Business Ethics - Second Short Paper Paul F. Camenisch’s argument is that the heart of business ethics is its ability to contribute to human flourishing. He relates business ethics to ethics in general. Business ethics relies on the same moral code that every person should follow. Ethics cannot be departmentalized as separate moral codes for business, parents, students, etc. Business is even viewed by some as being the vehicle for contributions to worthy causes.
One component of a total reward system and usually the first that comes to mind is pay, whether that is a salary or a guaranteed cash wage. The salary or wage can be used to entice a good standard of employee if it is the right, fair amount for the job. If you are offering a particularly low salary for a job then you will probably not be attracting the suitable person to fill the position and may find it hard to find good employees who will stay at your company longer. It is financially beneficial to offer the appropriate wage in the first
Put another way, if every employee reported all inconsistencies in agreed and actual compensation, all employees will be paid in a fair manner. The maxim definitely passes the “mere means test”, as employees are not treating the employer merely as a means by “stealing” money that they have not worked for, but are now being compensated for the work actually done at the negotiated rate. Employers are treating them as a means to an end in themselves. Finally, in applying the “motivations test”, Francine is reporting the excess income not because it is the right thing to do, but rather because if caught, the incident may tarnish her career and chances of attaining a tenured position. In essence, the maxim relating to Francine’s admission fails the motivations test and thus seen as unethical under the Deontological
Week 7 DQ 1 Executive Compensation In the base salary of executives, most receive variable pay, a compensation that fluctuates according to some level of performance. The use of compensation beyond base salary is intended to motivate executives to reach certain organizational performance goals, for example, specific profit levels, and reward them for reaching these goals. One very popular type of variable pay is the executive bonus, which is a one-time payment tied to some short-term performance goal. The bonus may be based on any number of performance outcomes, ranging from judgments of executive performance by the board of directors, to levels of company profits or market share. Nearly all executives now receive some sort of bonus as a part of their compensation package.
It would be beneficial to have him take the What Time of Day am I Most Productive survey to see if his poor decision making is based on his ability to focus. The characteristics of the employees make up the characteristic of the company, and both of these are a direct reflection of their leadership. Keeping employees happy is a key element to success, as noted in (Robbins & Judge, 2011), “Therefore, companies implement programs; such as piece-rate pay where workers are paid a fixed sum for each unit production completed”. It is imperative that a company can attract and retain a skilled workforce. Ensuring that their compensation is competitive with the market and valuing the employee’s opinions are just two ways to accomplish this.
The partners should be of like mind and have a contract that states the percentage of profits, losses, debts and day to day duties that each partner is responsible for. The contract should also state what happens if one of the partners dies or retires. In a partnership you are legally responsible for your partner's actions and can be held labile for these actions. Partnerships report their earnings, losses and deduction for the business operations, but the business itself doesn't pay taxes. The business "passes through" it's earnings or losses to its partners.
This compensation model has historically rewarded results in bonuses up to and in excess of an employee’s annual wage. For the most part it appears that the employees are congruent with the compensation model. However, while taking a look at the future of Lincoln electric it has been argued that employees change, and what has worked in the past may not work for the future as employees goals could change from desiring more compensation to other goals. This theory has not been proven true and Lincoln is continuing to do what has worked in the past. I feel that the management style of Lincoln compliments the strategic plan.
Rights theory, not astonishingly, thinks about with the means of rights, as well as basic human rights and property rights. One argument in rights theory is that property rights mustn't override human rights. From a CSR perspective, this may mean that whereas shareholders of a company have bound property rights, this doesn't provide them license to override the fundamental human rights of staff, area people members, and alternative stakeholders. O Deontological theory. Deontological theory deals with the idea that everybody, as well as company managers, incorporates an ethical duty to treat everybody else with respect, as well as listening and considering their wants.
Objectivity and independence remain free from conflicts of interest and other questionable business relationships when conducting accounting services. Not doing so may hamper an accountant ability to provide honest opinion about a company’s financial information. Due care requires accountants to observe all technical or ethical accounting standards. Ethics Case 1-8 (concluded) Ethical issues or challenges: 1. Fairness is one because auditors should treat every company the same way no matter what.
A Motivated Worker! HRM Incident 1 pg.260 The advantages of a piecework pay system such as that at Ram are quite simple. To begin, a piecework pay system is an incentive pay plan in which employees are paid for each unit they produce. This gives the employees endless possibilities to the amount of money they can make. Sometimes firms will include a bonus to an employees piecework pay when they perform above standards.