Questions- This assessment will cover the following questions:
- Walmart is the retail supermarket operates in various countries. Generate the impacts of the environment ethics and corporate social responsibility on the business ethics.
- How organizations can take effective steps towards incorporating proper governance and key performance indicators to win the ethics battle.
- Business managers do have a responsibility to earn a profit for stockholders, but at the same time, also have the ethical responsibility to customers, employees, and suppliers. Which is more important explain?
Business values refer to core or corporate values that are dependent on fundamental beliefs on which business as well as their behaviour is based on. They act as guiding principles which are being utilised by firms for managing their internal affairs along with relationship among their customers (Dierksmeier and et. al, 2016). Business ethics refers to study of what constitutes right or what constitutes wrong in context of firm. Business values and ethics denotes knowledge, abilities and skills which are required for maintaining higher levels of personal as well as professional integrity to act like ethical agents who are liable for promoting accountability, integrity and core values within the organisation. This report comprises of values as well as management of ethics which have been incorporated and provide overview on why businesses fail to practice these aspects. Along with this, it renders details related with environmental ethics along with corporate social responsibility and ways in which appropriate governance can be incorporated. Furthermore, it involves role of business management in community and responsibilities towards their crucial stakeholders.
a. Illustrate the background of business values and management ethics that are incorporated within the global culture
Business values denote beliefs which are being shared by individuals related with culture in context of what is good as well as bad. They lead to creation of huge impact on behaviour as well as attitude of individuals and furnish broad guidelines with respect to distinct situations which prevails while delivering their services. Management ethics implies social responsibilities of organisation and this denotes discipline that is liable for dealing with right and wrong or obligation and duty which acts as standard of behaviour that is liable for guiding managers within carrying out their activities.
Business value denotes an informal term that comprises of all forms of values that is liable for identification of health as well as well-being of the organisation within the long run. Management ethics refers to ethical treatment of stakeholders, public, owners and employees by organisation. Basically, it denotes study of standards of behaviour of business that is liable for promoting good as well as human behaviour (Pandey and Rishi, 2016). This essay comprises of crucial aspects related with business values, ethics and culture which creates an impact on organisation while rendering their services in global environment.
The moral convictions or beliefs which are liable for guiding judgement as well as actions within distinct conditions is referred to as business values. It creates an impact on objectives as well as priorities of corporate managers. Business value expands conceptions related with value of organisation that is beyond economic values which involves other forms like customer value, channel partner value, societal, channel partner values and many others. Business values furnish guidelines for making effectual decisions as well as holding individuals liable for peculiar decisions. There are various reasons which make it important for firm to set up the organisational values. They have been illustrated within this section like it aids employees within effectual decision making as it leads to setting up clear values which will assist employees to acknowledge for what organisation stands for. Like Tesco emphasise on rendering their services by focussing on their customer and it is their value. Along with this, each employee believe on this and render their services accordingly (Saini, 2017). This enables organisation to attain their mission, vision and values as per required standards. For this both firm needs to make their employees clear about the rationale behind their existence.
Employee interaction is crucial aspect for having a better organisational culture, engagement, employee engagement, motivation as well as their satisfaction. When employer of firm do not know what are there values then this will lead to unclear as well as inconsistent interaction among their employees. This leads to insecurities as well as confusion. Through this, employee engagement and motivation can also be improvised as they know their goals and objectives which they have to attain. The company values comprises of honesty, integrity, accountability, learning, customer experience, discipline, leadership, constant improvisation, development of employees, quality, partnership as well as collaboration and many other entities (Yin, Qian and Singhapakdi, 2018). An instance can be taken into consideration with respect to firms who possess fabulous company values. Like core values of Google includes emphasise on the user, fast is better than being slow, be serious without any suit (believe that innovative things can occur at appropriate culture), carrying out one thing in an impelling manner and right thing.
Business values illustrates principles that make firms stand personally (in terms of perseverance, innovation, passion, fair-mindedness and determination), attitudes as well as beliefs in workplace (behaviour of people) and standards of organisation with respect to behaviour (like acceptable business practices). Furthermore, organisations develop business values by mapping personal beliefs and principles in distinct business categories (such as customer services, decision-making, teamwork, market identity, financial material, etc.). Here, for each category, it is crucial to understand principles behind them, why they are important and what impact will be created through this (Crane and et al., 2019). The next step lies within reflecting meaning associated with each value in terms of what they mean to them like what this value is about and what assumptions are made with respect to them. Furthermore, translate your values within set of guiding standards as well as principles of behaviour like behaviour like if any kind of disagreements occur within organisation like M&S then employees go to the one with whom conflicts have occurred rather than involving other individuals within the conversation.
Managerial ethics refers to standards of moral judgement or conduct which is being utilised by managers of firms within rendering their operations (Yin, Qian and Singhapakdi, 2018). This leads to creation of significant impact on legal standing of firm which is being owned big names like Steve Wynn who have gone through sexual misconduct scandals. Like Wynn was real estate mogul who resigned from their multi-billion dollar firm when scandal took place. This makes it crucial for to formulate ethical policies which must be applied for each company (Davies, 2016). The policies along with ramifications associated with violations are responsible for management of different issues which may take place within the organisation. Managerial ethics are crucial aspects with respect to each organisation as each individual is liable to follow their leaders in terms of what they do. Even in case, firm have ethical policies within place then top leaders ignore these standards as well as resonate within the firm. This implies that individuals may not act in an ethical manner when they follow actions which are being carried out by their leader. For this, it is necessary for firms like Tesco, H&M, etc. that they follow higher standards of leadership ethics with higher morale as well as productivity and turnover will be minimised.
Managerial ethics is liable for setting up principles as well as rules which are being dictated through upper management that are responsible for defining what is right and wrong in organisation (Pearson, 2017). There exist different types of management ethics that can be followed by firms depending upon the environment in which they are delivering their services. They includes immoral management (a devoid of ethical principles as well as active opposition with respect to what is ethical and not), moral management (it is descriptor to higher standards in terms of ethical behaviour) and amoral management (this involves intentional (so not take into consideration ethical factors) and unintentional (careless or casual behaviour with respect to ethical consideration in the business management ).
An example can be taken into consideration with respect to ethics, values and culture like when KFC entered in India after economic liberalization policies in 1990, then they received permission for having 30 outlets. The issues that were being faced by them was that they lack understanding of economic, regulatory, ecological and cultural issues while rendering their services within the foreign country (Seagon, Booth and Pearce, 2018). Identify the reasons for protesting people for ethical treatment of animals (PETS) and protection of animal rights within developed countries. From this, it is clear that, for firms like KFC or any other, it is crucial to acknowledge significance of ethics by apprehension with respect to issues within distinct countries. Along with this, it is important to carry out distinct audit and guideline programs that will aid them within understanding of different operations with respect to peculiar industry in specified region or country.
Other instance can be taken into consideration like within China, the firms need to be global players as well as knows that they need obviate corrupt practices which are being carried out. The firms are innovative and emphasise on spending their time on bringing in something new within the market through which they are able to produce innovative products within the market. Due to this reason firms such as IKEA and many others as they can have effective workforce whose value lies on furnishing their services on time with higher efficiencies. Similarly, within the Japanese companies like Toyota employees are loyal towards their employers and accordingly render there services which makes organisation as well as individuals successful nationally (Trevino and Nelson, 2016). The values, ethics and culture makes Japanese disciplined and they strive for attaining perfection through which they can improvise economy of the country. Another instance can be taken into consideration with respect to this like Crocs Gulf LLC (UAE based firm) emphasise on corporate social responsibilities as for them the welfare of community and country is primordial. Here, the firm emphasise on attaining sustainable growth along with having good regulatory practices. It is liable for rendering laissez-faire policies as well as possesses minimised regulations with respect to business.
On the basis of above discussion, it can be said that business values and ethics management are two crucial aspects for any business organisation conducting its operations within an economy. Also, it is analysed that it is important for companies to develop an organisation culture which places due emphasis upon both of these aspects as this would ensure long term sustainability of firm. Healthy and positive working culture leads them to have impelling as well as oriented workforce which enables organisation to attain their goals along with objectives.
b. Why businesses fail to practice the management of Ethics in the workplace due to organization culture along with overall conclusion & recommendations on how organizations can shift the operating model towards better Business Ethics
Within the confines of any corporation, culture is regarded to be a complex and multi framework structure which should be effectively aligned in a bid to foster moral conduct within the premise of company. The frameworks pertaining to organisational culture which constitute ethical management encompass both the formal as well as informal components of a business association (Vazquez, 2018). In this regard, the formal components hereby include the official correspondences taking place among the administrators of business entities, the internal corporate policies and sets of accepted rules (code of conduct), preparing training sessions, worker selection frameworks (hiring as well as dismissals) as well as frameworks for overseeing output along with objective setting. On the other hand, the informal frameworks hereby incorporate standards of every day conduct, ceremonies that assist individuals with understanding the association's personality and the business values possessed by it, the stories that individuals narrate universally regarding the corporation together with the language that individuals take into use in relation to their day by day conduct.
Consequently, culture is regarded to be a totally unpredictable phenomenon which drives worker conduct (by way of formal system) and develops via the outlooks as well as practices of representatives (through learning and copying other individuals). The goal of business organisation across the globe in today’s time is to empower the corporate representatives in a manner such that they can effectively incorporate and value the effect of behavioural norms as well as values upon the danger of wrongdoing. In this regard, it is of key importance for entities to gain comprehensibility of their staff behaviour on a regular basis in a bid to ensure that their conduct is aligned with ethics and values held by the company (Arnold, 2016) .
In an instance whereby the employees of an organisation fail to incorporate the business values as well as ethics in their behavioural conduct and business practice, the overall company fails to exercise the management of ethics within the entity in an effectual manner. Thus, it can be said that organisational culture is of key importance for companies to make sure that their conduct is aligned with the social norms of society as well as industry to which they specifically pertain.
On the basis of above discussion, it can be easily stated that organisational culture places a crucial influence upon the management of ethics within the premises of a business entity. Further, it is analysed that organisational culture is a composite of certain formal and informal elements which should be taken into due consideration by the employees in a bid to ensure that their conduct and business practices are ethical in nature (Beckett, Maynard and Jordan, 2017). Further, it has been recommended that to improve the management of ethics in companies, the behavioural patterns of individuals pertaining to an enterprise should be matched with the constructs or elements of culture. This would provide assistance to the corporation in enhancing the application of ethics management and business values within the confines of an organisation.
Write report on environmental ethics as well as corporate social responsibility by illustrating effects of CSR on ethics of business within Pioneer Corporation.
Environmental ethics refer to discipline that is liable for studying moral relationship towards human beings, values as well as moral status of environment along with non-human contents. It is responsible to exert impact on larger range of discipline that involves ecotheology, environmental sociology, laws, geography, economics and ecology (Elhoshi and et. al, 2017). Corporate Social Responsibility denotes the ways in which firms manage their business processes for furnishing affirmative influence on society. This report is based on Pioneer Corporation which is a Japanese multinational corporation which is specialised within digital entertainment products.
Environmental Ethics & Corporate Social Responsibilities
Environmental ethics imply branch of ethics that is liable for studying relation of human beings as well as environment and what role is played by them. It illustrates branch of applied philosophy that is liable for studying conceptual foundations with respect to environmental values and concrete influences which surrounds societal actions, policies and attitudes for protecting as well as sustaining biodiversity within the ecological systems (Hillary, 2017). CSR is liable for covering sustainability, ethics and social impact with respect to ways in which firms can carry out their core business. This aims at making effectual contribution towards societal goals of charitable, activist or philanthropic by engaging individuals within carrying out ethical practices. CSR acts as an evolving business practice that is liable for incorporation within the sustainable development of organisations business model. The Pioneer Group's corporate social responsibility is liable for making effectual contribution within sustainable development of society through putting Corporate within practices while carrying out corporate operations. Within these activities, the firm is liable for accomplishment of social responsibilities in context of seven themes, they are: human rights, environment, group-wide organisational governance, community involvement as well as development, consumer issues and fair operating practices (Kaushal, 2017).
The business activities are liable for accomplishment of goals via creation of shared values through provisions within their products through which 17 sustainable goals are being defined for resolution of social issues. The Pioneer Corporation adhered to ISO 26000 within international standards for making effectual contribution for making better society by having cooperation with their stakeholders that comprises of NGOs, business partners, local communities and customer which are being committed for accomplishment of social responsibilities. The Pioneer Group revised CSR procurement guidelines in context of current global trends associated with corporate social responsibility. The various aspects associated with this in context of business ethics have been illustrated below:
- Eliminate anti-social elements: The Pioneer Group needs that there suppliers are not associated with, make use of render any kind of funds for anti-social elements. This depicts there ethics and it is being considered as social responsibility (Lim, 2018). It will enable them to ensure that any kind of unwanted activities are not carried out within working premises.
- Prohibition on bribery: As per Pioneer Group, all the employees are supposed to adhere with regulations and policies against bribery which is being applicable within the countries in which operations are being furnished by business.
- BCP promotion within supply chain: This involves that the Pioneer Group is liable for recovering quickly within the events such as unforseen circumstances or disaster for ensuring continuation of supply as well as business continuity (Marcos, 2018). Thus, each supplier is liable for clarifying their operations while establishment as well as continuously improvisation within BCP for enabling swift response in context of any kind of accidents which may occur. Furthermore, in case of any kind of risks associated with accidents and natural disasters, there exist certain environmental regulations that might disable operations with context to them.
- Acknowledgement of environmental laws along with regulations: The Pioneer Group is liable for requesting business partners for making efforts as well as enhancements with respect to environmental preservation in which they hold up maintenance, improvisation as well as handling over global environment with respect to next generation within their corporate mission. This involves construction of environment management system, reduction within greenhouse gasses, promotion of resource recycling and management of chemical substances.
- Response to conflict minerals: The Pioneer Group's policy involves that any product, part or material must not be procured which comprises of environmental destructions, human right violations or any other kind of problems which might occur.
The Pioneer Corporation has formulated Business Ethics Committee to make sure that there is legal compliance with respect to operations and code of conduct. The internal control committee is liable for identification of risks that are related with business activities and also prevention of such kind risks from occurrence (Medeiros and et. al, 2017). Along with this, the environment is being created in which distinct group of employees are liable for maintaining professionalism as well as work upto their complete potential for creation of new values despite of factors like nationality, gender or age. In context of business ethics, Pioneer Group furnish their employees with enhanced flexibility within working styles as well as personal development programs which comprises of furnishing support for employees in different backgrounds for attaining enhanced job satisfaction. Furthermore, Pioneer Group is affirmatively engaged within corporate citizenship activities in which emphasis is laid on environmental protection, audio &video along with educational support. In addition to this, organisation, carry out distinct activities with respect to needs local communities in context of disaster relief and social welfare (Mees, 2019).
The Pioneer Group is engaged within advanced product quality planning (APQP) which is a cross-organisational approach that is being utilised for finding as well as resolution of issues in a quick manner which initialise from upstream stage an varies to product development through which targets can be attained. They make sure that their customers are provided with quality services and provide them with enhanced satisfaction. Pioneer Group is liable for generation of response to environmental problems that involves environmental pollution, loss resources & biodiversity along with global warming is considered as their social responsibility through which they promote environmental preservation as well as proactive disclosure of information associated with sustainable society. This is evident from Pioneer's mission in which they aims at furnishing higher standards of living as well as delivering inspiration on the basis of new sense of ecology. For this, they are liable for promoting group wide strategies with respect to laws and regulations in context of social contribution as a response for issuing environmental contribution and preservation.
Write an essay on illustration of views with respect to how firms can take effectual steps for incorporation of information governance along with key performance indicators.
Data ethics refers to illustration of principles as well as furnishing guidelines which will assist within aggregation of data in context of processing activities. This is related with sustainable as well as responsible usage which implies carrying out appropriate thing for society and people. Basically, it adhere and refers to principles as well as values with respect to personal and human right protection laws (Rakesh, Anusha and Suresh, 2016). Data acts as valuable asset of organisation which aids within protection of customer data where data-governance is liable for managing information that is liable for serving lifeblood of firm.
Business governance is associated with actions as well as controls which are placed on those who are in-charge of management of business entities. Generally, it illustrates system of processes, practices and rules through which firm is being controlled and directed. This is involved within maintaining balance in between interest of different stakeholders of organisation like customers, financiers, community and many others. An instance can be taken into account with respect to this, like Pioneer Group has opted for Audit & Supervisory Board System for business governance in which decision-making is considered as of highest importance. By making sure that effectual disclosure of corporate information is carried out, the firm has enhanced transparency within the corporate operations with rationale to deepen understanding as well as trust of investors, society and shareholders (Singh, 2018).
The key performance indicators refers to quantifiable measures that are being utilised for evaluation of success of employees or organisation on the whole through which objectives related with performance can be acknowledged. Efficacious steps which can be undertaken by businesses for incorporation of appropriate governance with respect to key performance indicators in context of ethics have been illustrated within this section. First step is prioritisation of areas in which improvisations can be made in which the issues or assets which are crucial will be targetted through which immediate outcomes can be attained for establishment of foothold. This will enable firm to have foundation with respect to data governance while rendering their business operations. The second step is to maximise availability of information like they can be in the form of data warehouses, ERP and CRM applications, etc. Thus, firm must have leverage in context of integration of technologies which comprises of pre-built components which will enable businesses to have easy access to data (Wolf and Thiel, 2018).
Third step is creation of roles, responsibilities as well as rules for determination of data for creation of formal processes while making sue of information. This implies ethics like what is right and wrong while handling information, for an instance Amazon is a cloud provider and it is ethically not appropriate to check out the data. Fourth step is ensure integrity of information as this will lead to ensure quality of data of organisation. This involves profiling, parsing & standardisation, enrichment and monitoring. In terms of data ethics it involves security of data which is present on the system (Wymer and Rundle-Thiele, 2017). Fifth step comprises of establishment of accountability of infrastructure which involves to whom access is being given and what it is all about. If same liabilities are being given to all employees of Google then their information might be misused and this is ethically not apt. Sixth step comprises of data conversion through which meaningful information can be attained which can be used by organisation for ensuring that they have appropriate assets when they are required for attaining affirmative results. The last step is having feedback through which entire process of data governance can be improvised. These stages will lead them to make sure that key performance indicators can be attained through effectual usage of data.
Data ethics acts as crucial asset for every organisation and for this it is important that appropriate steps are being taken for integrating governance with key performance indicators. It is important for firms to ensure appropriate measures are being taken through which proper governance can be attained in context of their activities.
Question 4: Corporate Responsibility
Corporate responsibility is concerned about sustainability of firm for longer duration of time. It furnish liabilities for adding value for organisational activities for ensuring that affirmative influence is rendered on distinct aspect associated with economy, environment and society (Arnold, 2016). This section is dependent on Wal-Mart which is an American multinational firm which deals within retail industry.
What is the appropriate role of business management in community and society?
Wal-Mart is one of the most successful company around the world with large number of stores. But for being sustainable and acquire employees for longer duration it is necessary for management to identify what are there roles within enhancing their operations. Certain issues are being faced by employees in terms of motivation (they are not motivated or admired for work which is being carried out by them), manipulative, deceptive and poor wages are being paid. For this, role of business management is to ensure that appropriate benefits are being rendered to employees like when they excel within their job role, they must be appreciated so that they can perform (Beckett, Maynard and Jordan, 2017). From case study it was also analysed that Disabilities Act and child labour laws are not followed by them. It responsibility of management to ensure that these laws are adhered so that an effective change within working premises as well as society can be brought in.
Through evolution within capitalism, the businesses have specified purpose which enables them to render maximised value for their shareholders to furnish shared view which have a rationale to amplify value for society. Wal-Mart has different supply chain which emphasise to enhance their economic, social as well as environmental influences which reveals their commitment for acknowledgement of expectations of their customers by elimination of abuses within supply chain. CSR acts as crucial aspect for businesses irrespective of their size. Wal-Mart understands there liabilities towards society and for this reason there CSR strategies comprises of three principles, they are illustrated below:
- Creation of economic opportunities for their employees, suppliers as well as people who work within retail supply chain.
- Enhancement of sustainability with respect to operations as well as products supply chain for their people as well as planet.
- Build up strong communities with respect to where retailer renders there services.
These are the Wal-Mart's principles to have an impelling result with respect to society in which firm is delivering their services. For attaining these principles the organisation has formulated certain goals, this involves, creating zero waste, supply firm with 100% renewable energy and carry out sales of products which will ensure sustainability of people as well as environment. This implies that Wal-Mart effectively involved within rendering their business practices which will furnish society with enhanced benefits. Businesses aids within protection of environment by embracing sustainable practices around business through which diversity can be fostered in context of respect, dignity and inclusion.
Wal-Mart is rendering enhanced economic opportunities for individuals and this is evident from the fact that they have promoted around 2,30,000 people with job at greater responsibility as well as pay higher along with bonuses to US associates (Walmart Highlights Economic, Societal and Environmental Progress in 2018 Global Responsibility Report Summary, 2020). In addition to this, they have fostered inclusion in the company which involves around 30% of women within officers place. In addition to this, Wal-Mart as well as their foundation have funded training to more than 1 million of farmers. Furthermore, they have enhanced renewable energy portfolio in which organisation has formulated goals to be powered by 50% of renewable sources till 2025 and have attained around 28% of this till date.
What is important for organisation ethical responsibility for suppliers, employees & customers or earning profit for stockholders?
Management of Wal-Mart have ethically responsible for their stakeholders. Ethical responsibility refers to abilities for recognition, interpretation as well as acting upon various principles as well as values in accordance to speculated standards of organisation. Basically, it illustrates actions of organisation that may lead to worse impact on environment or people (Elhoshi and et. al, 2017). An instance can be taken with respect to Wal-Mart the employees are paid less wages and even are not paid for extra work. This implies that appropriate measures must be taken by management so that firm can be ethically right with respect to services that are being delivered to employees. When needs of employees, suppliers and customers are accomplished then automatically, it will lead organisation to earn profits.
Social responsibility is one of the most crucial dimension which involves participation of firms with respect to social issues as well as community affairs. Firm have higher obligations as compared to there stakeholders, this also involves furnishing good value for money towards their services. The primary prospect of customers for corporation is to have stable as well as continuous supply of services and goods. This denotes that it is liability of firm like Wal-Mart to meet the expectations of their customers by providing them with appropriate services by delivering trenchant services along with relevant quality at right place, time as well as price. Apart from this, the other liabilities which Wal-Mart have towards their customers involves improvisation of living standards by making sure that high quality products are being delivered and they are also treated equally within different aspects of business. Customer satisfaction must not be just considered as just an objective but it is transformed into responsibility for having a success within the marketplace.
An example can be taken into consideration like within Wal-Mart it is their sole responsibility to answer to complaints as well as queries. They acts as there ethics, the reason behind this is that if customers are not satisfied then they will switch to other providers as they won't wait for having reply for the response for longer duration. The responsibilities of Wal-Mart towards there employees is foremost as without them firm will not be able to render their services in an effectual manner. The liabilities towards them involves in the form of rendering training, promotion, appropriate selection, wages, health & safety, comfy working situations and many others. This implies that Wal-Mart takes there employees into confidence while formulation of decisions towards their interest. Along with this, employees must be provided with relevant incentives through which they will be motivated through which their overall performance can be enhanced.
Furthermore, Wal-Mart do have responsibilities towards their suppliers as without appropriate raw materials firm will not be able to provide the finished products to their customers. Companies have to seek fairness as well as truthfulness while dealing with suppliers in terms of pricing as well as licensing. Apart from this, management of Wal-Mart must ensure that while making any kind of business transactions with suppliers it has to be free from any kind of unnecessary litigation and coercion. For this firms need to encourage long-term stability within their relationship among suppliers for paying back enhanced quality, value as well as reliability. This implies that firm has appropriate responsibilities to each and they are relevant for ensuring sustainability within the market.
Does Wal-Mart have responsibility towards everyone along with this illustrate the significance of ethics and business?
It is obvious that every organisation have responsibilities to all and for this, it is important for Wal-Mart to carry out their operations with respect to ethical responsibility. This is mandatory for management of Wal-Mart to acknowledge ethics while delivering their services. The reason behind this is that it will enable the organisation to deliver their services according to desired standards and make sure that requirements of each is addressed (Hillary, 2017). The employees are paid less as compared to work which is being done by them along with this various laws for there welfare are also not abided by them. This implies that there will high employee turnover rate as responsibilities towards major assets are not understood. This will lead to extra cost for organisation in terms of providing induction to them and other development charges. Thus, it is crucial for organisation to acknowledge significance towards having ethical responsibilities towards their employees who aids them to attain desired outcome.
Ethical behaviour as well as corporate social responsibilities leads to bringing in relevant benefits to business. This can be understood by following points:
- Attract customers towards products through which overall sales can be enhanced which will lead them to attain profit.
- Attracting more employees by furnishing them with relevant benefits as per their performance. This will lead them to retain their employees which will result within enhancement of productivity.
- While dealing with tens of thousands of suppliers across the world, Wal-Mart aims at working closely with them for making sure that fair treatment is being provided to them.
- When Wal-Mart deals with their customers, they are committed for rendering high quality products which are being treated in labelled clearly as well as furnish truth by which highest level of standard can be addressed.
It is the responsibility of business to ensure that they have fair dealings with human resources they deals with either employees, customers or suppliers. In addition to this, ethics must not be fixed within organisation, they must vary as per different organisational levels as well as different levels must be executed with respect to reward-punishment system. Along with this, Wal-Mart needs to have broader guidelines with respect to what has to be done and what is not required as well as has to be avoided completely. Respect for ethics will force a management to take various economic, social and ethical aspects into consideration while taking the decisions. Decision making will be better if the decisions are in the interest of the public, employees and company’s own long term good.
From above it can be concluded that, business values and ethics act as core pillar for identification of factors which lead to create impact on the ways in which operations are being carried out. Business values illustrates the benefits which are being generated by organisation for their stakeholders. Business ethics denotes right and wrong with respect to assets of organisation. While implementing operations within global market culture plays crucial role and it must be taken into consideration by all the organisation. Furthermore, corporate social responsibilities must also be taken into account so that firm can understand their responsibilities towards society and the globe on the whole. Apart form this, data ethics must be incorporated by them with respect to key performance indicators.
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