When I think of Ethics, I think of Enron who end up going bankrupt because of poor ethical choices. Enron showed the whole world why we need ethics in the work place. Ethics is principles or beliefs but which can differ from individual to individual. Even then certain ethics are applicable to every person, organization, state and nation and which have to be strictly followed to maintain the balance of right and wrong in the society. Enron took the next step in hiring a new CEO, Jeffrey Skilling who helped developed an accounting scheme that hid billions of dollars that came from failed projects inside the company. “Ethical explanations centered on executive greed and hubris, a lack of corporate social responsibility, situation ethics, and get-it-done business pragmatism” They was worried about their short term greed instead of their shareholders. This case is arguable the biggest malpractice of a companies ethics in history. Ethics is needed in the work place because it holds individuals and businesses to a higher standards. Ethical guidelines in the workplace should be reviewed monthly because just as we saw Enron fall, any business can fall. Public Relation specialist can only do so much for a company before they cannot do anything else for the company. “Enron shows us what a company and its leadership are capable of, when they are obsessed with making profits at any cost. One of Enron’s lasting effects was the creation of the Sarbanes-Oxley Act of 2002, which tightened disclosure and increased the penalties for financial manipulation. Second, the Financial Accounting Standards Board (FASB) substantially raised its levels of ethical conduct. Third, boards of directors became more independent, monitoring the audit companies and quickly replacing bad managers. While these effects are reactive, they are important to spot and close the loopholes that companies have used, as a way to avoid accountability.”(Investopedia)
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Comment on Lauren England: March 3: When businesses do so much “bad” people are very hard to forgive. Sometimes a sincere apology never works even if it is thought out well. The problem with this company was that they did not come out up front and announce they made a mistake.People tend to forgive more companies and or people when they apologize up front.