To whom do executives and managers have a responsibility? Select one of the four options below and explain why.
a.Executives and managers are responsible only to the stockholders.
b.Executives and managers have a responsibility to "do good deeds"for society.
c.Executives and managers are responsible only to their stakeholders.
d.Executives have a responsibility to stockholders managers haveresponsibility to executives.
Executiveshave a responsibility to stockholders managers have a responsibilityto executives. Stockholders are those individuals or groups that havea certain percentage of shares or stock in a company. It is becauseof the shares, and stock that businesses are able to startsuccessfully. For this reason executives of a business have aresponsibility to stockholders. On the other hand, in any businessmanagers have a responsibility to their superiors. In this scenario,the executives are the superiors hence the managers owe them theirresponsibility. Managers are also responsible to stakeholders but,this answer covered both the roles of the executives, and managers inthe correct manner.
If your company had done something that injured society (chemical spill, food poisoning, etc.), how would you react? What would you do first? What would you do next?
Ifmy company had something that injured society it would be myresponsibility as the Chief Executive Officer to look into thesituation. I would however be in a quagmire because I would haveprior given my staff members training on how to avoid injuries suchas food poisoning or chemical spills. Nonetheless, I would take itaffirmatively, and employ the required action. Firstly, if it wasfood poisoning, I would ensure that the food responsible for thedemise is thrown away no matter the quantity. I would then ask myteam to find out more about those affected. The next thing I would dois to offer to pay the medical bills of those injured. Lastly, Iwould once again caution my staff on proper handling of food to avoidsuch injuries to society.
Is it okay for hospitality companies to have different sets of rules for behaviors for instance, one set for managers and another for employees? Why or why not?
Yes,it is okay. The employees are expected to have a certain level ofrespect to their superiors. For this reason managers and employeesshould have different sets of rules for behaviors. Having differentsets of rules for behaviors in regard to managers, and employeesgives room for the maintenance of the professional level of respectin the company.
Do “nice people finish last”? Explain.
Moreoften than not it is outlined that in business, ethics is a myth.For this reason, it is assumed that nice people finish last. In fact,there are certain approaches that attempt to explain theinevitability of unethical behaviors in businesses. However, it isimportant to note that those businesses that employ ethical practicesare more profitable as compared to those that do not. Consequently,it is false to say that nice people finish last.
Is it true that “what’s good for business is good for society”? Explain.
Itis true. The “good” thing being referred to here leans towardfinancial matters. It should be noted that when a business issuccessfully financially they see it fit to give back to thesociety, especially to those who invested in the business. For thisreason, it is true that what’s good for business is good forsociety.
When is it okay to “bend” or “break” the rules if your boss asks you to do so (e.g., falsifying data to benefit the company)? What would you do if your boss asked you to do this? What would you expect a manager or employee to do?
Ina business, there are instances when it is okay to “bend” or“break” the rules. In the event where the action will salvage thecompany it is allowed to “break” or “bend” the rules. If myboss asked me to do this, I would first weigh the pros and cons. Ifthe former outdo the latter then I would forge on as long as it doesnot infringe the rights of other individuals. Also, I would expect anemployee to follow my approach in such a scenario. For the manager, Iwould expect him/her to bring up such as suggestion when it does notinterfere with the rights of others as aforementioned.