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ETHICS FINAL - Assignment Example

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The set code of behavior varies, and it is the responsibility of the concerned party to monitor his or her actions to ensure that the set barrier is not…
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Business ethics are referred to as the expected set of conduct in a business setup. The set of behavior varies, and it is the responsibility of the concerned party to monitor his or her actions to ensure that the set barrier is not breached. In light of the diversified business models, managers and CEOs are usually under pressure to deliver. Delivery is quite a huge term considering that the word means a load of different things to different people. To some, delivery means acquiring large amounts of money for themselves. To others it is pivoting their institutions to greater heights of returns. Business ethics play a key role in establishing how such achievements are made.
Quoting from the book “in the wake of the recent spate of corporate collapses in which management had engaged in questionable or illegal practices…”(Text, page 282), is an indication of some of the ways that managers opt to take to realize the goals of the organization. It is trivial knowledge that each decision made is subject to some consequences. A business that practices ethical business protocol, is guaranteed a good reputation with other firms. Furthermore the financial state of the organization is improved considerably.
A firm with a good reputation boosts of a huge number of customers, this is as a result of increased confidence in the firm. Such a firm assures customers of good quality products and services, thus it is destined to be favored by the general public. Poor business ethics are a setback to the progress of a firm. Notably business ethics trickle down from the highest management level to the junior management level, managers are delegated to be the role models, and it is their responsibility to ensure that this conduct trickles down the management levels.
There are two theories that explain business ethics, according to Milton Friedman, the management’s main objective is to ensure that it returns considerable profits to the shareholders. This should be done without deception or abuse of power. Generally Milton advocates for social responsibility, but another group of people advocates for corporate responsibility. Unlike the social responsibility concept that argues that business ethics should be a virtue, corporate responsibility argues that legislations should be formulated to govern and provide guidelines on the expected behavior.
Ethical codes are a set of moral guidelines that guide the employee to perform a decent way. Ronald Francis came up with a number of codes that should be followed. There are many codes in this case, notably the codes focus on the contributions of the employees and the management. It is within everybody’s mandate to follow the set laws to ensure harmony in the business. This set of guidelines ensures that the business does not engage in fraudulent practices, the employees work at their best level. Ethical codes ensure that the company books are balanced appropriately, hence the platform for misappropriation of finances is eliminated. As a result the shareholders guarantee of good returns. Consequently their confidence in the firm is increased.
According to me Cash Kings Pty Ltd would have a lot to gain from signing the Code of Banking Practice. This is due to the fact that the bank is required to work within some set guidelines. This guideline ensures that the business does not engage in illegal practices. Furthermore it lays the benchmark within which the company’s progress is set at. Therefore Henry is required to change his way of leadership and listen to what the employees say. This creates harmony in the organization thus creating space for innovation, which goes a long way in improving the business’ performance. Read More
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