Question

Access the relative benefits and drawbacks of different approaches to ethics management. Would you recommend that an organization emphasized a formal or an informal approach to business ethics management?

Answer 1

Benefits of ethics management:

Ethics management helps in doing a good functioning in the organization which helps in getting good teamwork from the various employees working together.Also the productivity of the organization gets enhanced by this.A very good reputation is established in the eyes of everyone by good ethics management.Also the profitability of the organization gets improved by a good ethics management.By such a management the illegal and fraud activities are eliminated from the organization which helps in making the organization more directed towards the right way of working.

Disadvantages of ethics management:

Such a management requires very huge cost which might not be able to afford by the management of the organization.Also this requires huge time because in such a management various things and activities have to be considered and various types of changes have to applied from time to time therefore it requires great attention and time of the management of the organization.

I think the organization should apply the formal approach for this management because in formal management there can be various rules which can be set up and also in such a approach various employees consider their work in a more serious manner whereas in informal approach there is no such relationship between the employees because in informal behavior their is more friendly relationships between the various employees of the organization.Formal way of approch is the best way of doing anything more seriously and in an effective manner.