WGU RWT1 Business Research and Writing
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Executive Summary
As business ethics and corporate social responsibility move from mere concepts on paper to actual business action items, it is imperative that corporate top leadership understand the impact that each of these issues has on profits, stakeholders and reputation. With the implementation of the Sarbanes-Oxley Act and revisions made to the Federal Sentencing Guidelines for Organizations, top leadership has become responsible for corporate behavior and culture. Understanding and implementing programs that can develop a positive ethical culture within the organization are more critical than ever.
Contemporary business leaders face the challenge of not only being role models for every employee within their organization, but they must also ensure that all stakeholders’ needs are considered and addressed. The power to shape corporate culture and values lies with top leaders. Their every decision and action is a signal to what is ethically acceptable and what is not. Corporate managers must walk the walk, make tough calls and above all else make ethics a priority in everyday business decisions. A successful ethics program ensures that employees will have the knowhow to act accordingly, incorporating company values into their every day decision making processes.
Recognizing the significance that stakeholders play in developing corporate ethics programs can provide a much needed competitive advantage in today’s business environment. Assessing stakeholder needs and implementing business strategies to address these needs, provides an environment of trust, increases loyalty and instills investor confidence and satisfaction with the corporation. Creating a two way interaction between the corporation and its...