The Goldman Sachs group is one of the largest multinational banks in the United States and also a very big financial company. Apart from being a known financial banking organization, it also offers services such as investments management, asset management, and security services. The Goldman Sachs organization has a general belief that the best way to build and maintain an organization is to conduct and carry on any kind of business operation with the utmost standards of integrity. The ability to achieve all this greatly lies on the ability of the workers to carry out the required ethical behavior that will uphold the performance of the organization as long as the moral ethical standards are concerned. A strong and supportive ethical practice within an organization will, therefore, help to create a very conducive working relationship between the organization staff and the management of the Golden Sachs organization. This s very significantly in that the key to performance within any organization is determined with how they uphold the required moral ethics. A proper business ethics within the Goldman Sachs organization has enabled the employees within the system to be given an opportunity to access the advancements opportunities and this has created a very free and fair working environment that will allow a lot of progress within the organization and has enabled the achievement of various goals of the organization.
The contrast between Normative Ethics and Descriptive Ethics
Normative ethics can be described as the study of people needs to behave. It is always an argumentive discipline which is majorly aimed at finding out whatever kind of rules andbehaviors will be the best to be carried out. However descriptive ethics is the general study of how any kind of a person within the organization needs to behave and it is grounded on various conditions of looking at people on how they are and not necessarily how they should be. Business ethics, therefore, can be said to be a dogmatic ethic in that it greatly concerns how people need ought to act while descriptive ethic mainly concerns how people are actually working. It entails a lot in the corporate climate at Goldman Sachs due to the fact it is an expansive financial company that has various types of people and even organization and a private company and due to this, the ethical behavior is a key component to ensure smooth operation within the system.
Advantages and disadvantages of an Ethics Based on Duties philosophy at Goldman Sachs
The general policy of any ethical compliance within the Goldman Sachs organization will help to create a very organized working culture in which almost all the employees are treated with utmost respect and in accordance to the law and regulations of the organizations. A proper business ethics within the Goldman Sachs organization has enabled the employees within the system to be given an opportunity to access the advancements opportunities and this has created a very free and fair working environment that will allow a lot of progress within the organization. A strong and supportive ethical practice within an organization will, therefore, help to create a very conducive working relationship between the organization staff and the management of the Golden Sachs organization.
One of the main disadvantages that result from the ethical compliance issue within any organization and more so the Goldman Sachs is that the whole program greatly requires a comprehensive support from the management of the organization. This is viewed as a drawback in that for an organization to grow and realize the required progressive than all the stakeholders within that institutional need to take personal responsibility and to be at a position to work without any form of supervision. This comes out in a situation where the management decides to use their own methods of administering services which in most cases is an individual plan and cannot reflect the will the entire organization. This will automatically interfere with the general performance of the Goldman Sachs.
Cultural relativism and how it relates to the case study.
Cultural relativism can be described as a person's idea that any persons belief and idea and even the practices should be really understood depending on the persons own culture and should not be really judged on the criteria of each other. This can stand out to very use more to the Goldman Sachs case study but it should be limited to the positive contributions of the same. This is because several cultural ideas may entail several drawbacks to the system is implemented to the later without taking into consideration how the outcome of the same can affect the performance of the organization. The concept of culture like any other form of knowledge can be misinterpreted and therefore a lot of caution needs to be considered more so when critics are being applied positively.
The best description for promotions at Goldman Sachs
Promotion according to the Goldman Sachs is based on the result of hard work and wider and broader determination of other factors such as competition with other organization. This has led to the provision of better services to the client which has to create a well-organized form of advertising the organization's performance in that it works around the clock to produce better service than its competitors. Promotion in its own definition can be described as the set of given activities that has the potential to communicate more about the product being produced, the brand of production itself and the services that it really offers to the users. The main idea of promotions within the Goldman Sachs organization is to ensure the public is aware of the services they are offering, it is also used to attract people to their business and services to ensure that they maximize on the profit and at the same time to enable the larger community to buy product in comparison to their competitors.
Rank and yank is a management philosophy by former General Electric Company CEO Jack Welch. Every year the entire workforce should be ranked and the bottom 10 percent are fired. Through course, reading and case studies, is Rank and Yank a characterization of the Darwinian, survival-of-the-fittest theory?
The Rank and Yank management philosophy is a term which is used to generally describe the by which any company and organizations measures and ranks the capability of its employees against each other and goes ahead to terminate the employment opportunities of those that are ranked below the acceptable limit of operation. Rank and Yank can, therefore, be described as a form of Darwinian the survival for the fittest theory in that it gives room for participation and performance and this will ensure that each and every employ produces its best so as to ensure that they are not eliminated from the system. This wills go-ahead to improve the performance of the organization and provision of quality product and services.
Ethical philosophy that best describes the corporate culture of Goldman Sachs
The Goldman Sachs corporate culture is best described by a proper ethics. Ethics as an ethical philosophy is described as the way in which people and general workers within any organization carries out the required moral principles. This has been achieved within the Goldman Sachs organization in that they have maintained a high standard of moral ethics that has enables the organization to boast of better service delivery as compared to the other competing organizations and this has allowed them to maintain a perfect and outstanding performance. The ethics within the Goldman Sachs organization has been used to describe and determine how various employees within the organization make a decision and lead their lives. This has stood out to be a very convincing factor in that poor decision making will lead to negative output in terms of service delivery.
McKeon, R. (2012). Traders Reacting to Bad News: The SEC versus Goldman Sachs. SSRN Electronic Journal. Doi: 10.2139/ssrn.2022163
Moore, G. (2005). The Institute of Business Ethics/European Business Ethics Network-UK Student Competition in Business Ethics. Business Ethics: A European Review, 14(1), 76-76. Doi: 10.1111/j.1467-8608.2005.00388.x
Moore, G. (2006). The Institute of Business Ethics/European Business Ethics Network-UK Student Competition in Business Ethics. Business Ethics: A European Review, 15(3), 292-292. Doi: 10.1111/j.1467-8608.2006.00443.x
Wilson, L. (2009). The Goldman Sachs Warrants. SSRN Electronic Journal. Doi: 10.2139/ssrn.1400995
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