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NOTES-Ch+2-PT+2-S10-Tracs

NOTES-Ch+2-PT+2-S10-Tracs - Dr Deborah Pomeroy BLaw...

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Dr. Deborah Pomeroy BLaw 2361-S10 ETHICS - Chapter 2 - Part 2 Company Codes of Ethics VIDEO: “Beyond Compliance to Performance” Catherine Finamore Henry -VP of Business Development & Ethics -Former VP, Working Values -Certified Internal Auditor http://videoplayer.nlps.com/?fmn_2008-06-08_seg2 --In your text see: NORTEL NETWORKS CORE VALUES (P. 28) JOHNSON & JOHNSON’S CREDO (P. 38). Are there some “GENERAL” values that business Codes of Ethics should reflect? GENERAL VALUES--suggestions: 1-- Promote communication between employees, --ESPECIALLY vertically between executives, manager and employees. 2-- Promote respect for each person within the organization, and --whenever possible, should reflect the values of the various individuals 3-- Promote customer relationships based on honesty and integrity 4--consider the well-being of a larger group of stakeholders , not just traditional , including public at large and future generations. --Ethics Codes define how actions and decisions will affect “ stakeholders, those with a “ stake ” in the company’s well-being. 1
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Who are a company’s stakeholders? Everyone who is affected by a company’s actions and decisions . -- Traditionally , and for many companies still, this is the --shareholders, --executives, and --employees. --However, increasingly , defined more broadly : --consumers/customers, --suppliers, --the community, --the nation, --the world, and --even future generations (thru sustainability initiatives) BENEFITS OF CODES OF ETHICS (beyond mere “compliance”): 1. Going beyond legal compliance helps insure that a company’s actions are legal. 2. Promotes the welfare of all stakeholders, leading to greater business success and long-term viability . 3. If a Code of Ethics promotes the general values of communication, respect, and customer relations, it should result in higher long-term profits through: --more loyal customers , and -- satisfied , therefore more efficient employees. What determines whether a Code of Ethics actually becomes a successful part of a business’s operations, so that the company obtains these benefits. The following are thought to be IMPORTANT for a successful Code: 2
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1. Remember in the video , Ms. Finamore Henry said that “Tone at the Top” is crucial. -- Executives, managers and other policy-makers must --apply the ethical standards to their own behavior first and --should seek input regarding “values” from all tiers (all “ stakeholders ”). “People like to bring their values to work.” 2. There must be a total commitment to the goal of creating and maintaining an ethical workplace-- not something that sounds great but just hangs on the wall. 3. Company should have a written Code of Ethics that --clearly sets out ethical goals and priorities and --details expected behavior from policy-makers, management & employees.
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