Ethical Standards Essay Example | Topics and Well Written Essays - 1500 words

Ethical Standards - Essay Example The new code of conduct will act as a guideline for all the employees to follow, when confronted with a dilemma (Roth, 2005). The devised code of conduct will try to cover all the business aspects where any predicament can arise. Thus, code covers the matters of business conduct, marketing and sales practices, business gifts, relationship with colleagues and clients, insider trading, reporting measures and the use fo company or clients’ resources. Therefore, it is very important for every ECG employee to fully understand and abide by the code of conduct. A company’s image is affected by the manner the employees, within and outside the workplace. With ECG’s plan of venturing into international business market, acquiring rival firms and launching an IPO it is essential for the company employees to be on their finest behaviour. This will affect the company’s representation and in turn affect the planned investments (Johnson, 2006). The purpose of developing a code of conduct and policies is to ensure through mutual consent and understanding that these policies are implemented in order to achieve the ultimate target of integrity. The role of all the HODs is very crucial in this regard. The HODs have to become an example for their subordinates. Until the HODs follow these codes of conduct, it is very unlikely for the members of that department to do so. In order to ensure that these policies are adhered to at all times, the HODs should adopt the â€Å"lead by example† approach in this regard (Roth, 2005). The code of conduct clearly specifies the kind of behaviour which is expected from all the employees, irrespective of their stature in the company. Emphasis has been placed on integrity, honesty and trust which should be the foundation of any ethical code. The general business code of conduct lays down the rules for the employees, for the business practices and for the overall business as well. The code of conduct outlines the cul ture of the organization and provides the employees with a framework which will help them in their daily activities. The code also provides the employees with a framework by which they can judge their own behaviour and also learn how to interact with other colleagues and clients. A successful and positive relationship with our clients is essential for the success of ECG. We as a company have been proud of the fact that all out business activities are dealt with honesty, integrity and fairness. Since the relationship with our clients is so vital for our success, care should be taken with the information we provide to our clients, which is always accurate and never misrepresented. Even though client servicing is important, care should be taken when the company is incurring expenses on account of client entertainment or other benefits. These expenses should not exceed a reasonable limit and should always be approved by the finance department. This is made mandatory in order to increase transparency within the system (Lagan & Moran, 2005). Special attention needs to be paid to the marketing and sales department in particular. The marketing department is the department that directly interacts with the consumers. Therefore, the working of the marketing department is a reflection of the company’s image and policies. Documentation of the transactions is an essential part of the code of conduct. Employees are required to document every transaction which takes place between ECG and its clients. This not only makes audit very easy, but also helps