Ethics!

This week in our Crisis Communication class we are studying business ethics. With Tiffany & Co. being an internationally well known business they have a lot of responsibilities to fulfill. Tiffany & Co. has something called a corporate social responsibility (CSR). This is composed of economic, legal, ethical and philanthropic responsibilities. In order to fulfill the economic part of the CSR they must maximize their revenues while cutting expenses and maximizing their profits. By doing this they will increase their shareholders wealth. They must abide by the law, by keeping up to date with all regulations and industry standards. A major issue for Tiffany & Co. would be to make sure that they are involved in ethical practices. With all the mining that must be done in order to offer their customers with the best products they should make sure they are not involved in any suspicious behavior. One thing I have noticed with Tiffany & Co. is that they definitely fulfill their fair share of Philanthropies. They are constantly involved with charities and benefits, whether it is them sponsoring a benefit or donating to an auction there is often news releases about their involvement.

There is something called the Landscape Survey. This survey looks for clues in the organization’s internal and external environment for anything that may be unethical. The first and most important place to look at in an organization is the board of directors. The founder of the organization has a major role in the ethics that goes on within a company. They then look into whether or not the company is running safe and the environment they are providing for both employees and customers. They also look into the company’s economic motives and lastly they see how vulnerable the organization is in the chosen industry. In order for an organization to avoid an ethical crisis they must abide by all government standards. For a company like Tiffany & Co. they would have to make sure they are practicing environmentally friendly manufacturing. They must also be up to date on all industry standards.

If an organization does encounter an ethical crisis they need to be ready to accept that some people will lose trust in them. Although this is often the case an organization should always be ready to answer questions about whatever crisis they are confronted with. If they can give their shareholders, customers, and employees a clear explanation it can help with any further damage that may be a result of the crisis.