CORPORATE SOCIAL RESPONSIBILITY AND ETHICAL DILEMMAS By Institution 7th, September, 2012 Table of Contents Table of Contents 2 The Ethical Challenges/Facing Financial Managers In a bank or big company 5 Factors and Skills Required By Professionals to Deal with Issues Arising From Ethical Challenges Issues…
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When organizations are hiring employees, they tend to be concerned on the capability of the employees to follow the company ethics and values. This is because company ethics and values are crucial in decision-making. Managers are concerned with overseeing the day-to-day running of an organization. They are thus required to possess adequate skills on the ethics that characterize local national and global societies. In the recent past, globalization has resulted in increased competitiveness in the corporate sector and change of production from national level to a global one by most companies. With globalization, the corporate sector is increasingly becoming vulnerable to global forces. This has resulted in numerous challenges in corporations, which managers are required to address. Additionally, people and organization have become more concerned and interested in business ethics. This section will focus on the ethical and value challenges that face individuals working in financial sectors in companies and financial institutions. Additionally, the paper will analyze how the challenges can aid employees in the financial profession to meet their goal of enhancing responsible business operations. ...
Actually, there has been increased awareness on business ethics requiring companies to be more vigilant in their operations. Traditionally, companies focused on making profits since theories such as the one suggested by Friedman argued that the sole responsibility of a firm is to increase the shareholders’ value. However, this notion has been changing due to the need for sustainable responsible business (Burchell 2008; Cameron 2002). Ethical issues that may arise in the financial organization are likely to affect all the stakeholders. This is because all stakeholders depend on financial services directly or indirectly. Personal and corporate ethics are a common source of dilemma for professions working in financial management. This is because of the challenges emanating from conflict that may arise due to disparity in personal ethical values and organizational ethics (Klempner 2009). Ethics are fundamental in financial management since they ensure that financial managers are honest while dealing with financial situation. My career as a financial manager will require me to be honest. Ethics are crucial since finances are closely intertwined with people. One major ethical issue facing banks regards the method to compensate sales driven planners as well as planners. The dilemma is on whether to use commission or fees. Some compensation strategies often result in exploitation of the investor. Whichever the strategy of compensation used leads to ethical issues since the planners have to subordinate their benefits to those of the customers. This ethical issues results in swaying of planners. A good example of a bank that has benefited from corporate social responsibility is Scotiabank. This bank has
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