Building trust is worth the effort because once trust is lost, it can be very difficult to recover, and however maintaining ethical behavior may not compromise the trust at any given stages. 2. Be honest and supportive Even when it’s difficult, a leader or managers need to tell the truth at all the times and not just what they might think people want to hear. It is important to understand what employees need to know and communicate facts while being considerate of their effort and sensitive to their feelings. Managers need to showing support and understanding for their team members, even when mistakes are made.
It is a basic element that is involved between the two respective individuals in a business relationship. In this case, throughout the unethical performances conducted inside by Cendant Corporation’s top management, trust was broken. Aside from the trust being broken down, corporate governance had its shortcomings as well. EY had faith on the word placed by Cendant Corporation and wasn’t on their mind that they were going to be fooled in such way. Cendant made EY believe that their financial paperwork was complying with GAAP and not in an unethical manner as it was truly seen at the end of the case.
When ethical managers and leaders are employed to spear-head a business and its activities, the decisions they make will be ethical meaning they are going to consider if the decisions they make are morally right or wrong. Similarly when ethical leaders are employed they will have the ability to influence employees to be ethical too, thereby creating an ethical organisation. However, managers and leaders can fail to evoke the ethical spirits in a business if there is no corporate governance stating how the business should be governed to operate well. Therefore this limits the managers and leaders when it comes to fixing the issue of poor business
The managers need to think about economic performance, social responsibility and environmental problems. Previously the manager’s role was to think only about financial profit and loss of the company. In 21st century the organization’s performance has been analysed on triple bottom line tool. The triple bottom line tool checks the effect of business activities on financial performance, social and environmental performance (Stenzel, 2010). The managers need to change their role and transform themselves into moral leaders to fulfil social responsibility towards the society.
Regarding the debt to equity ratio, it means that for every Euro owned by the shareholders, Siemens owes 1.16 Euro to creditors. The debt to equity ratio is close to 1 meaning that the level of debt is not very high. Regarding the foreign exchange rates, they explain the operating business of Siemens, its investment and financing activities that are affected by changes in foreign exchange rates (the foreign exchange translation was 5million Euros in 2014, 38 in 2013). In order to optimize the allocation of the financial resources into Siemens segments and entities, as well as to secure an optimal return for its shareholders, Siemens identifies and manages the associated market risks. They use regular operating and financing activities, and uses derivative financial instruments when
Introduction: Leadership is involving in the process of the influence, exerted by the group or person to making the reliable structure of the relationship and activities with an organization. It is important for the leadership of any organization to understand the needs of the peoples working in the organization. Leading and managing the peoples is one of the important principal for anyone organization in all over the world. Discussion of topic: Albert, Purvis, M.-T. and Barallon, L. (2008), Business ethics is the behavior that a business observes to in its daily dealing with the whole world. The ethics of a particular business can be different.
Business ethics promote ethical behavior to protect business from abuse by unethical competitors. Business ethics also conduct customers to be shown the positively performance of the company, attract customers to the company’s products, which have advantages for sales and profits. Business ethics contribute to the company safety from legal perspectives. It is act as an insurance policy, the high ethical performance also protect the individuals who work in the business, make employees want to work in the business, increase productivity and reduce labor
Introduction Siemens AG is a global leader in electronics and electrical engineering, with 360,000 employees and is one of the largest and oldest companies in the world. In the past 165 years, Siemens is recognizable by technical improvements, innovation, quality and reliability of products and services offered in more than 190 countries, which integrates the solutions in the areas of energy, industry, transport, medicine and information technology. Siemens global resources, knowledge and expertise are the basis of their continuous technological inventiveness in providing comprehensive and complex solutions and new products and services. One of the Siemens subsidiaries operates from headquarters in Serbia. The local company is hiring currently around 1,080 employees, engaged in four areas in which the main company is active: energy, medical equipment, industry, infrastructure and building, including the approximately 990 employees at the factory in Subotica that produces generators for wind power plants.
Collective strategies involve actors such as the government, the civil society, the media, and the private sector while the individual strategies involve citizens. The can government play a major role in fighting corruption through several measures. The foremost measures is to make sure that the rule of law prevails. Corruption thrives when the powerful persons in the society will get away with corruption related crimes. Therefore, in order for the anti-corruption laws to be efficient, the government must ensure that no one is above the law.