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Best Buy's Code of Ethics - Essay Example

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Best Buy's Code of Ethics

34). Best Buy (2009) defines ethics as “putting principles into action,” which to the company is a matter of integrity and self-restraint (p. 1). Aiming “to be a responsible, values-driven global enterprise,” (p. 6), Best Buy declares its values into four strong statements: (1) “unleash the power of our people;” (2) “learn from challenge and change;” (3) “show respect, humility and integrity;” and (4) “have fun while being the best” (p. 5). These are achieved through mutual partnership, honest and accurate information, respect for employees’ autonomy, recognition of work, strict observance of confidentiality, zero-tolerance on retaliation, responsibility to stakeholders, respect for diversity, legal compliances, health and safety in the workplace, respect for the physical environment, financial integrity, fair competition, corporate social responsibility, protection and proper use of company assets, and protecting intellectual property. These values are well-ingrained in the companies stated responsibilities: Responsibility to each other – deals with the company’s internal environment, ranging from the relationship of management to employees, employees to the company, and employees to their co-employees; responsibility to customers – tackles the company’s ethics in advertising, market distribution, and relationship with diverse customers; responsibility to shareholders – emphasizes financial integrity, transparency, and the safeguarding of the company’s assets; responsibility to business associates – highlights fair competition and conflict of interest; responsibility to communities – spells out the company’s corporate social responsibility and its legal and responsible global operations; and the special obligations of employees with financial reporting responsibilities -- stresses honesty, accountability, compliance, objectivity, promptness, and full disclosure. Following Takamine’s Justice Model, which integrated both the Blanchard-Peale Model and Velasquez Model (Takamine, Date, p. 38), Best Buy’s code of ethic ...Show more

Summary

Best Buy’s Code of Ethics: An Analysis Among the US companies worth analyzing its code of ethics is Best Buy’s, because of its success story. Founded in 1966, the company (originally named Sound of Music) started simply as a small music store in St. Paul, Minnesota until it achieved its break in the ‘80s in which time (1983) its present name Best Buy was adapted…
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Best Buys Code of Ethics essay example
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