Business Ethics in a modern Society
Prepared by: Steve H. Ong
Business ethics must have a code of conduct is often the primary means by which management gives guidance to its employees and agents as to what is expected of them by way of business conduct. Indeed, among large enterprises globally, most now have some form of code of conduct.
Principles for Setting Management Standards, Procedures, and Expectations Just as responsible governance at the board level involves setting ends and means for the executive, responsible management establishes a vision for the enterprise; goals and objectives; and standards, procedures, and expectations to guide enterprise employees and agents. As owners and managers establish these, this manual recommends applying the principles described below.
First, it must STRIVE TOWARD HIGHER STANDARDS An enterprise should always strive toward higher standards. Expectations of an enterprise's ethical behavior evolve constantly in response to changing market conditions, both regionally and globally. New values and beliefs emerge not only in the market, but also in the organizational culture and the personal lives of employees. An enterprise should constantly solicit feedback from both internal and external stakeholders to update and modify its business ethics program.
Second, they must CONSIDER CULTURAL DIFFERENCES Culture is difficult to measure, and dimensions of culture are even trickier to use in setting standards, procedures, and expectations. However, an increasing number of studies suggest that ethical decision-making processes differ, if not in the result, by country, nationality, and culture. Significant differences have been found in the matters of responsible business conduct, tone taken in addressing issues, and appropriate management responses to employee conduct.
This is applied nowadays and at present
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