Ethics and Governance for Financial Review - MyAssignmenthelp.com

Question: Discuss about theEthics and Governancefor Australian Financial Review. Answer: 7-Eleven: The Buck Stop with us: In the Australian financial review it has been confirmed by the chairman of 7-Eleven that they are actually underpaying the employees. The organization is already aware about the damages and has confronted in terms a bid to meet the standards. This has highly caused damage to the image of the organization. The organization is likely to face trouble in fully addressing the issue. Media has brought attention of public by screening the difference in payment of wages (Baxendale, 2015). Many are blaming the franchising mechanism for causing damage to the company. The franchise model has caused damage to the image of the company by ripping off employees right. The organization is involved in hiring the employees without a proper paper work. Hiring people without a paper work shows the extent of management failure. There are people who have earned through the misdeeds as well (Crane Matten, 2016). In the same article there are different stakeholders who are pin-pointing the issues related to the low wages. The business model of Seven-eleven was widely criticized due to malpractices in the organization. The franchisee culture incorporated by the organization has been damaging the image of the country. The franchisee culture incorporated by the company has been causing damage to their image. The organization can mark profit without misappropriations as well. ABC has very accomplished its duty by bringing the attention of public to the misappropriation taking place in the organization. It is necessary to acknowledge the flaws and malpractice to expose it. It is crucial for media to bring attention of audience against the malpractice in the organization (Weiss, 2014). The overwhelming feedback received by ABC has shown a darker side of the labor market. Apart from exploiting the employees the culture professed by Seven eleven is undermining the Australian Taxation System. It has become important from the point of view of media to expose such scams. In order to manage the ethics and governa nce at workplace the organization should have taken effective measures. The underpayment of wages is a matter of great concern and need public attention. It has bought the overall franchisee system under scrutiny (Hartman, DesJardins, MacDonald Hartman, 2014). Print media plays a role of ombudsman being a responsible daily newspaper it is necessary to highlight the scam in the country. Seven eleven is a famous worldwide store. Such scams put a negative imprint on their image. It is necessary for the nation daily to review the status and the effects. The news published has bought the attention of every individual. The company was denying the misappropriation of wages in the company. The breach of regulation required a transparent payroll system. It is important for media to take responsibility to expose the misappropriation performed by the franchisee store. This can only be done if the attention of people is brought forward. One cannot earn enormously by illegal business practices (DesJardins McCall, 2014). This article further need justification that the company is been running from more than 3 decades in the interest of the employees and the stakeholders. 7-Eleven Wage Abuse Fraud As per the Australian Newspaper, General public is the stakeholder of the newspaper. The newspaper has revealed all the relevant duties that are required to be followed. The newspaper has criticized the practice follows by the organization. It is very well reflected n the report that the Ombudsman is maintaining wrong track records and has manipulated. The franchisees are taking almost 57percent of the profit from the business the organization was expected to exercise tremendous control over the franchisee. It needs to take significant income from the franchisee to avoid the misappropriation. It is an ill practice carried out by most of the franchisor across world. This is a wakeup call for whole Australia to be aware against such practices. It is a sheer case of breakdown of corporate governance and crises of complacency. The Article reported in the newspaper is ethical from the point of view of available evidences. The author has put forward his views not just by merely opposing 7- Eleven shady ends (Jennings, 2014). The Underpayment at 7-Eleven is a chronic disease for overall system. The board needs to be aware about the problems occurring at the ground level. The article has put forward the problem and the need of managerial involvement. The accountability starts with the management taking the overall responsibility. The author has identified the sources efficiently and found the sources clearly and left the decision on the public. The newspaper is known across for the reliable services. Being a responsible citizen it is necessary for the newspaper to bring attention of individual on issues occurring in surrounding (Barry, 2016). As per the report publish the newspaper has calculated the amount of profit the franchisee has earned. It however suggests appointment of a specialist officer to look after the exploitation of workers oversea. The newspaper article also highlights that the issue has doubled since previous raids. The statement issues by the official are targeting the employees specially the students from other countries. Fair Work is very well highlighted in the article showcasing the recent trends outboard in the Asian takeaway food shops in Australia. The article has very well highlighted the conspiracy in Australia. The article gives a balanced view considering the ethical issues. They have highlighted the issues without bias. It is important for the sake of governance and ethics to highlight the concern in the country. The issue required to be addressed with accuracy by incorporation of effective policies and procedures. The world is changing and the community has become less tolerant. The organiz ation has moral duty to undertake the corporate responsibility. The Under payment is itself a big issue looking onto the current situation (Weiss, 2014). The newspaper article includes relevant facts and brings the concern of the franchisor to be alert. Australia is inhabited by migrants from different countries. In such a situation it has become evident to incorporate efficient business practices in order to gain attention from public. Ethics and governance is important for every organization to balance the activities. In such a competitive scenario corporate responsibility and sustainability has become important due to worldwide misappropriation. This kind of articles is significant for the future point of view and put forward the interest of an individual by exposing the ill practices. The article has pin-pointed that the franchisee is responsible for the payment. References Barry, N. (2016).Business ethics. Springer. Baxendale,R.(2015). 7-Eleven: The buck stops with us, says chairman Russ Withers. ONLINE .Retrieved from: https://www.theaustralian.com.au/business/companies/the-buck-stops-with-us-says-7eleven-chairman-russ-withers/news-story/c446f2f834f4b72748c630a0944ec6b4 (Accesed on 10 May 2017) Crane, A., Matten, D. (2016).Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press. DesJardins, J. R., McCall, J. J. (2014).Contemporary issues in business ethics. Cengage Learning. Hartman, L. P., DesJardins, J. R., MacDonald, C., Hartman, L. P. (2014).Business ethics: Decision making for personal integrity and social responsibility. New York: McGraw-Hill. Jennings, M. M. (2014).Business ethics: Case studies and selected readings. Cengage Learning. Weiss, J. W. (2014).Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers. Weiss, J. W. (2014).Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.