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Severance packages or early retirement options as a method of reducing payroll costs can have severe consequences on the organization, especially in terms of motivation to work to business expectations. Even though the package was tempting to the exiting employee and they decided to take it, there are members of the organization who have worked with these exiting colleagues each and every workday. Socialization is bound to be impacted, in relation to the employees’ sense of belonging in the organization, creating difficulty in adjustment for the remaining workers. The HR manager is often the person who develops and offers these early retirement plans, under pressure at the highest levels, and they must also balance their regular job role as the employee champion responsible for issues of motivation and performance. Sudden drops in employee volume, due to the need to cut payroll costs, can over-burden the workers with consolidated jobs roles and create rifts where positive socialization used to exist.
“Layoffs can send shock waves through a local economy when a company that downsizes is large and when several firms choose to downsize at the same time, in the same region” (Piturro, 1999, p.39). These shock waves can be measured by the higher levels of unemployment in the local area, along with less-quality consumer lifestyles caused by income reductions, as well as loss of commerce at multiple levels, consumer and business-to-business. Early retirement packages are attempts at avoiding situations where local economies suffer, where employees are given incentives to take the option (as far as satisfying their emotional needs), and to improve the company’s bottom line. This is a major benefit, rather than the disadvantages which were discussed earlier, because it reduces the shock waves which often occur when
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Personal codes of ethics exemplify a relatively new trend, when reflect the striving of individuals to fix their ethical commitments and beliefs on paper. Any personal code of ethics must include rationale, ethical statement, rules, and enforcement procedures.
This necessity is not only driven by precautionary measure to prevent the occurrence of less than ideal business practice that would diminish the stature of the business among its stakeholders, but also as a strategic option because businesses that are perceived to be ethical enjoys the confidence of the market and consequently the customer’s patronage and profitability.
It requires people to consider if their actions are right or wrong. It also asks people how the components that help them succeed, for example, compassion, integrity, faithfulness, and honesty are relevant in everyday life. Ethics looks at the fundamental principles and basic concepts of human behavior.
One of the major aspects that are adopted by firms is the code of ethics. This entails a set of principles that guides a firm in its policies and programs. Ethical philosophy is applied in every department within an organization. This paper aims at discussing the ethical
n than not comes with close contract with deontology that stresses on duty to rules and eventually consequentialism that determines the wrongness or rights from the happenings of a particular action. The approach of moral dilemmas rather than the moral conclusion proves to be a