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Ethics constitutes the cornerstone of business. The common perception and typecasting of many people is that of business being unscrupulous and opportunistic. This has largely been a result of the fall in the recent past, due to highly unethical and undesirable means, of huge global businesses such as Enron, WorldCom, Hollinger and Tyco to name just a few. In many other countries, it is common practice to come across a number of corporations make millions and even billions, only to fall by the wayside after being caught in the legal net. Ethics constitutes the cornerstone of business. The common perception and typecasting of many people is that of business being unscrupulous and opportunistic. This has largely been a result of the fall in the recent past, due to highly unethical and undesirable means, of huge global businesses such as Enron, WorldCom, Hollinger and Tyco to name just a few. In many other countries, it is common practice to come across a number of corporations make millions and even billions, only to fall by the wayside after being caught in the legal net.
A question that often arises is this: Isn’t ethics in business subjective, the way it is for humans? What is ethical for one person is not for another, and vice versa. So, what is this big noise about ethics in organizations? Some people also argue that the notion of ethics keeps shifting with circumstances and time. Is there a point in really creating such a hullabaloo about ethics, which, like a shifting goalpost, is different things to different people?
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MEETING ORGANIZATIONAL ETHICS STANDARDS
This is the nub of the topic of ethics. It is well understood that as in one’s personal life, ethics in business could also vary based on how one looks at it. This is why in corporate circles, a whole set of principles has come to be classified as meeting standards pertaining to ethics. When an organization meets these standards, it is considered to have stuck to principles of ethics. If it does not, it is not considered to have meet the ethics standards set out by the industry. this of course, does not mean that the organization is unethical, but it is just that it fails to meet ethics standards.
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WHAT ARE THE ETHICS STANDARDS THAT ORGANIZATIONS ARE EXPECTED TO MEET?
The components against which an organization is defined as meeting the ethics standards are set out by the respective industry. this is a product of thinking that has been evolving for a long time. A result of the experiences in the industry; ethics standards in organizations are a measure of how highly or lowly they need to be rated in terms of being ethical and compliant with rules. NetZealous LLC Ethics and Compliance Training offers complete insight into all the areas of ethics in business. NetZealous LLC Ethics and Compliance Training is a great guide for organizations and individuals to get started with ways of being ethical and compliant. These are the areas in which NetZealous LLC Ethics and Compliance Training is offered:
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AVOIDING CONFLICT OF INTEREST
One of the most important aspects of ethics in business is avoiding conflict of interest. A person who works for an organization that is in medical devices and also owns an organization that is in the same business is definitely committing conflict of interest. It is to avoid situations such as this that NetZealous LLC Ethics and Compliance Training is offered to organizations.
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DEALING FAIRLY
It goes without saying that fair dealing is a prerequisite of business ethics. Dealing fairly means being impartial to all the parties involved in a deal. Favoring one over the other or working secretly against any of the parties is a business standard that is expected of an organization or individual that practices fair dealing. NetZealous LLC Ethics and Compliance Training gives insights into how to deal with parties fairly, and what is considered unfair dealings and how to avoid them.
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DEVELOPING LEAK-PROOF INFORMATION SECURITY
Sensitive information lies at the heart of any business organization. Any leakage of this vital information can cause havoc to an organization. There have been many instances in which this has been done by individuals who are in the midst of information security. Avoiding this kind of information leakage by being compliant with regulatory requirements in this regard is a hallmark of ethics and compliance. NetZealous LLC Ethics and Compliance Training offers complete understanding of how to safeguard information security. Its trainings have helped organizations avoid leakage of security information.
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ELIMINATING INSIDER TRADING
Insider trading is a dangerous activity that involves manipulation of a company’s trading on the stock exchanges. It is the act of revealing sensitive information about an organization by a person who has access to this information. This divulging of information is of course, made for gaining rewards. This is considered unscrupulous because it gives the competitor unfair advantage by having information about the organization’s business decisions. Insider trading is usually carried out by high level executives of an organization, as it is they who have information at that level or access to it. The most notorious case related to the Galleon Group, founded by Sri Lankan-American businessman Raj Rajaratnam, his brother Rengan Rajaratnam, Anil Kumar and Rajat Gupta in the late 2000’s. NetZealous LLC Ethics and Compliance Training has complete details of how organizations can detect and avoid insider trading. www.netzealous.com
MAKING FAIR DISCLOSURE
This is a very important element of corporate ethics. This involves the responsibility of having to disclose material information with a company board to all its investors at the same time. Suppressing some information to some people constitutes unethical practice, because selective disclosure means some investors have received information about the company’s investment ahead of others, enabling them to take important investment decisions. This practice was brought into effect by the Regulation Fair Disclosure passed by the US Securities and Exchange Commission in 2000. NetZealous LLC Ethics and Compliance Training offers organizations and individuals the learning needed to understand fair disclosure and ways of avoiding it.
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POLITICAL AFFILIATION
Individuals have the right to form or join any political party. Political parties taking the support of political parties is a fairly common practice in most countries, but when they are seen to be associated with tainted political figures, their reputation takes a hit and their business suffers. NetZealous LLC Ethics and Compliance Training helps organizations understand the laws and rules relating to businesses and political parties.
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REPORTING OF VIOLATIONS IN ETHICS TO THE RELEVANT AUTHORITIES
It is important for organizations or their top management to not only prevent ethics violations, but to also take preventive actions to ensure that they do not happen again. An organization that does not report ethics violations to the authorities is as guilty as an organization or individual that has carried out the violations. NetZealous LLC Ethics and Compliance Training helps organizations understand the classification of ethics violations and ways by which to report them.
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PREVENTING WORKPLACE VIOLENCE AND ENSURING WORKPLACE SAFETY
There are many regulations concerning workplace safety and prevention of violence. An organization that does not take steps to implement these is considered unethical, because such behaviors can have serious repercussions on the state of the employee’s wellbeing. There are several workplace safety regulations such as OSHA, which have to be implemented by organizations. Many legislations also relate to guaranteeing a safe workplace. NetZealous LLC Ethics and Compliance Training is a good means to understanding ways of implementing the relevant provisions of these legislations. www.netzealous.com
PREVENTING ALCOHOL ABUSE FROM EMPLOYEES
When an organization has alcoholic employees in its midst; there are bound to be problems for the individual, the other employees, as well as the management. Any organization has to take care to ensure that no alcoholic employee takes up employment in the first place. If this cannot be avoided, the organization, especially HR, has to make sure that that alcoholic does not come to work after consuming alcohol and does not create problems for others. NetZealous LLC Ethics and Compliance Training has some of the best experts in the field of HR, who will impart understanding and training on the ways to avoid hiring an alcoholic employees and ways of dealing with one. www.netzealous.com
PRACTICING ANTI-COMPETITIVE CONDUCT
Many countries of the world practice the principle of laissez faire, or fair trade. The laissez faire principle was born in the spirit of the French Revolution. In business, it roughly means allowing for free competition. This is the foundation of the business ethics of many democratic countries such as the US, the UK, Australia, and so on. However, some businesses carry out practices that undercut and undervalue the spirit of competition. This hurts the economy as well as the consumer. It militates against this slogan. Signing agreements that curtail competition, forming cartels, predatory pricing, practicing unacceptable behaviors, and manipulating the market power are some of the unethical practices associated with anti-competitive conduct. NetZealous LLC Ethics and Compliance Training is the solution to these problems. Its ethics trainings offer complete knowledge of how to avoid these practices and ways of detecting them. www.netzealous.com
NOT DISCRIMINATING AGAINST AND/OR HARASSING
Discrimination against an employee in any way relating to the person’s color, race, nationality, religion, sexual orientation, physical condition and many other aspects is strictly illegal in the US. There are a number of laws that make discrimination on these grounds illegal. It is also illegal to harass an employee for these or other reasons. All these are strictly spelt out by relevant laws. Title VII of the Civil Rights Act of 1964, according to which it is illegal to discriminate in employment on the basis of color, race, ethnicity or sex; the Age Discrimination in Employment Act (ADEA), according to which an employer cannot discriminate against employees who are 40 years of age and older; and the Americans with Disabilities Act (ADA), according to which it is illegal to discriminate against people with disabilities, are just some of these Acts. NetZealous LLC Ethics and Compliance Training offers full knowledge of these Acts and helps employees and employers understand the meaning of these laws and ways of implementing them, so that the organization does not invite legal action.
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