Question

Why is it important to include the perspectives of all stakeholders when using the Ethical Framework to make a decision?

Out of the four components in the Ethical Framework, which do you believe is the most difficult to employ and follow through with? Why?

Answer 1

Stakeholders are the users of the company who are very important in every decision making process of a company. The perspectives of such users influence the decisions to be made at all times. These stakeholders include users like shareholders, lenders, creditors, internal management. These are the people who have a say in the decisions of the company and that automatically makes them very important for making decisions when using ethical frameworks as they are the ones who decide on the ethical codes and policies.

Out of the four components in the ethical frameworks, one that is the most difficult is moral character, this component is something that cannot be installed in a person, it has to come from within and it has to be voluntary. So this one has to be in sync with the employee and it is difficult to employ and follow through as it is related to basic nature of an individual employee.