Evaluation of a Business Code of Ethics

Introduction

The terminology 'code of ethics' refers to a collection of written strategy or plan, passed by a company as a guideline for its management as well as employees when talked about their conduct and behavior inside the premises of their workplace. Principles and standards are essential elements, but they are also crucial in everyday life expectancy as well as the work setting of the employees of an organization. The prime purpose of the code of ethics policy is to provide its personnel, administration, board of directors, and others a direction; that completely follows a business course of action, values, and ethical paradigm.

Each business must develop a code of ethics as a standard for their workers to abide by as a daily routine. It should revolve around the factors that are important to each individual in the organization. This evaluation focuses on Wal-Mart, the top ranked Fortune 500 Company in the world and its, mission, values and its code of ethics.

Wal-Mart and its Values and Mission

In 1962, the first discount store of Wal-Mart was established in the state of Arkansas. Saving people's money to help them attain a better lifestyle was the prime objective that the owner of the company, Sam Walton had in mind, when he opened the first store almost 50 years ago. Today, being a leader in maintaining company compassion and employment opportunity, Wal-Mart is at top rank according to annual ranking of America's largest corporations for the second year in a row as published by the CNN Money Magazines (2011).

Today, in the 21st century, Wal-Mart is globally famous over the world having 9230 stores, in 15 separate countries, having 2.1 million employees engaged, and serving more than 176 million people annually (Wal-Mart Corporate, 2011). Wal-Mart observes a number of managerial principles in its mission statement and main idea that is stated as; saving people's money so that they can live better. As mentioned in among the first items of the code of ethics of the company, Wal-Mart follows three basic principles in their operation of business practices; "respect for the individual," "service to the customer" and "striving for excellence.

Wal-Mart's Ethical System

Everyone has their own viewpoints about rights and wrongs in life. Some people believe in self-living, especially when they think they are the only one who matters. However, this not the appropriate and ethical way to survive in the world, rather the utilitarianism ethics system must be implemented both, on personal and professional levels. This system's main value is to provide greater good for greater number of people. Its ethical system consists of two types the acts, one being the behavior of the individuals, guaranteeing most efficient service, and the other one being the rule that implements universal guidelines, that encourages happiness for everyone. As reading Wal-Mart's statement of ethics the utilitarianism of the ethical system counts a lot for providing greater good for a greater number of people.

Wal-Mart's Statement of Ethics is a set of practices carried out throughout ...