Catullus, 2004). Confidentiality All the employees will keep the internal affairs and information of the company confidential along with ensuring that there are no leakages in its communication channel. The employees will also be restricted from disclosing any information to any social media, public or the government personnel without the pre-consent or confirmation of the relevant authority (W P Carey, 2008). Workplace ethics Employees shall treat every organisational member and its other stakeholders with utmost respect and integrity without making any discrimination in terms of colour, race, gender or ethnicity (Brookfield, 2013). Safe environment Following this particular code of conduct, this company should maintain proper safety standards regarding all kinds of calamities such as emergency fire exit, proper medical aids and other requisites available as and when needed to develop a safe working environment (Brookfield, 2013). Transparent dealing Employees should be fair in conducting transactions at their responsibility and not resort to any malpractices, cheating or fraudulent activities with the concerned party which may affect the company, directly or indirectly (Catullus, 2004). Rationalising how the specific codes of conduct can enhance Menkiti’s ethics program All the codes adopted have been based on the vision and the mission of Menkiti as well as due regard has been rendered to the identified challenges which are commonly witnessed by similar companies. The suggested codes of conduct are expected to perform in relevance for the smooth and efficient functioning of the company. The codes are aimed to further inculcate a deep understanding of the company’s ideas and philosophies among the employees and therefore generate a sense of responsibility and professionalism among the workforce. Influences of Federal Sentencing Guidelines for Organizations on the ethics program Known as the Federal Sentencing Guidelines for Organizations (FSGO), these specifications enforce strict penalties upon organizations whose workers are found to be guilty for federal crimes. The enacted guidelines therefore direct companies towards the proper implementation and compliance standards which shall further prove beneficial in justifying and developing the ethics program. The guidelines also suggest that assignment of high level personnel to supervise obedience of principles and measures directed through the ethics program or codes of conduct must undertake necessary corrections. Avoiding dealing with any entity that have high chances to be engaged in illegal activities are also discouraged through this particular guideline and thus have a substantial effect on the ethics program of a company (ERC, 2008). Hence, it becomes essential to induct the employees with the core ethical values of the organization by conducting extensive training programs. Organizations should also create an exposure system whereby employees and agents can communicate their perceptions and information related with criminal conducts, without the fear of reckoning. Challenges or setbacks related to the adoption and the enforcement of suggested codes of conduct One of the major challenges identifiable in this context is that employees may face difficult choices also may find themselves burdened with added stress in the workplace owing to the restrictions imposed and the threats behind such codes of conduct. In certain instances, employees may also make decisions of ignoring the implemented ethics program by the organisation and thus retrain themselves from discussing the matter with their superiors, subordinates or peers. In order to adopt and implement the codes of conduct, the company may also face criticisms in the initial stage wherein the company may also be forced to terminate or reject any member due to the violation of the codes of conduct specified. Influences of economic, political, social, cultural, and technological forces on business and society on the codes of conduct of Menkiti to remain relevant in the years ahead Taking into account the influences of economic, political, social, cultural, and technological forces on business and society, the organization’s reward and penalty system is expected to reinforce shared values of proper conduct and help form positive attitudes among employees of Menkiti regarding important issues. It is in this context that owing to the continuous changes in the external environmental forces, the company should instil a degree of flexibility in its codes of conduct in order to remain relevant in future. The management group of Menkiti also needs to frequently review its ethics program to upgrade or modify it according to the necessary requirements as influenced by these external factors. Menkiti also needs to keep pace with the existing industry trends and undergo extensive and continuous research in this field making the necessary changes in its codes of conduct, as and when required. References Brookfield. (2013). Code of Business Conduct and Ethics Retrieved from http://brookfieldofficeproperties.com/_Global/25/documents/relatedlinks/3808.pdf Catellus. (2004). Code of Business Conduct and Ethics. Retrieved from Http://Public.Thecorporatelibrary.Net/Ethics/Eth_18192.Pdf ERC. (2008). Federal Sentencing Guidelines. Retrieved From Http://Www.Ethics.Org/Resource/Federal-Sentencing-Guidelines Menkiti Group. (2012). Our story. Retrieved from http://menkitigroup.squarespace.com/our-story/ W P Carey. (2008). Code of Business Conduct and Ethics. Retrieved from http://www.wpcarey.com/en/CPA-and-CWI-Programs/CPA17/~/media/Files/WPCarey_Files_New/CPA%20and%20CWI%20Programs/CPA%2017%20-%20Global/CPA17%20Code%20of%20Business%20Conduct%20%20Ethics.ashx Read More