Cultural and Ethical Dilemmas Within the Colourful Corporation

Topics: Business ethics, Ethics, Corporate social responsibility Pages: 9 (2376 words) Published: June 22, 2013
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Business Report ‘Cultural and Ethical Dilemmas within the Colourful Corporation’| |
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Table of Contents
Executive Summary2
1.Introduction3
2.Aim of report3
3.Issues3
3.1Cultural Value and Norms3
3.2Ethics3
3.3Unrealistic Performance Expectations3
3.4Education3
3.5Moral Obligations3
4.Conclusions3
5.Recommendations3
6.References3

List of Figures
Figure 1:Determinants of Culture3
Figure 2:Detriments of Ethical Behaviour3

Executive Summary
The aim of this business report is to analyse the ethical dilemmas arising from daily business operations, and to determine whether Colourful Corporation was ethical in its decision making, and to provide solutions for the management of future ethical issues. Having an established international base, Colourful Corporation conducts business transactions in both developing and developed countries. In doing so, Colourful Corporation is exposed to a wide range of ethical dilemmas which are the result of differing cultural values and norms. Segon (2011) proposes variable determinants of culture including religion, political and economic philosophy, education, language and social structure. Different cultural values and norms account for opposing perspectives regarding what constitutes ethical behaviour. The complexities in this ever-evolving business environment have brought attention towards corporate business ethics as research has found that business ethics is closely linked to an organisation’s well-being (Svensson & Wood 2011, p.21). This has highlighted the importance of ethics education for employees of the company as education will lead to the development of ethical practices among individuals in the company as well as the corporation as a whole. Furthermore, according to Hill (2011), pressure from senior management to meet unrealistic performance goals can be an incentive for employees to engage in unethical practices.

It is concluded that:

business operations continue to be conducted in both developed and undeveloped countries, where ethical issues may arise as a result of differing culture views, consideration must be given; the Corporation must act ethically when dealing in its global business operations; the risk of undertaking unethical activities as a result of unrealistic performance expectations increases; a program should be adopted to support local communities where it is conducting business operations in order to fulfil its ethical and moral responsibility in line with Corporate Social Responsibility (CSR); a need to provide education and training to its employees on corporate business ethics in order to promote a strong corporate ethical culture; and the senior executive made the correct decision, by following corporate policy. It is the corporate policy that must be adjusted to include ethical considerations, assisting future business decision making processes. Subsequently, this may potentially prevent similar tragedies occurring as a result of Colourful Corporation’s actions. *

It is recommended that Colourful Corporation:

adopt the Global Reporting Initiative (GRI) framework ,which is the most widely used reporting framework for performance on human rights, labour, environmental, anti-corruption, and other corporate citizenship issues; encourage the needs of ethical behaviour within and by the corporation to the employees; contribute to charity in the form of providing facilities such as, schools and orphanages for the poor and unfortunate children in the developing country ; update the corporate policy to include ethical considerations required for each business making decision; create an ethical culture within the corporation by embracing the commitment to ethical standards; and engage with a reputable company to provide holistic business ethics training program for all levels of employees to increase ethical sensitivity and develop healthy organisational culture....

References: <http://europa.eu.int/eur-lex/pri/en/dpi/cnc/doc/2002/com2002_0347en01.doc>;
Hill, C.W.L., 2011, ‘Global Business Today’ 7th Edition, McGraw Hill, New York;
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