PriceWaterhouseCoopers (PwC) is considered to be one of the most renowned global professional services firm in the world. With 161,000 employees located in 154 countries, the company’s “core values of excellence, teamwork and leadership (have) help us to achieve this growth. ” (PricewaterhouseCoopers) They not only focus on meeting their clients’ needs but they apply on their employees’ careers with the same intensity. The company has been able to extend their services because they excel in what they do and they “take the time to listen, question and understand the competitive and regulatory environment” for each of their clients.
PwC not only created an ethical code of conduct but they also grasped the concept of corporate social responsibility, which states “ as a leader in both the conceptual and practical aspects of corporate responsibility, we are happy to note that CR (corporate responsibility) has now reached the point of maturity – both for society and business. We have always believed that the best business solutions grown out of collaborative relationships with clients.
Today, the same principle applies with corporate responsibility, stakeholder engagement and sustainability. ” (PricewaterhouseCoopers) “One of the most effective way of setting a tone of ethical behavior within an organization is to create an ethical code of conduct. ” (Miller & Jenz, 2008, pg. 47) PriceWaterhouseCoopers have created a code of ethics for all of their people and firms, it is based on their values and it provides a “frame of reference for PwC firms to establish more specified supplements to address territorial issues.
PwC global ethics leader, Coenraad (“Coeni”) van Beek stated that their “code of conduct is an integral part of the way we work every day and in every corner or the world. The code doesn’t change the basic nature of the business we undertake, but instead it articulates the way we strive to conduct ourselves. Specifically, the code is linked to our existing values – those of Excellence, Teamwork and Leadership; the code shows how these values apply to our daily business practices. ” In order for an ethical code to be effective, companies should implement ethics training programs.
PwC not only let their “clients, people, and other stakeholders know what kind of conduct they can expect from PwC” but they have also “dedicated ethics champions around the world, training for our people, channels such as helplines to enable people to raise concerns, and ways of monitoring the programme. ” With the active support of this program around the world, they “ensure all code of conduct efforts remain relevant. ” (PricewaterhouseCoopers) The code of conduct establishes detailed procedures that the employees can follow if they have any questions or complaints.
Another way for an ethical code to be effective is for companies to set up web-based reporting systems and PwC has done that. Dan DiFilippo, Partner and U. S. Practice Leader, Governance, Risk and Compliance, at PricewaterhouseCoopers, said “Intergrating the requirements of Sarbanes-Oxley compliance into ongoing corporate governance and regulatory activities, rather than managing compliance with the law as a separate task, offers the potential for improves business performance in both the short and long term. (Ascoles, 2004)
PriceWaterhouseCoopers also conduct the corporate citizenship theory under social responsibility. “Under a corporate citizenship view, companies are judged on how much they donate to social causes, as well as how they conduct their operations with respect to employment discrimination, human rights, environmental concerns, and similar issues. ” (Miller & Jenz, 2008, pg. 3)
Under PwC’s corporate citizenship, they have included “we express support for fundamental human rights and avoid participating in business activities that abuse human rights, we aspire to act in a manner that minimizes the detrimental environmental impact of our business operations, and we encourage the support of charitable, education, and community service activities. ” (PricewaterhouseCoopers Code of Conduct) To conclude their code of ethics, they have a summary of ethics question to consider, questions include “is it against PwC or professional standards? Is it legal?
Would you be embarrassed if others knew you took this course of action? What would a reasonable person think? Can you sleep at night? ” (PricewaterhouseCoopers Code of Conduct) I believe PricewaterhouseCoopers is a company that exhibits ethical decision-making and social responsibility. They have succeeded and continue to grow because of their business ethics and decisions. They know that not only are their clients’ needs are important but their employees’ as well. They are a company that will continue to strive for success and be viewed as one of the most admirable firm in the world.
January 9, 2018
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