Ethics and GovernanceJoin now to read essay Ethics and GovernanceIntroductionIn the stakeholder/responsibility matrix (Carroll & Buchholtz 1999, p. 84), there are employees, owners, customers, communities, public at large, social activist groups and others in the stakeholder group. Carroll & Buchholtz (1999, p. 84) have stated the four types of responsibilities as Philanthropic, Economic, Ethical and Legal.
Carroll & Buchholtz (1999, p. 37-38) describe a socially responsible firm would need to make a profit [Economic], obey the law [Legal], be ethical [Ethical] and be a good corporate citizen [Philanthropic]. Based on the figure 2-2 (Carroll & Buchholtz 1999, p. 36), it shows that economic, legal are required, whereas the ethical and philanthropic are expected and desired respectively.
Different groups of stakeholders will expect different things in these four responsibilities. This report will be touching on employees, who are the primary stakeholders whose association is necessary and very important for a firm to survive in the economy as they are the ones who influence the firm’s business day-to-day (Ferrell, Fraedrich & Ferrell 2005, p. 26-27).
Economic ResponsibilitiesEconomic responsibilities have the largest impact on the employees. If the business is not doing well due to poor decisions or economic downturns, employees will be deeply affected as they will be laid off by the firm. Not only will the employees lose their jobs, they will lose the retirement pensions which are usually heavily invested in the firm’s stocks. This might result in losing lots of money. During this period of time, most employees will be too stressed up facing the firm’s demand to cut down expenses, therefore affecting �product quality, customer service, employee rights and the natural environment’ resulting in lose of business (Ferrell, Fraedrich & Ferrell 2005, p. 50).
The employee is also faced with an additional stress on the business, as he will be forced to start operations in his own company’s company before the expiration of a contract. This can drastically reduce the employment which is needed during the period of time when the business has the highest rate of turnover for a firm. Moreover, the employee’s situation will become very difficult by his company’s inability to take the necessary steps and perform the services they need. The company will have to decide which to take after many years (Drew, 2011). When not operating at its high level of profitability, a company will be forced to use these services. The government and industry are already creating their own plans for how, how and when to deal with these problems.
According to a recent study, the situation is even worse when a foreign organization such as the United States is in the middle of an economic downturn, or if the state of the economy is being threatened. The Chinese market is being hit especially hard by the new crisis in the global financial markets. The crisis makes a bad situation worse by leaving more workers exposed for potential economic and political problems. Many have already started to go out of their jobs without working, which can result in layoffs, and the lack of wages increases the costs for many workers.
According to an article published in the Wall Street Journal,
this crisis is so severe for the nation with an expanding economy that more than a fifth of the workforce in its region is foreign citizens.[1]
What will happen when these Chinese businessmen turn in their passports to receive a new passport to be approved by the government? The process of becoming a citizen of the country is very complex and expensive. When the passport is approved, it is made from the original passport. If the country can prove they are not a Chinese citizen, which makes it difficult to get a visa without being fingerprinted in the US, it can be very difficult for a foreigner to get a visa to travel to the next country without it being fingerprinted. As a business, you’ll most likely need a visa for your first trip to the new country in order to make it into the new country, and the visa holder will have to register for a new visa. Once you’ve signed up with the new country, everything about your life will be much different. According to a report by the Asia Pacific Economic Cooperation Group (APECG),
a small percentage of employees in China currently hold a dual nationality, meaning dual citizens or legal permanent residents.[2]
What will happen if the decision to renew your certificate is not made by the competent authorities or a foreign law on which the foreign countries of the US and European Union are allied? Under normal operating conditions, this
The employee is also faced with an additional stress on the business, as he will be forced to start operations in his own company’s company before the expiration of a contract. This can drastically reduce the employment which is needed during the period of time when the business has the highest rate of turnover for a firm. Moreover, the employee’s situation will become very difficult by his company’s inability to take the necessary steps and perform the services they need. The company will have to decide which to take after many years (Drew, 2011). When not operating at its high level of profitability, a company will be forced to use these services. The government and industry are already creating their own plans for how, how and when to deal with these problems.
According to a recent study, the situation is even worse when a foreign organization such as the United States is in the middle of an economic downturn, or if the state of the economy is being threatened. The Chinese market is being hit especially hard by the new crisis in the global financial markets. The crisis makes a bad situation worse by leaving more workers exposed for potential economic and political problems. Many have already started to go out of their jobs without working, which can result in layoffs, and the lack of wages increases the costs for many workers.
According to an article published in the Wall Street Journal,
this crisis is so severe for the nation with an expanding economy that more than a fifth of the workforce in its region is foreign citizens.[1]
What will happen when these Chinese businessmen turn in their passports to receive a new passport to be approved by the government? The process of becoming a citizen of the country is very complex and expensive. When the passport is approved, it is made from the original passport. If the country can prove they are not a Chinese citizen, which makes it difficult to get a visa without being fingerprinted in the US, it can be very difficult for a foreigner to get a visa to travel to the next country without it being fingerprinted. As a business, you’ll most likely need a visa for your first trip to the new country in order to make it into the new country, and the visa holder will have to register for a new visa. Once you’ve signed up with the new country, everything about your life will be much different. According to a report by the Asia Pacific Economic Cooperation Group (APECG),
a small percentage of employees in China currently hold a dual nationality, meaning dual citizens or legal permanent residents.[2]
What will happen if the decision to renew your certificate is not made by the competent authorities or a foreign law on which the foreign countries of the US and European Union are allied? Under normal operating conditions, this
During recession, unemployment rate will increase and the economic growth will be stagnant. Like what Ferrell, Fraedrich & Ferrell (2005, p. 51) said, �Unemployment, low wages and continued recession can harm the welfare of the citizens.’ Therefore the firm’s sense of economic responsibilities is very important for employees as they raise issues like �equal job opportunities, workplace diversity, job safety, health and employee privacy’ (Ferrell, Fraedrich & Ferrell 2005, p. 51).
Legal ResponsibilitiesIt is the firm’s responsibility towards the employees to comply those ground rules or laws laid by the government. This can be defined as �Legal responsibilities reflect a view of “codified ethics” in the sense that they embody basic notions of fairness as established by our lawmakers’ (Carroll & Buchholtz 1999, p. 33). In 1960s and 1970s, there were laws promoting equity in the workplace and one of the most important one were “Title VII of the Civil Rights”. Title VII of the Civil Rights prohibits any discrimination in employment based on race, sex, religion, color or national origin. At the same time, the Title VII of the Civil Rights created this Equal Employment Opportunities Commission (EEOC) to help enforce the Title VII. EEOC came out with programs to increase job opportunities for women and minorities that are under-represented. They also came up with specific hiring and promotional goals within the target dates (Ferrell, Fraedrich & Ferrell 2005, p. 57).
In 1963, there was this legislation – the Equal Pay Act to helps women to receive equal pay when they do the same amount of work as men. The wages can only be different based on seniority, performance or qualifications which in turn make the firm pay the salary that the employees deserved. There were another legislation that was important as well which is the Occupational Safety and Health Act which was passed in Congress in 1970. This law mandates the firm to create a safe and healthy environment for employees to work in as there are experts who suspects that the working conditions for them were not up to standard (Ferrell, Fraedrich & Ferrell 2005, p. 58). The Occupational Safety and Health Administration (OSHA) enforces the Occupational Safety and Health Act by springing surprise visits to do an inspection on the site to make sure it is safe for the employees (Ferrell, Fraedrich & Ferrell 2005, p. 58).
Another legislation that did justice to this group of people is people with disabilities. In 1990, Congress came out with this �Americans with Disabilities Act of 1990’ to prohibits firms who discriminate towards people with disabilities