Question

In order to achieve an ethical corporate environment filled with employees who act ethically and embrace ethical behavior, a firm must do a number of things to support this objective. The firm should implement formal policies that are in writing and clearly outline what ethical practices should be set in place to avoid misunderstandings. The firm should set a tone at the top by ensuring that management acts with integrity all the time in all dealings on behalf of the firm. The firm should have a well-structured process for evaluating which job candidates place a premium on ethics and ethical decision-making. The firm should institute procedures and processes that ensure that actions and outcomes are credible, accurate and ethical. The totality of all these actions by the firm will serve to sustain an ethical workplace within the firm and within the minds of all employees in the firm. Rather than attempting to manage the media when ethical issues become public, the firm should focus on making sure ethical issues never arise in the first place.

A. Conduct regular ethics training for all employees.
B. Implement a robust code of conduct and ethics hotline.
C. Foster a culture of open communication and transparency.
D. Establish an ethics committee to monitor and address potential issues.

Answer 1

To achieve an ethical corporate environment, a firm should implement formal policies, set a tone at the top, evaluate job candidates based on ethics, ensure ethical actions and outcomes, avoid ethical issues, and take additional actions like conducting ethics training and implementing a code of conduct.

Step-by-step explanation:

In order to achieve an ethical corporate environment, a firm must take several steps. First, it should implement formal policies that clearly outline ethical practices. Second, the firm should set a tone at the top by ensuring that management acts with integrity. Third, it should have a well-structured process for evaluating job candidates based on their ethical values. Fourth, the firm should have procedures and processes in place to ensure ethical actions and outcomes. Fifth, rather than managing ethical issues when they arise, the firm should focus on avoiding ethical issues altogether. Lastly, there are some other actions that can support an ethical workplace, such as conducting regular ethics training for employees, implementing a code of conduct and ethics hotline, fostering open communication and transparency, and establishing an ethics committee to monitor potential issues.