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Smith worked at Goldman Sachs long enough to understand the course of the firms culture and its identity. Being one of the oldest and world’s largest investment banks Goldman Sachs sidelines the interest of the clients in the way it operates and thinks about clients. Smith alleges that initially, the culture of the investment bank revolved around teamwork, integrity, a spirit of humility and always doing right to its clients. Smith says that he no longer saw trace of the business culture that made him to love working for the firm for many years.
Smith portrays a picture of a firm that manipulates mocks and shreds off its clients and their needs. He maintains the culture and the identity of the bank has become as toxic and destructive as he has ever seen it. Goldman Sachs managers sideline their clients and call them muppets. Smith further accuses Goldman Sachs for forcing complicated products to clients. He also alleges that firm is pushing products that are not directly aligned with the client’s goals with an aim of ripping them off.
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Discuss how Goldman Sachs can Modify their Organizational Culture
Goldman Sachs should modify its culture to focus on ethical responsibility and accountability. This in turn will provide the banks management with the necessary information to deal with issues related to customer service proactively before they can develop into full blown scandals. Goldman Sachs should focus on ethical responsibility which will play a key role in the way the bank will position itself and its products to its customers. Ethical responsibility controls organizational behaviour and determines ethical practices within the investment banking industry and promotes the development of internal procedures and external regulations which in turn may reduce unethical and illegal behaviour.
How is this Discussion Related to the Actions of the NFL Regarding the New Orleans Saints?
The Goldman Sachs discussion is related to the actions of the NFL regarding the New Orleans Saints because customer management, ethical business practices and responsibility are the way to go in order to make sure the two organizations meet stakeholder expectations in all their activities. New Orleans Saints made deliberate efforts to conceal the bounty program’s existence from league investigators, and had a clear determination to maintain the program despite express direction from Saints ownership to stop. The team management also made effort stop ongoing inquiries from the league office about its business practices.
NFL Commissioner intends to ensure that the New Orleans Saints team management is accountable and responsible for player health and safety and at the same time maintain integrity of the game. Roger Goodell seeks to ensure ethical accountability is adhered to which in turn will provide management of the team with the necessary information to deal with issues related to player safety and avoid unethical business practices like the bounty program. Both NFL and Goldman Sachs should not tolerate conduct or a culture that undermines the priorities of players and customers respectively. The two organizations should embrace ethical responsibility which is not about posturing noble intention but it must be meaningful for the overall purpose and progress of the business and society.
Ford’s Decision Framework
No. This is because even after the production line equipment was set to make cars, the engineers found a defect. Primarily the engineers provided two options of fixing the flaw both of which were rejected and Pinto went into production with an identified flaw. The changes were deemed too costly and therefore Ford managers essentially calculated the costs of making the changes verses managing lawsuits from deaths and injuries. The safety change would cost Ford a total of $11 per car hence based on sales estimates that would cost Ford a total of $137 million. On the other hand it was estimated that the costs of repairs, injuries and deaths would total to $49.5 million. The cost benefit ratio favoured flawed Pinto. Allowing the accidents to occur represented a net savings of nearly $70 million. As a result, a human life was mathematically confirmed to be worth less than an $11 part for each car. From the above analysis Ford would not have made a different therefore decision.
The Principles of the MBA Oath
The MBA Oath smartly evades managers’ primary legal responsibility that is to generate profits for a firm’s shareholders. The MBA Oath encourages managers only to create the more imprecise value to the business. For the principles of the MBA Oath to become more widely accepted there should be clearly agreed and generally accepted standard of professional conduct for business as a whole. Scholars argue that there should be machinery for enforcement once an individual pledges to the oath. The oath’s scope should make it almost possible to fulfil. The principles of MBA Oath should indicate how a business leader can fulfil the welfare of shareholders; while at the same time attempt to create sustainable businesses economically and socially.
The Anonymity of Technology
Technology generates a false intimacy and can bring out the worst in people. Technology magnifies everything, good instincts and base. While technology is unethical our brains may be rewired in distressing ways as a result of technology. Technology has made genuine conversation impractical and that exceptionally human communication has been sacrificed in our zeal for information. It is true that technology has dealt dialogue a severe blow. Many of the perceived threats to interpersonal communication in a technological culture revolve around the issue of obscurity. Individual’s change their deeds because they are engrossed in a technological culture, become mere consumers of products, estranged from others and ready to deal with other persons like objects. Others dispute that technology has led to a culture of egoism and selfishness which do not support dialogue.
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Personal Values
My core values include; honesty, time excellence, responsibility and achievement. I always strive to be honest with my peers and colleagues and in everything I do. My ideal craftsmanship is to create that which is excellent and manage my time well. Personal achievement, pride in excellence, and a sense of responsibility derived from the ensuing self-development are my key motivations. Reporting the performance and risks of my endeavours accurately, timely and honestly has been difficult to do consistently.
What it Means to be Honest
Yes. This is because as a true professional, I should strive to achieve honesty. One critical feature of honesty is that its attainment entails obedience to certain virtues of personality, such as justice, discretion, and audacity. The honesty practised by the true professional is not something that can be calculated in strictly material terms. Although hard to compute, individuals who have achieved honesty are normally identifiable by their inclination to place personal veracity over and above any material considerations.