...Relationships can be improved through being Ethical and Socially Responsible 5 Strong Business Ethics will increase Efficiency 6 Social Responsibility will greatly increase our company’s Reputation 7 Recommendations 8 Conclusion 9 References 11 Executive Summary Ethics and social responsibility is on the mind of everyone in the world these days. We have all seen the effects of what happens when a company does not follow an ethical standard; it can lead very quickly to its demise. A strong ethical standard and being socially responsible is a must in the world of business. There are those who think that if they can get away with things, it can lead to higher profits and a bigger bottom line. This may be true in the short term but history has shown that those with strong ethics have the longevity and reputation to make it in the long run. The research for this report will show that not only is having strong ethics and being socially responsible the right thing to do, it is the smart thing to do for our company. In all we do, we need to have good relationships with those that we need in order to conduct business. We have vendors, suppliers, stakeholders and consumers that we have to maintain a good and strong relationship with. By having a strong ethical standard and good social responsibility, it allows us not only to maintain these relationships but to build and make them stronger. With the strong ethical standard we can work to strengthen these relationships...
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...Conclusion 6 References 7 Executive Summary The main objectives of this report were to evaluate and determine if business ethics and corporate citizenship initiatives would increase employee efficiency within the workplace, the impact of these programs on the reputation of the organization and their effect on the organization’s relationship with employees, investors, and customers. A variety of relevant books and modern journal articles were used to research on this subject. The review of these articles and books revealed that corporate social responsibility initiatives play a fundamental role in building the image of the company as well as strengthening the organization’s relationship with its customers. Ethical programs on the other hand guide employee actions and in effect minimize any points of conflict that may arise within the workplace thereby increasing workplace efficiency and overall employee productivity. Ethical programs also ensure that financial reporting abides by the stipulated standards. This ensures that the information contained in financial reports is reliable and therefore increases investor confidence and strengthens the relationship between them (investors) and the organization. It is therefore critical that our organization develops ethical and corporate citizenship programs that can be implemented and monitored and necessary adjustments made. This would see our organization reap the benefits that come with having these programs in...
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...Abstract Within the accounting profession there are many complex ethical issues that must be dealt with quite often. It is important that the people working within the industry provide high quality financial statements and always pay close attention to ethical concerns that may arise. Since ethics is such a major concern in the accounting industry, a rules based system is in place for enforcing ethical concerns. There are many regulating bodies that exist that enforce many highly detailed regulations that people within the industry must follow at all times. Throughout history there have been several major accounting scandals that have been followed by new regulation to ensure that these problems do not come up again. CLERP 9 and the Sarbanes-Oxley Act are just a couple of acts that have caused significant changes to the accounting world in recent times. This paper will look at some of the different issues that accountants face as well as some of the regulations that seek to end unethical behavior. Ethical Standards in Accounting Introduction The accounting industry is an always changing and constantly growing industry. Accounting plays a vital role in society and business and up until recently accounting was considered to have some of the highest standards for ethical and moral conduct in business. In recent years there have been many high profile business failures caused by the unethical behavior or accountants and accounting firms. Since some major companies, like Enron...
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...Archibald Incorporated ADM1100 Section: X Professor Matt Archibald Date: Monday, June 23, 2014 Executive Summary To: Archie, CEO of Archibald Incorporated From: XX Date: June 23, 2014 Critical Assumptions: * Archibald Incorporated is trying to find ways to reduce costs in order to increase profits. * Archibald Incorporated is a very ethical and labor-oriented company. * Archibald Incorporated may pressure the new Chinese facility to meet unrealistic goals that can be fulfilled only by cutting corners or acting unethically. * Archibald Incorporated has high ethical standards, if media finds about the issue, it will be a PR disaster. * If Archie does not fix the situation properly, he will be fired from Archibald Incorporated Problem: Archibald Incorporated’s reputation can be potentially jeopardized due to the third party report, which indicated falsification of payroll reports of the Chinese facility. Alternatives: 1. Archibald Incorporated’s status quo. 2. Archie should come clean to the board about the company crisis in China. 3. Archibald Incorporated should proceed to dissolution and termination of joint venture. Facts Considered: 1. Archie strongly believes in ethics and wants the company’s actions and policies to stay that way. 2. The company’s CEO was against the joint venture from the start. 3. An effective business plan should be utilized in order to fix the problem no matter what...
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...or strategies. Corporate transparency has been an ever-growing concern between the investment sector as well as the general public due to recent accounting and corporate scandals, during 2001 and 2002 in particular. These accounting scandals have provoked regulators and investors alike to raise serious questions about the credibility of corporate financial reporting and the ethical implications impacting international economic vitality and social wellbeing. Purpose and scope: The objective of this report is to use specific cases in which transparency was obscured to demonstrate the correlation between lack of transparency and scandal and provide that increasing standards for Corporate Transparency makes business practices not only more ethical, but also more efficient. Part I of the report will present the relevance of transparency with a global snapshot of corporate transparency as it exists in present-day international markets. Part II will examine differences between standards of corporate transparency between the United States and Europe and discuss the market impact of regulations passed to increase corporate transparency. Transparency: A Global Snapshot Financial transparency is the fundamental factor driving the decision-making process for investors around the world; however, the current situation concerning corporate disclosure of financial information demonstrates how few multinational companies actually disclose accurate information. In an environment in which investors...
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...anticipated or illuminated Enron’s failures. Organizational behavior, is described as an area of study that explores the influence that groups, individuals, and structure have on performance inside the organizations for the aim of applying such information toward refining an organizations efficiency; precisely organizational behavior concentrates on how to increase output; decrease absenteeism, turnover and unusual workplace conduct; and raise organizational loyalty behavior and job fulfillment (Robbins & Judge, 2007). The key players of any business are senior management, board of directors, in-house auditors and external auditors. In case of Enron, all the stakeholders were unsuccessful in playing their parts. Enron failure was mainly because of Enron’s managerial team trying to make an enterprise which would raise riches amongst their owners. Nevertheless, when it was exposed that Enron’s stock prices were less desired, definite aggressive accounting procedures were needed. To make Enron’s shares more favorable, the managerial team depends on an enlarged quantity of new capital, but had to hide the risks to the new financiers. Once Enron started this new type of accounting maneuver, the need to increase this type of dishonesty increased with each financial year. Enron wanted to ensure they kept...
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...Business Ethics and Efficiency RWT1 Table of Contents Executive Summary 3 Subject and Purpose 3 Introduction 5 Discussion 5 Ethics and Economic Efficiency 6 Organization Goodwill and Competitive Advantage 7 Risk Management and Credit Facility 9 Recommendation 9 Conclusion 10 References 12 Executive Summary Due to increased globalization and competition in industry, organizations are facing tough challenges in the keeping their business operations sustainable and ethical so that they continue to grow and develop in a successful manner. When we talk about driving the organization towards success it is not any different from steering a car or vehicle in the right direction towards the required destination. That is why roadmaps and directions are developed and changed constantly so that the organizations and management are able to keep their business current and follow the latest trends and requirements as demanded by the external environmental factors that are constantly changing. It is extremely important that on its way to growth and improvement, the organizational management must look out for any new developments like technological advancement, globalization, new regulations, and laws or policies with regards to their business industry in order to maintain the performance and reputation of the business. On their way towards growth many leaders and management often ignore and forget the importance of business ethics and corporate...
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...1- Because we can make distinguish between utilization and efficiency We must make a definition to the following 1-Efficiency 2-Performance 3-Utilization Efficiency is the measurement for complete factory/ line/ section etc. It is the simplest measurement and can be calculated as the ratio of output vs input. Performance is the measurement of productivity for one particular resource like human (operator) or machine. The input is considered after excluding all lost times/ off standard time or time not available to the resource. Utilization is the measurement of available time to a resource vs complete time available. By calculation, it is also the ratio of efficiency and performance. Hence Efficiency = Performance * Utilization Capacity decision is important to reach: * Policy Factors: Management policy can affect capacity by allowing or not allowing capacity options such as overtime or second or third shifts * Operational Factors: Scheduling problems may occur when an organization has differences in equipment capabilities among different pieces of equipment or differences in job requirements. Other areas of impact on effective capacity include inventory stocking decisions, late deliveries, purchasing requirements, acceptability of purchased materials and parts, and quality inspection and control procedures. * Supply Chain Factors: Questions include: What impact will the changes have on suppliers, warehousing, transportation, and distributors? If...
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...global environment. Corporate Social Responsibility is analogous to Corporate Citizenship, which is defined as “The extent to which businesses are socially responsible for meeting legal, ethical and economic responsibilities place on them by shareholders.” Investopedia explains, “The aim is for businesses to create higher standards of living and quality of life in the communities in which they operate, while still preserving profitability for stakeholders.” (Investopedia, 2014) In today’s market, there are numerous applications of individual acts that define a Corporate Citizen and reflect positively and negatively on how a corporation is perceived. A corporation’s Social Responsibility level can be beneficial or detrimental to the sustained profitability and growth of the corporation. When corporations fail to acknowledge their own need for social responsibility, profitability and growth suffer. Implementation of socially responsible business practices and strategies show that a corporation is focused on helping and improving society and the environment. This social responsibility serves to increase profits and good will of shareholders in the long run. Corporate Social Responsibility (CSR) should be focused on four primary categories: • Environmental Impact • Ethical Leadership and Business Practices • Organizational Viability • Legal and Regulatory Compliance Environmental Impact For nearly 25 years, SunCoast Industries has been the industry leader...
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...(Target's Strategic Initiatives, 2013). The focus of this paper will be Target Corporations technology initiative. Technology Strategic Planning Initiative As noted above, Target Corp. 2013 annual report discusses several strategic initiatives one of which relates to technology. Target Corp. relies on a computer system to manage inventory, process guest transactions, manage guest data, communicate with vendors and other third parties, service REDcard accounts and summarize and analyze results of operations ("Target Corporation" 2013). Target Corp. business is becoming increasingly reliant on technology; Target continues to make significant technology investments. In addition to the items noted above, Target sees technology as a way to increase competitive position, and effectively manage guest facing experience. Additionally, due to a data breach experienced in 2013, Target faces the loss of consumer and government confidence, which can...
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...Ethics Increase Efficiency 5 Ethics boost the company Reputation 7 Effects of Ethics on inner company relationships 7 Recommendations 8 Conclusion 10 References 12 Executive Summary The primary goal of this paper is to provide a comprehensive review on the effects of business ethics and efficiency in the workplace. It will also draw parallels between ethics, efficiency and reputation of the company, as well as ethics, efficiency and the relationships of the business between the company executives and lower level employees. In such a competitive business market, companies place a large amount of pressure to employees to produce. Even as business students, we are wired to succeed, pass, win. We develop the mind frame of “by any means necessary” and that’s where the trouble begins. Once in that mind frame employees, management and even executives are tempted to break the rules, play dirty etc, all in order to not only reach the goals, but the fastest or the best. Companies have focused so much on the result, that the path there has been over looked. We called this “efficiency” if it was done fastest or cheapest. Meeting goals, and being profitable is a clear goal for mostly all businesses, but the question is how we go about doing this. We have all heard the saying “ time is money” and in trying to beat the clock, beat the competitor, beat each other, we occasionally cross the path of the ethical way to go or the fast way to go. To some these less than ethical avenues...
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...By Syriah Grossett Unit 37 P1 Task 1 (P1) Explain the ethical issues a business needs to consider in its operational activities What does business ethics mean? Business ethics is a form of applied ethics it deals with ethical rules and principles within a business or commercial context, the various moral or ethical problems that can arise in a business setting, and any special ethical duties or obligations that apply to people who are engaged in commerce, including workers and managers, customers and suppliers, and the larger group of people who have some interest in the business. Ethical issues affect all businesses, if a particular business is becoming a victim of bad ethical problems it could close down because the public perception would be very low. But if a company focuses on good ethical actions like recycling and only buying fair trade produce it would increase their popularity with consumers and boost sales. Tesco Tesco PLC is a multinational grocery and general merchandise retailer. After Walmart, Tesco it is the second-largest retailer in the world measured by profits and the second-largest retailer in the world measured by revenues. It has stores in 12 countries across Asia, Europe and North America and is the grocery market leader in the UK, the Republic of Ireland, Malaysia, and Thailand. Tesco mission statement is 'To create value for customers to earn their lifetime loyalty'. We deliver this through our values, 'No-one tries harder for customers'...
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...on company’s financial performance but also on the company’s sustainability and social responsibilities. All of the factors above, made merely financial oriented approach are not sufficient anymore, the companies who have the ambition to compete globally have to have a forward point of view and establish the sustainable marketing approach. Definition and Debate of CSR The concept of CSR has appeared into public view over last several decades, but a clearer definition has not been reached yet. In principle, CSR refers to a collection of value sheared with business stakeholders, namely, the business approach should meets or exceeds the ethical, legal, commercial and public expectations that holds by society, in order to achieve the sustainable development of the planet. Generally speaking, the concept of CSR widely ranged from ethical standard to accomplish the welfare of society. One famous definition done by Norwegian Prime Minister Gro Harlem Brundtland(1980) “Meeting the needs of the present without compromising the ability of future generations to meet their own needs”. CSR concept requires the companies to behave responsibly and contribute the development of social welfare as a citizen and a cooperator. The debate around CSR has never ceased since the beginning of the...
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...acknowledged and disclosed in the paper. I have also cited any sources from which I used data, ideas or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. Student's Signature: _____Kandis D. Gaines_________________________ ***************************************************************** Instructor's Grade on Assignment: Instructor's Comments: Business Ethics and the Moral Foundation of Effective Leadership Introduction In the global business spectrum, ethics play a huge role within any form of business where key ethical principles such as morals, values, and judgment determine the overall success and direction of the company. Managers and entrepreneurs who make moral determinations behind ethics build trust and create positive relationships with their employees, consumers, and investors. This form of ethical behavior leads to substantial growth for the corporation along with maximizing profits and building a great reputation. Ethics in business is the upmost importance in keeping a company stable and an essential component to a successful and effective long term business leadership. When making business decisions, organizational leaders who fail to remember,...
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...lectures to come straight from the text! What is management? 1. Management is the planning, organizing, leading and controlling of human and other resources to achieve organization goals effectively and efficiency. 2. Managers operate within an organization, a group of people who work together to achieve a wide variety of goals or desired future outcomes. 3. Organizational productivity (performance) is how effectively and efficiently a manager uses resources to satisfy customers and reach organizational goals. a. efficiency measures how well or how productively resources are used. b. effectiveness measures the appropriateness of the goals chosen by a manager. What do managers do? Get things done through others by . . . I. Management functions: A. Planning is the process managers’ use for identifying and selecting appropriate goals and actions for the organization. 1. Planning involves three steps including deciding which organizational goals and courses of actions to pursue; strategies to adopt and deciding how to allocate organizational resources to attain those goals. 2. The strategies determined during planning determine the effectiveness and efficiency of an organization. B. Organizing is the task of structuring working relationships in a way that allows organizational members to work together (effectively and efficiently) to achieve organizational goals...
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