Ethical Awareness The definition of stakeholder is “ Any group or individual who can affect or is affected by the achievement of the organizations objectives.” (Freeman, 1984). Three stakeholders that have been identified are old employees (50s-60s), young employees, and shareholders. These three stakeholders could be affected the most by the CEO’s decision. Firstly, old employees who work for the company for many years should have larger proportion of the company’s employee wage than young employees. For the first option, this option will cause biggest impact for old employees as they already have high monthly salary, however they will have to reduce their wages to be hourly salary and might not be called for work. Furthermore, if old employees want to find new job, these people will have minimal chances to find a new job due to their age. Second option, this option have less impact than first option as their job will steady, but the reduction of wage will affect their quality of life similar to the first option. Third option will benefit for them. They will maintain their job and salary, also “natural wastage” is employee’s choice not by the …show more content…
There are two reasons why should care about ethic in business, which are Self- Interested reasons, and Ethical reasons. Reasons of self-interested such as Reputation, Competitive Advantage, Cost Savings, and Get ahead of changes in the law. Ethical is focusing on the concept of “It is the right things to do!” ( Ellis, 2014). The main reason that B&E company have the problem in this case is that the company overpaid the salary of the employee; on the other hand, the company perform well in the case of diverse staffs, and aid the employees, especially old employees had a good quality of life. The company pays the staffs with living wage, while their competitor pays legally minimum wage to their staff which is lower than B&E staff
Positive ethics allows a psychologist to be aware of potential ethical dilemmas they face while striving to achieve their best in clinical practice. Positive ethics allows me to think through difficult situations that may arise and resolve ethical issues that may occur. For this reason, a clinician must be able to describe how they will apply positive ethics into their decision-making process. From my perspective, I plan to apply the five general ethical principles into my decision-making process because they share a set of core values. Principal A is Beneficence and Nonmaleficence meaning psychologist will strive to benefit those whom they take care of and do no harm. By applying this principle into my decision-making
Over the course of my life, there has seemingly never been a time where an inventory of ethics has come about. Until now that is, in week one of the Ethics in Criminal Justice class here at The University of Phoenix, we were required to do an Ethics Awareness Inventory. The results of the ethics inventory did open my eyes a bit to the profiles that fit my ethics the most and the least. During the exercise on the ethics inventory, it made me very aware that I should study my ethics and determine if I am on the ethical path that I have set for myself to achieve the most out of the dream of life, liberty and the pursuit of happiness.
On April 24th, 2014, one simple recording released by TMZ made Donald Sterling, owner of the NBA’s Los Angeles Clippers, the most hated man in America. In this recording, Sterling ranted over the fact how he did not want V. Stiviano, his partner, to be affiliated with any African Americans. As a result of his racist statements, fans, athletes, and sports organizations/members, voiced their opinions on the matter, flourishing social media. Many star players such as LeBron James, Michael Jordan, Magic Johnson, and a majority the Clippers players acknowledged that something had to be done, and that the NBA is no place for racism. In the end, after team owners took a vote, NBA commissioner Adam Silver held a press conference enlightening the public
How many of us can agree on being in a situation, specifically within a group, when we had to choose between voicing our beliefs or losing respect over our beliefs to “go along” with the crowd by being told you had to sign something or become derecognized? Well, Tina, a volunteer leader of InterVarsity Christian Fellowship, is soon to be hit with a religious dilemma in respect to a policy that is forced to be signed for nondiscriminatory purposes. Facing ethical dilemmas is very common in the world and we have to learn to deal with them on a daily basis. In this paper, the case study being presented with reflect on the ethical dilemma through core beliefs, possible resolutions, evaluations, and comparisons being made from a Christian worldview
To well define what a stakeholder is becomes a difficult subject mainly because there many controversial and confusing factors to first address (Friedman & Miles, 2006). First, in a typical organization or if you need, a company, there emerge various types of stakeholders who occur in different levels and playing quite distinct roles (Savage et al, 1991). Secondly, the meaning of the term stakeholder when it comes to a particular point of view is bleached such that it considers only the major parties. A good example is the most governments’ view of the companies that thrive under their respective roofs where only the shareholders or well put, the owners, are considered as stakeholders regardless of whether or not there are other key participants in the overall management of these companies. Here, a stakeholder is considered as a person who has invested in the company or the (Friedman &Miles, 2006) organization in question by either contributing monetary support or as a co-founder of the organization. Such a person is involved in the making of major decisions for the organization. However, it is important to note that there are other role players of importance. Such include those people who are indirectly affected by the presence of an organization, for example, the end users or the receivers of the impacts of any decisions made.
The process of ethical decision making involves nine steps that include gathering the facts, defining the ethical issues, identifying the affected stakeholders, identifying consequences and the obligations. The other steps also include considering one’s integrity and character, thinking creatively about the actions to be taken, listening to one’s gut, and deciding on proper ethical action to be taken as one prepares to deal with opposing arguments (Ferrell, John & Linda, 130). These steps, when keenly followed, would save us from getting into ethical dilemmas, of which an example of such, is presented in the case study.
To survive in a very turbulent environment management must set direction for the firm. To successfully change direction, management must have the support of those who can affect the firm and understand how the firm will affect others. The stakeholder approach provides no rival to the traditional aim of “maximizing shareholder wealth.” A stakeholder approach rejects the very idea of maximizing a single objective function as a useful way of thinking about management
A stake holder, in general is defined as an individual or organization likely affected by the performance of an organization. In “The stakeholder theory of the corporation: Concepts, evidence, and implications” by Thomas Donaldson , he quotes Stanford research institution and calls stake holders “those groups without whose support the organization would cease to exist.”
Stakeholders are those groups or individual in society that have a direct interest in the performance and activities of business. The main stakeholders are employees, shareholders, customers, suppliers, financiers and the local community. Stakeholders may not hold any formal authority over the organization, but theorists such as Professor Charles Handy believe that a firm’s best long-term interests are served by paying close attention to the needs of each of these stakeholders. The modern view is that a firm has responsibilities to all its stakeholders i.e. everyone with a legitimate interest in the company. These include shareholders, competitors, government, employees, directors, distributors, customers, sub-contractors, pressure groups and local community. Although a company’s directors owes a legal duty to the shareholders, they also have moral responsibilities to other stakeholder group’s objectives in their entirely. As a firm can’t meet all stakeholders’ objectives in their entirety, they have to compromise. A company should try to serve the needs of these groups or individuals, but whilst some needs are common, other needs conflict. By the development of this second runway, the public and stakeholders are affected in one or other way and it can be positive and negative.
Ethical awareness has and continues to be a debated concept in the business community. The notion of what motivates ethnical awareness is at the core of the debate. In other words, are decisions made about business practices motivated by an obligation to the community, sense of corporate responsibility, a leader’s view of right and wrong or political influences. Although the perspectives on what motivates ethical awareness differ among business leaders, ethnical awareness is fundamental in the decision making process. This essay outlines the ethnical awareness principles of Drucker, Alahmad, Friedman, and Murphy and how business decisions are influenced by such principles.
The term “ethical business” is seen, by many people, as an oxymoron. This is because a business’s main objective is to make as much money as possible. Making the most money possible, however, can often lead to unethical actions. Companies like Enron, WorldCom, and Satyam have been the posterchildren for how corporations’ greed lead to unethical practices. In recent times however, companies have been accused of being unethical based on, not how they manage their finances, but on how they treat the society that they operate in. People have started to realize that the damage companies have been doing to the world around them is more impactful and far worse than any financial fraud that these companies might be engaging in. Events like the BP oil
From the definition of stakeholders, they are people that are affected or have an impact or effect on a system or organization. Therefore, for an organization to run effectively, their views and perspectives have to be taken into account. Therefore, anyone who has an impact on a system or is affected by the system either directly or indirectly is referred to as a stakeholder. Since stakeholders have a view or perspective in the running of a system or organization, they can in one way or another affect the day to day running of the organization. It would be important to note that stakeholders are not just people who are can influence or who might be affected by an organization. They also include people who think that they can influence an organization or project, or those who think that a given project may have an impact on them (Fernando, 2009).