This assignment provides you with an opportunity to create a code of ethics for
ID: 448612 • Letter: T
Question
This assignment provides you with an opportunity to create a code of ethics for you and your family, as well as to explain the strategies and thought processes that went into developing the code. First, create an original code of ethics for your family by thinking about your family as an organization. In your code of ethics , please include the following: g uiding principles , p urpose of the code , c ore values , t raining and education (how will you train and educate others about the code?), d efinitions , BBA 4751 , Business Ethics 3 w ho it covers , mission statement, and o ther pertinent elements you feel necessary to have a comprehensive c ode of e thics . The next part of this assignment involves an evaluation, where you describe the thought process behind the code of ethics that you prepared. For t he evaluation part of this assignment, draft an essay to include the following: Identify the key roles involved, those who have a vested interest in the ethical behavior that your code defines. Explain the strategies and thought p rocesses that you used to formulate the code. Explain how you would strategically implement and communicate the code to others in the organization. Explain how you will monitor the practice of ethical decision making. Provided that laws exist and have been enacted for resolving conflict, why do we also need a code of ethics?
Explanation / Answer
Several family businesses have severely suffered for lack of clearly defined principles of conduct and practices. Thus, the requirement for defining and practicing codes of conduct in the family and business contexts has increased quite rapidly, particularly in recent times, for many reasons.
Pace of life is leaving limited time for such seemingly "unproductive" activities. Growth in individualism, disappearance of joint family values and the lack of quality mentoring have drifted families away from a commonly accepted code of conduct. This is more so when such codes are never articulated and accepted by all family members, with clarity on what is 'right' and what is 'accepted' in terms of behaviour in contexts like meetings, attendance and communication.
Basic to a discussion on the accepted code of conduct of an individual is the set of values the family has identified and accepted. Unfortunately, for reasons stated above, values are also not always consciously inculcated from childhood. Values such as humility as a virtue, and not weakness, concern for society and custodianship as against ownership are usually not even discussed in the rush to grab entrepreneurial growth opportunities.
Families have to state the conduct principles for their members in two contexts: the interface of family and business and family per se.Several challenges of sustaining healthy relationship among family members and non-family executives arise due to a dirth of guidelines of behaviour.
We should differentiate between the codes based on values and those based on traditions. While values are retained and reinforced as permanent, traditions do undergo alterations over a period of time. For instance, the traditional way of practicing compassion as a value may undergo changes over the years. In the same way, respect for others may be practiced differently at different points in time. However, absence of a set of codes that are not practiced can cause chaos.
Practically, families can use the principles of ABC and define codes of conduct for different occasions. The 'A' category should include all the most critical areas where there is absolutely no deviation allower in behaviour. This is a reflection of prioritisation of behaviour principles within the family. The C category may be more advisory in nature, while B category may be inclusive of those that should be abided in general.
Codes of conduct should be discussed openly and the logic behind each explained. Applying principles of scenario building as utilized in strategic planning, families should discuss the pros and cons of having specific codes of conduct, given the long term requirement of sustaining family unity and prosperity. Typical challenges of generation gaps in thinking would definitely impact such activities.