Part I.The purpose of this assignment is to clearly articulate the specific strategies and methods that will be utilized to manage the organizational changes associated with implementing the problem s
Loren Domingo-Tangco
BUS 470
June 13, 2020
Question 1
Stakeholder’s attitude towards organizational ethics:
The investors are concerned with the ethical standards of the organization as
it will usually lead to a firm’s successful endeavors. They have full interest in the financial performance of a firm as lack of integrity among the management, workers, and finance department can lead to huge losses for the investor (Weiss, 2008).
The creditors are interested with the ethical standard of the firm to
determine the capability of the organization in repaying the loans. An organization of low integrity is likely to close down or have huge financial debts making it hard for the firm to repay the lenders.
The management is required to execute high ethical standards among the
employees to maintain the business’ reputation and long-term feasibility.
Suppliers are involved in a sound ethical standard of the firm to discover
whether the firm will be able to pay the services rendered on time or as agreed. Unethical organization are often unable to follow through a contract.
Question 2
The previous problem solution entailed background research of all employees to ensure high standards of ethics in the firms’ operations. This was to promote the culture of integrity and ensure questionable characters are uprooted from the organization. This will increase the confidence of the investors, financers, suppliers, the creditors, distributors, labor unions and others to the organization’s operations.
Question 3
Stakeholder’s ideas for potential solution towards the firm’s ethical standards entails the firm forming a workforce with high integrity. It should set in place ethical standards regulations, punishments, and sanctions for those who breach the ethical code. There should be a set reward system for the highly ethical individuals to promote the culture in the organization. The firms should organize lessons, lectures, and symposium on ethics to promote the culture in the organization (Philip, 2003).
Question 4
The government agencies can reprimand a firm who will breach the financial standards of the organization. They can provide legislation concerning the ethical breach of companies and the cases can be handled through the court. The stakeholders who will sponsor the implementation of the solution can provide support through financial incentives such as funding of the project. It will be coordinated by management within the workforce, to conform to the set ethical standards.
Question 5
By solving the ethical problem, the customers are able to get proper financial services without bias, therefore, the investor’s investments are safeguarded. The creditor’s integrity in supplying the firm will increase due to high ethical standards of the firm, thus they are sure their loans will be repaid in time (Frooman, 1999).
Question 6
The stakeholders who could lead to a roadblock in the solution will include the government agencies that can choose to disagree and disregard the firms’ ethical standards if they harm the employees. The media can portray a bad public image on the firms’ ethical systems. The labor unions can also reject an ethical solution that can have a negative impact on the workers.
References
Frooman, J. (1999). Stakeholder influence strategies. Academy of management review, 24(2), 191-205.
Jones, T. M., & Wicks, A. C. (1999). Convergent stakeholder theory. Academy of management review, 24(2), 206-221
Moodley, K., Smith, N., & Preece, C. N. (2008). Stakeholder matrix for ethical relationships in the construction industry. Construction Management and Economics, 26(6), 625-632.
Phillips, R. (2003). Stakeholder theory and organizational ethics. Berrett-Koehler Publishers.
Weiss, J. (2008). Business ethics: A stakeholder and issues management approach. Cengage Learning.