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¶ … Ethics
Structural and behavioral ethics can be measured in a variety of ways using different models. It is important to use a model to monitor ethical behaviors in an organization because it can add a level of accountability that would otherwise be absent. For example, if employees are aware of the model that they are being critiqued upon then they are more likely to consider this model when making decisions. Ethical decision making can also foster a sustainable long-term perspective that is less likely to focus on risky short-term gains. There are several different models that are currently available that organizations can select from. This analysis will briefly introduce and compare the balanced scorecard and the triple bottom line model and discuss their applicability in modern organizations.
The Balanced Scorecard
The balanced scorecard was developed by Robert Kaplan and David Norton and serves as a useful tool for designing strategies along different types of important objectives in any organization. The Balanced Scorecard evolved when shortcomings with the traditional management control systems were identified. They found that the perspective was too narrow and they wanted to translate vision and strategy into objectives and measures across four balanced perspectives According to its founders, Robert Kaplan and David Norton, it consists of four...
Toyota is an example of a company with a balanced scorecard approach to management.
Figure 1 - Balanced Scorecard Worksheet
Triple Bottom Line
Organizational sustainability has garnered serious attention of late, which can be defined with the triple-bottom line mantras of people, planet, profit, and/or economic, environmental, and social performance. Investors and corporate governance entities are increasingly expanding their assessment of organizational performance to encompass all three dimensions (Merriman & Sen, 2012). Previously, although the model had gained some popularity in the business world, there were not sufficient metrics in used to base most compensation packages off the people and planet objectives.
More and more companies are adopting either the standard version of the triple bottom line or their own customized version. Despite the increase in popularity of the model, many have chosen to only include some of the indicators in their sustainability reporting. One estimate is that organizations only account for on an average 60% of the performance indicators as per the global sustainability reporting indicators (Goel, 2010). However, the growth of the Global Reporting Initiative is promising and…
Works Cited
Global Reporting Initiative. (N.d.). Disclosure Database. Retrieved from Global Reporting Initiative: http://database.globalreporting.org/search
Goel, P. (2010). Triple Bottom Line Reporting: An Analytical Approach for Corporate Sustainability. Journal of Finance, Accounting and Management, 27-42.
Kaplan, R., & Norton, D. (2007, June). Using the Balanced Scorecard as a Strategic Management System. Retrieved from Harvard Business Review: http://hbr.org/2007/07/using-the-balanced-scorecard-as-a-strategic-management-system/ar/1
Merriman, K., & Sen, S. (2012). Incenting Managers Toward the Triple Bottom Line: An Agency and Social Norm Perspective. Human Resource Management, 851-871.
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