Ethical Values in the Workplace
In the world of business ethics, the definition of human values is constrained by entrepreneurial qualities. People who are actively involved in the trade and financial sphere sometimes have limited freedom to choose their ethical values. Nevertheless, even in an organization with a corporate type of work, certain ethical norms are accepted to be complied with regardless of any external factors. They are quite difficult to call unrealistic ideals since most of them are an integral component of successful business and can be considered the fundamental norms of corporate ethics and morality.
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For example, the responsibility of staff for decision-making and certain actions is proof of the unity of a particular organization (Culiberg & Mihelič, 2016). Achieving this quality can hardly be considered a serious obstacle or distraction as it is with the help of personal responsibility that a strong and professional team is formed. According to Mencl and Lester (2014), another example is respect for personal dignity. Managers of companies try to unite the team and strengthen the corporate spirit. An effective and conflict-free interaction in the team will make the workflow productive, and the microclimate among colleagues will be positive.
Another quality that is appreciated by many managers is the desire for leadership (Vardaman, Gondo, & Allen, 2014). It can also be considered quite natural if it does not contradict other values and is a conscious desire to achieve the highest possible working success. As a rule, an employee who is ready to self-develop does not see any serious obstacles that stop him or her. Therefore, ethical values in the workplace are not utopia but quite real components of the modern business, and their observance is an indicator of competent corporate policy.
Effectiveness of the Sarbanes-Oxley Act
Business fraud cases have occurred regularly, and government measures taken to address this problem are far from always effective. Nevertheless, such a state law adopted in 2002 as the Sarbanes-Oxley Act has become rather serious arguments in favor of successfully combating severe violations in the conduct of business (Li, 2014). In particular, it is about a significant tightening of control over financial reporting and all the processes that are directly related to accounting. Compared to other projects that had been considered before and also aimed at combating fraud in business, Sarbanes-Oxley Act became possibly one of the most efficient and at the same time justified regulations.
One of the proofs of this law’s importance is the reporting of employees to the audit service. As Neblett (2003) notes, all financial information about the activities of an organization should be evaluated not by a particular company’s management that can hypothetically be involved in cheating but by specially trained audit services, which significantly complicates the possibility of fraud. Reports themselves became more precise and specific, and company employees are forced to fill them regularly and in time to avoid problems from the government. Also, according to Chhaochharia, Grinstein, Grullon, and Michaely (2016), the nuance of corporate information deserves particular attention. It is about specially trained employees whose task is to notify the relevant authorities about all the shortcomings in a certain company. Perhaps, it is not entirely correct from corporate ethics. Nevertheless, the task of preventing fraud is solved quite successfully. Consequently, this measure also has a positive result. Therefore, the Sarbanes-Oxley Act of 2002 can be considered a rather successful and efficient state document.
Chhaochharia, V., Grinstein, Y., Grullon, G., & Michaely, R. (2016). Product market competition and internal governance: Evidence from the Sarbanes-Oxley Act. Management Science, 63(5), 1405-1424.
Culiberg, B., & Mihelič, K. K. (2016). Three ethical frames of reference: Insights into Millennials’ ethical judgements and intentions in the workplace. Business Ethics: A European Review, 25(1), 94-111.
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Li, X. (2014). The Sarbanes-Oxley act and cross-listed foreign private issuers. Journal of Accounting and Economics, 58(1), 21-40.
Mencl, J., & Lester, S. W. (2014). More alike than different: What generations value and how the values affect employee workplace perceptions. Journal of Leadership & Organizational Studies, 21(3), 257-272.
Neblett, A. C. (2003). Overview of Sarbanes-Oxley compliance. Commercial Lending Review, 18, 42-52.
Vardaman, J. M., Gondo, M. B., & Allen, D. G. (2014). Ethical climate and pro-social rule breaking in the workplace. Human Resource Management Review, 24(1), 108-118.