June 2, 2012
Business Ethics Across Culture Article Review
The first article I would like to elaborate on would be one about business ethics in Singapore. This country has the reputation of being very strict in nature and sometimes unforgiving in the consequences that they often give to people. Over time they have loosened their grip on social matters but still seem to be strict in their manners of business. They follow through with business transactions and promote all around good ethics in business as a normal practice. This article explained the results of a survey that was completed in January 2010, by companies that were members of the Singapore Business Federation. 65% of the companies claimed that keeping agreements, and being open and honest are the most important aspects in business. More than 62% of companies have a published code of conduct, and another 12% are in the process of establishing one. 86% percent of those companies with a code of conduct in place have it composed in such a way so to prevent code violations instead of reacting to them when they occur. Half of the companies involved in the survey conduct an audit to check on the performance.
When evaluating employees more than half of these companies use compliance with code of conduct as way to judge employee integrity. 6 out of 10 companies have policies in place to protect employees who have reported code of conduct violations to managers. This keeps communication open for employees, so there are not any negative consequences to reporting violations.
Around 60% of these companies require their vendors to honor their code of conduct. If there happens to be none compliance with any of these companies than 62% of them will take action against them. 70% percent of these companies believe that agreement with code of conduct will help keep customers and employees retained. A large majority of these...