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Business management of student Name of University Author note: Business management 12 BUSINESS MANAGEMENT Business management Name of university Author Note: Introduction

   

Added on  2021-04-21

13 Pages3233 Words464 Views
Running head: BUSINESS MANAGEMENTBusiness managementName of studentName of UniversityAuthor noteTable of Contents

1BUSINESS MANAGEMENTIntroduction......................................................................................................................................2The facts...........................................................................................................................................2Stakeholder analysis........................................................................................................................3PESTLE analysis.............................................................................................................................4Ethical issues emerged.....................................................................................................................5Solutions to the ethical issues..........................................................................................................7Pluralistic ethical analysis................................................................................................................8Options using ethical theories..........................................................................................................8Decisions made by stakeholders in light of the 2008 financial crisis..............................................9Conclusion.....................................................................................................................................10References......................................................................................................................................11

2BUSINESS MANAGEMENTIntroductionThe report is prepared to discuss the various aspects of ethical concerns related to thedifferent types of situations within the organization Bank of America in UK. The companyhappens to be inclined properly with the values and ethics of the organization and so it hasmaintained a good culture and ensured successful business functioning as well. To demonstratethe ethical concerns, the topic will illustrate the environmental, social and governance leadershipthat will be responsible for managing the growth of the organization as well as deliver long-termvalue to the shareholders or investors (bankofamerica.com 2018). The factsBank of America has maintained various ethical theories and concepts to becomecorporate socially responsible and at the same time, maintains a good culture to enablesuccessful business functioning and deriving positive business outcomes too. The organization isone of the industry leaders within the banking industry that has a huge market share and manageslow carbon and sustainable business practices to fulfill the ethical standards and responsibilities.The minimum wage for the employees on an hourly basis is also good, i.e., $15 per hour, whichmakes it one of the best companies to work in all over United Kingdom (Schaper et al. 2014).The company is believed to maintain ethical standards because of the activities undertaken tobecome socially responsible and contributing to the society largely too. The company invested awhopping of $2B to create partnerships that an address the issues regarding the economicmobility, workforce, education and development of community along with the fulfillment of thebasic needs and requirements of the service users. Due to this, Bank of America has gainedreputation and created a positive mindset among the service users, furthermore positioned itself

3BUSINESS MANAGEMENTproperly within the banking industry in United Kingdom. The company through the developmentcommunities has achieved good reputation where more than 200,000 hours have been dedicatedfor the training and development of youth (Wild, Wild and Han 2014). The collective ethicaltheory is associated with the making of management decisions and maintains ethicalrelationships within the bank whereas the individual ethical theory maintained the rules ofmorality and focused on the personal interests at first for creating a healthy business atmospherewhere people could work in. Stakeholder analysisThe most important stakeholders of the organization are Vice Chairman, investors orshareholders, Head of Investor relations, Head of Wealth management, customers, managers andthe employees of the organization. When ethical issues arise, there could be conflicts andmisunderstandings between the workers, which could result in degraded organizationalperformance as well as lesser revenue generation (Czinkota, Kaufmann and Basile 2014). Therewere various environmental, social and governance issues within the banking sector, whichcreated difficulties in maintaining a proper culture at Bank of America. This also resulted in lackof transparency and clarity, which furthermore created environmental and social risks as well ashindered the management of a proper risk framework within the organization. It was analyzedthat the investors made lesser investments, which created difficulties in financing the low carbonand sustainable business that were required to address the changes in climatic conditions and thedemands o the natural resources (Benson-Rea, Brodie and Sima 2013). To overcome this kind ofproblem, the shareholders provided a whopping $58 billion for managing clean energy as well asmaintain energy efficient techniques, conservation of water and ensure successful sustainabletransportation. This has also fulfilled the needs of many other people because the investments

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