ethics.edited.docx - IMPORTANCE OF ETHICS IN AN...

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IMPORTANCE OF ETHICS IN AN ORGANIZATION [Document subtitle] Kyungsoo Do [Email address]
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7 Table of Contents: Introduction---------------------------------------------------------------------------Page 3 The case of Enron--------------------------------------------------------------------Page 3 Ethical considerations-------------------------------------------------------Page 4 Suggestions--------------------------------------------------------------------Page 5 The case of BP------------------------------------------------------------------------Page 5 Ethical considerations-------------------------------------------------------Page 6 Suggestions--------------------------------------------------------------------Page 7 The case of WorldCom-------------------------------------------------------------Page 7 Ethical considerations-------------------------------------------------------Page 7 Suggestions--------------------------------------------------------------------Page 9 The case of Emirates----------------------------------------------------------------Page 9 Ethical considerations------------------------------------------------------Page 10 Suggestions------------------------------------------------------------------Page 11 The case of Anglo American------------------------------------------------------Page 11 Ethical considerations------------------------------------------------------Page 11 Suggestions-------------------------------------------------------------------Page 12 Conclusion----------------------------------------------------------------------------Page 13 References----------------------------------------------------------------------------Page 14
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7 Abstract: The paper presents a brief description of how important ethics are to any given organization. Both good and bad examples of ethical considerations are elaborated through different entities. The case of Enron and WorldCom is presented who deployed unethical practices and went bankrupt. The case of BP is explaining the conduct of both ethical and unethical acts by the company. However, the case of Emirates and Anglo American is analyzed as a company with the ethical code of practice.
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7 Introduction: An organization is defined as a group of people working for a common cause. This very cause is to fulfill the needs of the society in terms of a product or a service. There are certain external influences which not only affects the working of an organization but defines the internal processes as well. Performing these processes ethically is a key to success for any organization as it depicts the character of the organization in front of general public. The term ethics which is the central point for an organization; is a broad concept which defines the actions of the people working within an organization and not the principles. The employees must need to think morally in order to behave ethically before performing any action and avoiding the road which leads to short or long term profit. Corporate fraud, disloyalty, favoritism, racism, inefficiency gender discrimination at the workplace, unequal opportunities for Women working in organizations, socially and environmentally destructive, neglecting legal requirements and public policies are few common examples of an organization performing unethically or in other words illegally. Among these, corporate fraud and lack of corporate social responsibility are of a crucial importance which means that an organization is tricking its internal or external stakeholders; to gain some sort of advantage. This brings down the reputation of the very organization and makes stakeholders loose their trust and confidence. Behavioral ethics is another term which needs to be taken care of and is very important in the context of an organization. Unethical behavior of employees such as lying, cheating and not acting morally at the time of taking decisions such as dishonesty or disobeying the laws can bring down the repute of any organization.
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