Costco has built a reputation of being a caring corporation1 with a low cost structure in the discount services sector. Their founder, Jim Sinegal, believed in building a business on strong ethics while offering a wide selection and great value. Costco’s vision is expressed in its code of ethics which contains five key tenets by which the company operates: Obey the law, take care of our members, take care of our employees, respect our suppliers & reward our shareholders.2 With this vision Costco has built the third largest retailor in the United States. By looking closely at the code of ethics it becomes possible to see it has built in strengths and weaknesses.
If employees are not familiar with the company’s goals and what the company is expect from them they won’t be able to perform good. Successful organizational culture requires a team work. Johnson should establish the espoused values of the company. These are the stated values and norms that are preferred by the company (Kreitner, 2013, p.63). Johnson should set the basic assumption which values employees (Kreitner, 2013, p.65).
The ethical principles of the Belmont Report share many similarities with the basic principles of the APA Code of Ethics, yet each possess unique differences. The Belmont Report is built around three main principles. These principles are respect for persons, beneficence, and justice (Kenneth, 1979). These principles represent the core values the Belmont Report was based upon. The Belmont Report is primarily used in research situations.
Principle is a set of rules people follow in order to have a disciplined and just society. A principle can be rules related to business such as GAAP (Generally Accepted Accounting Principles), where public traded companies are required to follow a strict set of standards to report annual financial reportings to investors. A repercussion in which we all recalled was the 1929 Great Depression when companies' financial figures were unregulated, and businesses could report fake numbers to attract investors. Principles provide uniformity such as the meeting strict guidelines that protect our health. One of them is the Federal Meat Inspection Act sponsored by the USDA.
However, it appears that this value misaligns because the employees feel that the company discourages remote work which would allow the workers to exercise some independence over how they manage their time and location. 4. Respect is a core value that aligns with the company’s values. The company mentions in their ethics statement that they want to treat their employees right. This shows that Alliah’s leadership wants to respect its
In 1984 Kitchener introduced five moral principles that are viewed as the cornerstone of the ethical guidelines. The principles are each definite truths in and of themselves. The first principle is Autonomy which means people have the right to live their own lives as their actions do not prevent the well-being of others. They also have the right to act as a free agent as well as the freedom of choice. Then there is the principle Nonmaleficence
This helps ensure that each employee is an ideal representative of
Stakeholder Theory Mackey’s leadership is based on stakeholder theory. Stakeholder theory consists of “A conceptual framework of business ethics and organizational management which addresses moral and ethical values in the management of a business” (“Stakeholder theory”, n.d., para. 1). Ultimately recognizing the responsibility to deliver value and effect change for all parties who may benefit or be at a loss for the decisions made within an organization. Stakeholder theory further solidifies Mackey’s commitment to leading his organization in the fulfillment of their mission – “whole people, whole food, whole plant”. Mackey holds Whole Foods to a standard in which the needs of shareholders are not put before the needs of “employees, customers”, the environment and greater society (Kowitt, 2015, para. 10).
Social Responsibility Doing the right thing is the foundation of P&G’s Purpose, Values, and Principles. It is naturally woven into the way they work every day— paying competitive wages, working consistently with retailers and suppliers, preventing conflicts of interest, ensuring consumer privacy, and maintaining financial stewardship. This approach to business is at the heart of P&G. Doing the right thing also includes investing in the communities in which they live, work, and serve. At its core, P&G Social Responsibility effort aims to improve lives, which has been the Company’s intention for more than 175 years.
I shall discuss this point further within this paper in the context of one of the major ethical failings of the Fortis board. Fortis’s historic advocacy of corporate social responsibility had garnered the organisation a large amount of goodwill and trust, both within the industry but most importantly with its own shareholders. It had also, I believe, assisted in the development of a strong partnership between the board and the management of the organisation. This is
Seven Timeless Principles for Effective Leaders. Where Manby lists the following principles: patient, kind, trusting, unselfish, truthful, forgiving and dedicated as his principles for a leader. Principles on which he lives by and manages Herschend Family Entertainment. He also said, “when your personal values match your work values, you stand the best chance of being content” (Manby, 2012, p. 180). Which to me means that if we love God with our whole heart, mind and soul and love our neighbor as ourselves as it tells us to do in the Bible.
7. Conclusion In conclusion, every employee has to be fairly treated by the employer and the same should go an employer, they should be treated with respect at all the time. A good relationship between an employer and employee is very important because it will resolve workplace conflict in terms of constructive dismissal and dismissal of misconduct. And if it comes to the point of dismissal, all necessary procedures should followed to not make matters
Also, making sure everyone feels comfortable enough to voice his or her concerns and opinions creates an environment where everyone can contribute to finding solutions. I have been developing new flavors and desserts for a hotel chain, and I am continuously having other employees sample and give their opinion on my
Ethical principles are universal standards of right and wrong prescribing the kind of behavior an ethical company or person should and should not engage in. These principles provide a guide to making decisions but they also establish the criteria by which your decisions will be judged by others. In business, how people judge your character is critical to sustainable success because it is the basis of trust and credibility. Both of these essential assets can be destroyed by actions can be, or are perceived to be unethical.
Although staying ethical is not always easy in decision making, the companies top priority is to demonstrate respect and trust to its employees and the public while simultaneously continuing the success of the
