Ethics Reflection Paper
Ethics Reflection Paper
The mission is what defines an organization; it is also the tool use to in act social responsibility. The mission of a company is always to appease the stakeholders, yet that task is never easy. Each party has different views, expectations, and interests of how the organization to invest or perform. As an organization, it is several ways to approach identifying, understanding, coordinating, and reconciling the demands of its social responsibility.
Ethics and Social Responsibility
There are four types of social commitments that mangers must think about legal, economic, discretionary social responsibility and ethical. “Corporate social responsibility is the idea that a business has a duty to serve society in general as well as the financial interests of its stakeholders” (Pearce, 2013, p. 52). Yet as Milton Friedman theory went the stakeholder were the priority over society responsibility. That meant the goal of any organization is to find ways to maximize revenue. Ensuring compliance with regulatory items would fall in line because it would be in the best interest of the stakeholders. “Ethical obligations are the obligations that transcend legal requirements” (Pearce, 2013, p. 54). The best way to mitigate any of the fore mention areas of concern is to focus on the stakeholders demands.
Yet a company could never undermine the priority social responsibility plays. With the Sarbanes-Oxley Act of 2002 (SOX), an organization can be audited to ensure it is meeting social responsibility through determining if objectives are met. As an organization, the goal is to ensure the managers are aware of the importance the pressures social responsibility has nevertheless still maintain acute awareness of maximizing the value of the company. “Only recently have business leaders begun to get a clearer understanding of the appropriate role of CSR and its effect on financial performance” (Pearce, 2013, p. 70). This is how ethics becomes vital in determining the right balance to make it all work.
Ethical standard are like muddy waters, it is hard to get a clear definition or handle on. It varies, but for some sectors there are regulations to govern certain aspects of American businesses. “Ethics refers to the moral principles