Week Three Current Ethical Issue in Business Paper Propose a plan for revising the ethical standards to resolve the issue for the company. Address how the plan affects employees and management. Include prescriptive and psychological approaches. The plan must include implementation, communication of the standards, and measurements of short- and long-term compliance. The purpose of this report is to revise the ethical standards to resolve the issue for the TMZ, a division of the Warner Bros. Company. Generally speaking, the field of psychology demands high levels of professional ethical standards to every business company.

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A code of ethical standards is a set of principles that is necessary to control a company’s sense of purpose and employees’ activities. This code can be revised through employees’ contributions for a company to include them in the process. First, there are options for TMZ to consider for planning a revision, such as keeping the standards at a managerial level, choosing a workforce to perform the entire standards, or use a company-wide process to get an optimum contribution and involvement in the revision of the ethical standards.

Second, TMZ should do a research on external laws, or rules and regulations that could impact the company’s code of ethical standards and create a new code to avoid future problems. Lastly, to improve the level of communication with employees, each employee should be given a copy of the new code of ethical standards that would include behaviors expected from them. This way, they would have a chance to consider its compatibility with their personal ethics. Also, this is to ensure that employees have expectations that match the company’s to avoid future problems with managing their behaviors.

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