Ethics and Corporate Responsibility in the Workplace and the World
Ethics and Corporate Responsibility in the Workplace and the WorldEthics and Corporate Responsibility in the Workplace and the World Stakeholders have many definitions, interests and actions within an organization. Halbert & Ingulli define a stakeholder as a person or group whose interest will be impacted by the actions or the decisions made by the organization (Halbert & Ingulli, 2012, pg. 386). The actions, policies or decisions can be negative or positive and the outcome can greatly affect the individual stakeholder. A stakeholder does not have to be a director or an investor. They can be an employee, customer or a supplier to the business. Marjorie Kelly, a journalist for the Star Tribune in Minneapolis, Minnesota, wrote that a stakeholder should have the right to know everything that a company is doing and they are entitled to a full accounting of their activities (Kelly, 1996). To break this down even further, the stakeholders in PharmaCARE are those individuals who have an interest in how the business is operated day to day. They are the employees, the customers, investors, creditors, the Colberians and even the government. An organization like PharmaCARE depends on the loyalty of its employees and their dedication to their job. It takes an entire team from the employee, the manager and board member to be striving to reach the same goal to make the company successful.
The employee in this case may suffer from the lack of safe working conditions and lack of a fair wage for their laborious work. If the product coming out of Colberia were to be of inferior quality this could cause all stakeholders to lose money and investors to have a negative return on their investment. It is vital that a company such as this, focus on its customer and how to meet and exceed their expectations. PharmaCARE must stay one step ahead o its customer, its competitor and continue to develop new products. Investors expect to see research and development and the money that are investing to be used to advance the company into the future and stay on the leading edge of technology. They expect to receive full disclosure from the company on how their money is being spent. This could include such things as monthly financial reports, balance sheets and other financial documents that prove PharmaCARE is operating in the way they are telling their investors they are. Even though creditors extend a line of credit or offer a loan for operating expenses, they too must have access to full disclosure from PharmaCARE. A creditor, depending on the type of credit that is extended, might often have the ability to force a company down a different avenue of research and development depending on the return the new product is bringing to the company.