Personal and Professional Practice Assignment Example | Topics and Well Written Essays - 1500 words

Personal and Professional Practice - Assignment Example This paper analyses each of the two concepts within the framework of how they relate to the business. To begin with, personal practice is mainly concerned with an individual. In this regard, it refers to what an individual believes to be right. This implies that, personal practice varies from person to person and is contingent on the person’s beliefs, experience, culture, philosophy and religion, inter alia. In other words, personal practice greatly depicts a person’s traits and character. For instance, it may include transparency, honesty, and confidentiality, among others. As a fact, personal traits, characters and practices have great effects on a business in a plethora of ways. Thus, it is important for a company to establish measures aimed at fostering proper personal practices. This may be achieved through for example, the establishment of a code of conduct which is meant to set out rules and guidelines by which people in company are expected to abide in the cours e of their practices and activities within the company. All employees, agents, representatives, officers and other people inclined to the company in various capacities are obliged to align their practices with the requirements of the code of conduct. Thus, personal practice is greatly determines by such a code of conduct. Anyone who violates any of the regulations in whatsoever way is entitled to a disciplinary action. Therefore, as people carry on with their day to day activities within the business, they are expected to portray exemplary personal practice as it affects a business in a profusion of ways. First and foremost, it is expected that people should always comply with rules and regulations in all their endeavours. Robbins and Judge (2010) posit that, obeying the law forms the foundation upon which a business establishes its ethical standards. Thus, it is expected of employees, officers, agents, representatives plus any other person related to the company to portray consecra ted obedience to the rule, laws and regulations of the state or country within which a company operates. Conflicts of interest also affect personal practice to large extents. A conflict of interest usually transpires when individual’s private interests tend to interfere with the interest of the company (Porter, 1998). For instance, it may occur when an employee of given company opts to work for a competitor, customer or even supplier of the company. It is therefore required that people attached to a certain company in any way should avoid both direct of indirect business interactions with any of the company’s competitors, suppliers or customers. As such, personal practice in place should enhance respect for this requirement. Personal practice may also affect a business with regards to insider trading. Usually, employees and other persons attached to a company in various positions, have unlimited access to a company’s confidential information. It is expected of t hem to keep such information confidential and not to reveal it for trading purposes to another person, business, company or entity. It is unethical and illegal therefore, for anyone of them to use the non-public and confidential information for personal financial gain. With regards to corporate opportunities, employees, officers, agents and other personnel in the company are prohibited from