Stakeholder Analysis

We as business owners, management and or in a role of authority must set, address and comply with a solid foundation of ethics. “A code of conduct is the single most important element of your ethics and compliance program. It sets the tone and direction for the entire function. Often, the code is a standalone document, ideally only a few pages in length. It introduces the concept of ethics and compliance and provides an overview of what you mean when you talk about ethical business conduct.”

Wells Fargo is one of the well-recognized banks in the United States with over 8,000 banks. Last year Wells Fargo paid millions of dollars in fines for opening around 1.5 million bank accounts and applied for around 560,000 credit cards without customers’ consent. Due to this unethical and illegal event, numerous stakeholders were affected. In the article, The Wal-Mart Effect and Business, Ethics, and Society by R. Edward Friedman, Friedman states that stakeholder is anyone who can be affected by the business or can affect the business (Friedman 38). A great deal stakeholders were affected by the Wells Fargo crisis including Board of Directors, stockholders, employees, and the customers. Each stakeholder has different interests,

Code Of Conduct – A staff code of conduct contains how the staff should behave in order to influence children and young people.

At Company X, it is our upmost desire to comply with rules and laws pertaining to our business, and to hold our values at a spectacular level. Our company values include responsibility, equality, honesty, confidentiality, respect, and integrity. These values are the building block of our company, and should be followed by all employees, management, and any persons associated with our business. By adhering to the code of conduct, our work environment will be comfortable and reliable, and will help avoid unethical behavior.

There are multiple steps to be followed closely to ensure the code of conduct is followed company-wide. We must give each new employee the company standards upon hiring. There will be monthly team meetings where all strengths and weaknesses will then be discussed to be able to determine what steps will be necessary to correct any problems. We all must be active in not only posting but engaging and living the code of conduct from employees, officers, and board members. If all levels of the company are operating on the same standards, it will be easily noticed by one when there is a void in the system.

A code of conduct and a statement of formal statements describe and explain what an organization expects from its employees and a code of ethics generally consists of statements that serve as principles and basis for rules of conduct. Leaders and managers must be role models for organizational success. If employees see leaders and management demonstrating the organizational values then it adds to the commitment and credibility of leadership and reinforces the importance of the organization’s values which leads to employees who are more engaged and committed to the organization. Also turnover among employees tends to be lower and productivity tends to be high. On the other hand, if leadership demonstrates behavior that is inconsistent with the code of conduct then a negative message is sent to the employees. Therefore, employees may disengage and compromise company standards as seen in the

Code of conduct is a rule set by an organisational body for specific issues that become a standard practice for all who works in the organisation or represent themselves outside of the organisation, (Marinda, 2011). Code of conducts is devised by a legal framework that prevents contradictions and builds trust between workers, patients and visitors in all. However all the codes are very important and must be followed e.g., ethical principles, and legislations.

“Analytically, a corporation’s code of ethics is the documented, formal, and legal manifestation of that organization’s expectations of ethical behaviors by its employees” (Adelstein & Clegg, 2016, p. 55). The corporate credos and code of conducts provide employees with an understanding of the policies of the organization and the organizational ethical position. For these codes to be effective, all employees of the organization must be aware of them. The visibility of the code of conduct that enables the organization to be judged as ethical.

A code of conduct is a tool used by management to implement an organization’s values, duties, and ethical standards. According to the Ethics Resource Center, a code of conduct is a written set of guidelines and a point of reference used to support day-to-day decision making. It clarifies the mission, values and principles of an organization to ensure professional and ethical standards are withheld (Why Have a Code of Conduct, 2009). A code of conduct offers guidance on how to deal with circumstances associated to the business in an ethical manner.

A code of ethics highlights the responsibility and accountability standards of each and every employee within the organization. These codes are also motivating factors that guide the employees’ behavior, set the standard regarding ethical conduct, and build an organizations trustworthiness within

Stakeholder communication plans are developed by monitoring and reviewing the current communication processes within the organisation and then identifying what communication methods are the most suitable and effective with each stakeholder and then to compare and analyse these methods to make

The code of ethics and conduct is a written set of rules and regulations that provides guidance to employees of an organization on how to conduct themselves and carry out their duties in line with the organization’s principles. The code of ethics and conduct is also be backed up by suitable disciplinary actions. A code of ethics and conducts helps employees deal with ethical issues and other gray areas that they face as they execute their daily activities. An effective code of ethics and conduct is required for an organization to run smoothly and maintain a positive image. Having an ineffective code of ethics and conduct is almost like having none.

Today’s business world presents numerous ethical issues. In today’s world above board/moral ethics in organizations do not often materialize intuitively. Organization must strive to provide employees with a clear understanding of the overall company vision. This will aid employees in practicing the code of ethics, policies and procedures in the workplace. Companies must be unwavering in continuously delivering the uppermost ethics of provision in which customers, applicants and employees are entitled to under fair business practices. One major core value is to uphold responsible and fair business practices.

Stakeholder analysis is an integral part of what determines a business’ success. Within every business, there are various stakeholder groups that have individual specific needs. Each stakeholder group has to be consistently considered by the company when it makes decisions. Over the course of five weeks, students made decisions to help guide K-Tai, Inc. with its stakeholder analysis and corporate social responsibility (CSR) efforts. Several conflicting decisions were considered and a thorough analysis helped the CREO office come up with the best possible solutions to the company’s problems. The CSR simulation was an excellent tool to help students understand the importance of ethics in business and how to address the common issues that businesses face in today’s society.

Codes of conduct are policies including rules such as maintaining honesty, attitude, and respect (Traveler, 2009) for co-workers, the organization and customers. Only by separation of personal ethical choices in the work place, will an organization succeed and flourish. It is never appropriate for any employee, management or otherwise, to conduct business for personal gain. The people who become harmed lose trust, confidence, and the expectation of themselves and of the people who chose to put their personal ethical choice before the needs of the customer and business.