What are Some Challenges?

The above video is about ethical 

challenges when doing business in China. 

It can become very challenging and costly for companies to adapt to legal and ethical changes. Expectations are placed on companies from both government legislation, as well as from people in our society. Society has, in my opinion, demanded that businesses become more transparent and more accountable for their actions. If this accountability is not present businesses could potentially lose customers and suffer financially.

There may be a burden placed on administrative staff when trying to comply with new plans or practices. In some instances new staff may need to be hired to implement these changes. It is important when changing business practices or employment related laws to transfer this knowledge to all appropriate staff. A clear plan or strategy would make this job much less daunting. Strong management will be required to ensure that all legal and ethical responsibilities are being met.

When companies begin doing work in foreign countries there are unique challenges that need to be overcome. It is very important to take into considerations the countries legislative, social and economic differences. Values and practices that businesses are expected to follow differ greatly from country to country, so preparing for these in advance by having plans in place will reduce the businesses chance of failure within that region.

What is your opinion on the key challenges that a company will face when implementing new laws, or adjusting to changes in ethics? Please comment below, I would appreciate any feedback.