Essay: Requirements for code of ethics for corporations

Every corporation should have Code of Ethics implemented, having a written code of conduct explains an organization’s mission and principles, with ethics of a professional conduct. The Ethics code conveys the values the corporation to foster in the leadership and employees, by doing this, it will help describe anticipated behavior. This codes of conduct or ethics will them become the benchmarks at the organization’s performance and decisions.
The code of ethics is an important piece for any businesses that is looking to grow and establish itself as a reputable company. This also ensure that everyone in the company has a clear understanding on the mission in which ABC is not. In additions, it offers employees with an outline of which rules exist, and this is not only from a regulatory or law enforcement viewpoint. As mentioned previously, Code of Ethics is not an option item. Understanding the legal issues that could arise if any laws were broken and what could be the implications that not only the employee could get in but more importantly how the corporation could be impacted. It’s understood that many people may feel that codes of ethics might not impact them and some business owners won’t care what they do, one example would be a person using a company car for other than business and is under the influence of alcohol in a company car. The owner may think that he won’t be impacted by this, but the insurance will think differently and could even drop them from the insurance affecting them for performing the work necessary to keep the business running.
Other related issues are the Regulatory issues; these are also legal issues.  Theses have a more direct impact on processes and processes than actually breaking the law. One recent example for this would be the breach of customer personal information. The regulatory agencies would have a fine for possibly not having a securing process in place. Another big factor is the value based on ethics, it defines how we want our organization to be perceived by the community. One good example; from my employer UPS, they are looking to always be seen as the safety advocacy by safe driving habits that not only are in place for work hours but also as every day making our most important stop is to get home safe. Corporation along with small business have lost business due to a faulty code of ethics. Not having a Code of Ethics can and will have negative effect on employee performance, this can apply to all employees. But looking at the bigger picture, employees who may have a goal to achieve are those more prone to find a loophole to make gains. Several years ago, the car manufacturer Toyota, was aware that they had faulty car breaks and they ignored this until a consumer was badly injured. Toyota lost, not only a battle in court but also a reputation. This issue had other car manufacturers to gain from Toyotas loss and capitalized from this mistake.
With today’s time and the easy access to news and the social media, corporation’s reputation could be greatly impacted by the smallest attention. As a CEO of a corporation, this should be the biggest item on the list, maintaining a good public image and more importantly making sure that the employees foster this important piece of the corporation. Furthermore, As CEO you are the face of values and morals for a corporation. The Stakeholders expect this and this should be passed to the supervisors and management and the professionalism you expect from employees. Having a Code of Ethics should be a yearly item to be reviewed yearly to remind the employees of the commitment of a better decision. Having a Code of Ethics is not about how big your company is, any business can benefit from having a Code of Ethics in place. Having it in place will help avoid any potential complications and to address any problems if they were to arise.
Lastly, as a reminder that. If ABC corporation is to be successful, then we need to maintain the customer credibility on top of all. Not making this our priority will affect the business and at the end potentially lose based customer.