Developing Personal Ethics: Examples and Tips(PDF)
Added on 2021-05-31
9 Pages2295 Words88 Views
Leadership Management
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Running head: BUSINESS ETHICS: WALMART1Business ethics: WalmartName:Institution:
BUSINESS ETHICS: WALMART2IntroductionWith the competitive business environment, a company must strive to influence, guide and reinforce a strong organizational behavior. An organization must make every effort to align itself to the accepted ethical principles and standards (Crane & Matten, 2016, pp. 85). By observing business ethics in its operations, an organization can have a positive and significant impact on the employees, society and the environment. Thus, an organization that maintains highlevels of ethical standards can gain a competitive advantage because it has a good reputation among its shareholders (Hartman, DesJardins & MacDonald, 2014, pp. 31). Hence, any successful company strives to observe business ethics in all its activities. However, there are some organizations that engage heavily in unethical behaviors that highly affect its reputation and the capability to attract investors. As a result, such companies can find themselves facing legal actions due to violation of ethical standards, high employee turnover, low performance and productivity as well as low revenues (Davies, 2016, pp. 121). Therefore, the paper covers the unethical activities and behaviors by Walmart on its people and the consequences of such unethical actions towards its operations. About WalmartFounded in 1962, Wal-Mart Stores is multinational retail company whose headquarter is in US. The company is the world’s largest employer and it has several outlets across the world. On average, Walmart has over 2.1 million associates across the globe and operates more than 8400 units within 15 countries where it has its branches (Walmart, 2018).
BUSINESS ETHICS: WALMART3Walmart’s Vision StatementThe company’s vision statement is: “To be the best retailer in the hearts and minds of consumers and employees.” Walmart’s vision is anchored on the wellbeing of key people that matter in any business, that is, the employees and consumers. The vision aims at influencing the minds of both employees and consumers in terms of financial benefits. Hence, the basic assumption is that the employees will benefit financially by earning wages and salaries while the consumers will save money by buying from Walmart whose prices for the goods are generally low (Walmart, 2018).Walmart’s Mission StatementThe company mission statement is: “Saving people money so that they can live better.” Walmart’s mission statement is directly derived from the company’s slogan which is “Save Money. Live Better.” The company has indeed lived to fulfill its mission by offering their products to consumers at low prices. Through that, consumer will save money that would be used in buying the same product at a higher price from other outlets (Walmart, 2018).Walmart’s core valuesThe company’s core values are: Respect for the individual, Service to the customer and Striving for excellence. The three core values are used by the company in the efforts to fulfill its mission and vision (Walmart, 2018).Walmart’s unethical behaviors and actionsDespite its vision statement that seems to put the needs of the employees at heart, employees’ treatment at the company has remained a major problem. Despite being the leading
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