Ethics Reflection Paper - 1087 Words

Ethics Reflection Paper Ethics and social responsibility are key factors when planning one’s personal life or planning for the success of a business. When companies develop strategic plans, they must consider what role ethics will play and how social responsibility will affect the plan keeping stakeholders need at the forefront. If businesses and individuals are making a conscious effort to display ethical behavior, ethical perspectives and beliefs should evolve over time much like what has happened in the master’s of business administration (MBA) program. Role of Ethics and Social Responsibility in Strategic Planning Ethics are guidelines used to help management and employees conduct themselves according to the values and standards set†¦show more content†¦When this fails to happen, the owners and board of directors must take the appropriate action to get rid of those individuals, not only to set an example but to make the point that unethical behavior will not be tolerated under any circumstances. To minimize the possibility that similar atrocities will occur, the Sarbanes-Oxley Act of 2002 was instituted to mandate Chief Executive Officers (CEO) and Chief Financial Officers (CFO) to take responsibility for reports generated and to acknowledge that the information included in the reports are true and accurate to the best of their knowledge. If the information is not true or is fraudulent, both have a responsibility to report the findings to auditors. Like ethical behavior, â€Å"social responsibility is a critical consideration for a company’s strategic decision makers†¦Ã¢â‚¬  (Pearson Robinson, 2004, p. 23). Owners need to ensure that they hire managers who are going to carry out their wishes and be the voice in their absence instead of managers who will protect their self-interests. Decisions made by management have to be aligned with the beliefs of the owner and the company’s stakeholders to guarantee profitability and survivability. To encourage managers to make appropriate and ethical decisions, owners and executives should provide incentives through bonuses, appraisals, and recognition programs. Managers who do receiveShow MoreRelatedEthics Reflection Paper785 Words   |  4 PagesRunning head: ETHICS REFLECTION Ethics Reflection STR/581 Ethics Reflection In the last decade ethics has taken an important place in corporate America after some unethical and fraudulent business practices getting uncovered. 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