Having an ethical behavior is a golden rule that makes both individuals and corporations become successful. Especially for corporations, it is really essential to maintain an ethics-focused decision regardless of its profitability, size or industry. Everything can be seen from two sides and this suggests that any decision might bring either positive or negative impacts. When ethical decisions are not carried out, oneself or stakeholders might be influenced in various aspects. In order to be socially responsible, it is always important to ensure that decisions are ethically made.
There is a recent business incident showing the significance of making an ethics-focused decision with its ethics parameters. On May 5, 2015, Wells Fargo Bank is sued …show more content…
Its employees can have reachable goals to meet so that they would not be under pressured and be pushed to commit any unlawful actions. Even though the company’s sales might decrease a bit because of fewer accounts opened, its sales can be diversified by gains from other products. Besides, Wells Fargo is such a large and stable company, this alternative probably would not cause it to have any big changes. The company’s existing customers would not have accounts or credit cards that opened without them knowing. They no longer have to worry about whether their personal information is being accessed by the employees or not. Also, the company would not be sued if it decides to lower its sales demand. With no scandal, the stock price would not easily change so that Wells Fargo’s investors might continue to invest in the company to make money. The company’s potential customers might remain their interests on it and try its products and services. Moreover, people do not need to worry if misconduct happens in other banks so that the banking industry’s reputation is maintained as well. The public’s privacy can be well protected. And when considering the law, such alternative is definitely legal as lowing sales and focusing on the products have nothing to do with the …show more content…
It can remain the high sales demand, but to provide employees with education on what they should properly and ethically do to meet sales. It is true that the company might be able to remain profitable with the high sales. However, this alternative might put the company, its existing customers and investors at risk. Even though education is provided, some employees might not learn well or not want to follow what they are told. In this case, the same miscount might occur and the effects on the stakeholders would be the same as mentioned above. It might be illegal as well. But if the employees do learn and act properly, the employees, together will all the stakeholders involved might be benefited like the other two alternatives. And there would be no unlawful
There is a recent business incident showing the significance of making an ethics-focused decision with its ethics parameters. On May 5, 2015, Wells Fargo Bank is sued …show more content…
Its employees can have reachable goals to meet so that they would not be under pressured and be pushed to commit any unlawful actions. Even though the company’s sales might decrease a bit because of fewer accounts opened, its sales can be diversified by gains from other products. Besides, Wells Fargo is such a large and stable company, this alternative probably would not cause it to have any big changes. The company’s existing customers would not have accounts or credit cards that opened without them knowing. They no longer have to worry about whether their personal information is being accessed by the employees or not. Also, the company would not be sued if it decides to lower its sales demand. With no scandal, the stock price would not easily change so that Wells Fargo’s investors might continue to invest in the company to make money. The company’s potential customers might remain their interests on it and try its products and services. Moreover, people do not need to worry if misconduct happens in other banks so that the banking industry’s reputation is maintained as well. The public’s privacy can be well protected. And when considering the law, such alternative is definitely legal as lowing sales and focusing on the products have nothing to do with the …show more content…
It can remain the high sales demand, but to provide employees with education on what they should properly and ethically do to meet sales. It is true that the company might be able to remain profitable with the high sales. However, this alternative might put the company, its existing customers and investors at risk. Even though education is provided, some employees might not learn well or not want to follow what they are told. In this case, the same miscount might occur and the effects on the stakeholders would be the same as mentioned above. It might be illegal as well. But if the employees do learn and act properly, the employees, together will all the stakeholders involved might be benefited like the other two alternatives. And there would be no unlawful