Reforming Corporate Ethics Essay.
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Details:The Portfolio Project requires you to write a memorandum to a
decision-maker, such as the president of the United States, a member
of Congress, a chairperson of the SEC, or a state Governor, on how to
reform corporate ethics in American business today. As we have seen,
legislation such as Sarbanes-Oxley has received considerable media
attention, but has not prevented significant catastrophes such as the
global economic meltdown of 2008. You should be prepared to propose
policies that might help to ameliorate or to prevent corporate ethics
lapses that might occur in the future. You have the freedom to select
any policy avenues that you think might help to strengthen and fortify
corporate ethics. Your memo should do the following: Set forth why
your chosen policy pathway is important Compare it to and contrast it
with the policy it replaces Articulate your ideas on how to remedy the
issue of corporate malfeasance Proffer some recommendations to the
decision-maker about how to improve overall corporate governance
Please note that your prescription for change is not nearly as
important as your ability to forecast potential challenges to the
corporate boardroom and to predict possible ways the government could
intervene to assist not only solid corporate governance, but also the
interests of individual shareholders. It is recommended that you
suggest at least two methods and/or policy proposals that critically
address the public policy concern. Bring in facts and other data to
support the policy issue addressed and make sure each fact is cited to
the relevant authority. Demonstrate critical thinking by analyzing,
evaluating and interpreting appropriate policy to provide original
perspectives to enhance corporate legal and ethical environs. You are
expected to convey complex ideas in a clear, concise and organized
fashion, using the required and recommended readings from the course
for analytical support.
Here’s a snippet of the essay.
This paper seeks to perpetuate the notion that companies that adopt strong corporate ethics also perform efficiently. In the research, it has been proofed that strong corporate ethics and responsibility plays a great role in improving the profitability of a company. Additionally, In an era of instant communication, public distrust, and a multitude of variables to consider before making a decision, leaders must have some form of guideline to help them make choices that reflect responsibility and accountability. The creation and implementation of an official corporate governance policy and internal practice will lead to these critical decisions being made with the good of the whole in mind. Due to this finding, recommendations have been derived from in depth research that could go a long way in strengthening or reforming corporate ethics in American companies.
Case Study 1
In Paul Speigelman’s first book, “Why is Everybody Smiling?”, Bo Burlingham of Inc. Magazine states in the forward, “Every now and then, I run into companies that have something very special going for them. They have a certain intangible quality you can sense when you set foot in the business, spend time with its employees, or talk to its customers and suppliers. There’s a magnetism, a power of attraction, that draws people to the company and invokes a desire of being associated with it. It’s what I call mojo, and I think of it as the of charisma in the business realm. Charismatic leaders attract followers, on the other hand, charismatic companies would attract desirable partners. People and coporations would; buy from it, sell to it, work for it, wear its t shirts and read books and articles about it, and recommend it to friends. It was something I had noticed before about owners of great companies. They seemed to have a common conviction that business could be a means for experiencing some of the best things in life – exciting challenges, camaraderie, compassion, hope, community, a sense of purpose, and feelings of accomplishment.” (Speigelman, 2007, p. 1)
Mr. Burlingham is describing and referring to The Beryl Companies, whose CEO and founder is Paul Speigelman. Beryl operates in an industry where employee turnover usually averages 80-90%. His company’s turnover ratio is 17%. Beryl’s client retention rate is 95%, despite the fact that they charge significantly more for their services than the industry average.