Chapter 10 - Paraphrased

Chapter 10 – Paraphrased
Characteristics of Market
Demanding clients who seek cheaper costs for innovative and improved goods and services. Impatient
stockholders, who expect each and every quarter to raise the stock price. Aggressive sellers who demand
more of anything to sell to you. Requiring federal, state and municipal governments to threaten you with
more laws and rules while allowing you to employ more individuals and pay more taxes. Claiming
creditors, where they intend to pay their debt on schedule. Aggressive rivals who try to rob you of your
clients.
Sustainable ethics are ethical practices that continue well after the current media controversy or
the latest management buzzword inside the organization's organizational policies. In order to sustain an
ongoing surveillance and compliance mechanism, the cooperation of any member of the association in
contributing to a structured framework is necessary.
Stages in Making Ethical Behavior Sustainable
Establish a code of ethics
A well written code of ethics can:
1. Document what ethical practice is considered by companies to be
2. Establish a systematic guide to reasonable conduct
3. State policies on actions in individual circumstances
4. Document penalty for violations of these policies
Investors, clients and vendors will know how concerned you are about ethical results, and staff would
clearly understand their desired level of conduct and the implications of not achieving them.
Recommendations from Institute of Business Ethics to create code of ethics:
1. Only pick a winner. If a senior person is inspired to encourage the application of corporate ethics
practices, it is not going to be a valuable tactic.
2. Get the Chair and Board's blessing. Not only must the board be pleased about having such a policy, but
also about getting annual updates on its service.
3. Find out what worries individuals. It is important to figure out what subjects staff need advice on.
4. Select a model that is well-tested. Using a process that solves concerns as they concern the company's
multiple stakeholders.
5. Produce a code of conduct for the company. Guidance can be included and circulated in booklet form
or in a corporate intranet about how the coding operates.
6. Second, check it out. Piloting is required for the code, maybe with a sample of workers at all ranks and
various places.
7. Problem and make public the secret. Publicly state that the corporation has a code and development
programmes covering the whole enterprise.
8. Make it work. In all organisation internal (and external) training systems, as well as induction classes,
functional illustrations of code in motion should be implemented. Managers should routinely sign off on
the code and a review process should be implemented.
Support the code of ethics with extensive training for every member of the organization.
It is important to provide an extensive training curriculum in support of the written code of ethics. As the
code does not catch any possible example, the code should be taken by each department of the company
and extended to instances that may occur in its region. Employees will focus on identifying the ethical
dilemma in this department or team sessions, debating ideas for an acceptable solution, and choosing the
organization's best answer. With extra instruction for administrators and management on legal dispute
mediation, smaller organizations will reinforce this staff training. When an individual employee or team
of workers is unable to overcome an ethical challenge, they may turn for advice and assistance to their
bosses.
Hire an ethics officer
An ethics officer is a senior executive responsible both internally and publicly for tracking the
organization's ethical results. The position is normally created as a separate agency with the purpose of
upholding the code of ethics and providing assistance to any workers who encounter unethical conduct. It
sends a strong message to customers and provides staff and their supervisors with an appropriate person
to refer to when they need extra help and help. It is possible to employ this person from within the
company or recruit him from outside. Any of their main roles is documented by the Ethics and
Enforcement Officers Union as organization-wide correspondence, training design, oversight of
misconduct inquiries and development of business policy and procedures.
Celebrate and reward the ethical behavior of employees
It will make the ethics curriculum harsh with standards of conduct laid down in the code of ethics along
with punishment for failure to meet certain standards. Punishment risks must be matched with incentives
for good actions. Celebrate positive examples in the business email of ethical conduct. Awarding
professional behavior certificates and encouraging staff to pick their reward. Awards with new and
groundbreaking concepts. Recognize staff who represent the level of conduct you are committed to.
Declare a Day of Ethics and encourage each department to share their stories of success.
Promote your organization’s commitment to ethical behavior
An ethical strategy binds you to doing the right thing with all of your stakeholders, so all stakeholders
must share the message. Make promises to them simple and firm and then deliver on those promises.
Present clear examples of the organization's dedication to gaining client interest by creating a brand that
they can count on.
For e.g., give a return policy with no-questions-asked. Get consumers interested in creating the
ethics policies of the business. Let the team visit customer locations to chat in person about the code of
ethics. Invite all interested parties to the celebration of the company's Ethics Day.
Continue to monitor the behavior as company grows
As it is early for other market concerns to take priority and for the code of ethics to be taken for granted,
the adherence of any company to ethical performance must be continuously checked. The continued
advancement of technology would present a new scenario for ethical dilemmas such as email tracking and
web browsing rules, and it will be appropriate to rewrite the code of ethics on a regular basis. A big
corporation should make it part of the appointed ethics officer's duties. As part of every strategic planning
process, smaller firms need to include a code of ethics to ensure it is as up to date as possible.
Becoming a Transparent Organization
Sight of CEOs pleading the Fifth Amendment in front of legislative panels. The vast number of zeroes
that can be tackled with organisational fraud to financial fines. This are the examples of reactive strategies
that end in incidents and/or a fear of potential events guiding organisations.
True ethical policies are constructive, and emerge as the corporation has a strong understanding
of what it stands for as an ethical entity, not just what the company and its partners think by ethics, but
also the extent of measures it can take to get there. A dedication to corporate openness is a common trait
of such organisations, and includes an obligation that is imposed by legislation on markets and
enterprises, providing greater contact with partners and clients, a great incentive to rework company
processes and improve productivity, and a challenge to proprietary intellectual property.
Organization Integrity
The devotion to doing the right thing is more about corporate honesty than any sense of a written ethics
code while handling an organization's image and policies. The reputation of organizations is a function of
publicly agreeing to the highest ethical expectations. Gaining confidence and trust over the long term is
essential to the organization's existence. Stockholders continue to engage in good ethics systems in
businesses with a sliding reputation. Employees enjoy participating in their corporate relations with firms
with established track records of honesty.

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Chapter 10 – Paraphrased

Stages in Making Ethical Behavior Sustainable

Establish a code of ethics

A well written code of ethics can:

1. Document what ethical practice is considered by companies to be

2. Establish a systematic guide to reasonable conduct

3. State policies on actions in individual circumstances

4. Document penalty for violations of these policies

Recommendations from Institute of Business Ethics to create code of ethics:

Hire an ethics officer

Celebrate and reward the ethical behavior of employees

Promote your organization’s commitment to ethical behavior

Continue to monitor the behavior as company grows

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