Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

A few months after joining university, YOU got a casual job as a finance trainee in a financial firm via Work Integrated Learning which is

A few months after joining university, YOU got a casual job as a finance trainee in a financial firm via Work Integrated Learning which is part of your bachelor’s degree at Deakin University. You really like your job and anticipate becoming a financial professional. The firm’s standards are high. To move ahead in your career, you must not only work hard and effectively you must also demonstrate cultural fit. Your supervisor, Li Jesssica, has hinted to you that the company will soon be hiring permanent staff from a pool of eligible trainees. Li knows that you are the breadwinner of your young family. This is after you shared your background information during your first interview. Li is a director of the firm. In addition to being a financial advisor, she is also a registered tax agent. In a private conversation, Li has told you of a pending investigation on some personal property she bought using client’s funds. You recently visited some of her high-end properties in the city. These properties are under her uncle’s name. You now know that the uncle lives overseas. Page 2 of 9 Like many other industries, financial planning industry is undergoing significant changes. Most of these changes were because of the findings of The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry which was established in Australia at the end of 2017. As an aspiring paraplanner, your work is to take care of accounting, administrative and sometimes client-facing tasks while accompanying Li. You have spent time working and getting to know the employees at each of these roles. At first, you sensed that they perceived you as an outsider who posed some threat to internal operations. Employees understood that, as often occurs in many firms, there was a chance that some people might lose their jobs and even some clients might leave. Nevertheless, they soon realised that your work was aimed to help them, and over time you succeeded in creating relationships of trust and mutual respect with many of the employees. More recently, however, Li has asked you to assist her in restructuring the financial planning department with a view of cutting down cost. This information has not been made public yet. Li whispered to you that long serving financial advisors without a relevant degree education will lose their jobs. You know that if this happens, the trainees will be offered permanent positions soonest possible. Economic and operational efficiencies make a strong case for following this strategy. Following these recent developments within the firm, you have noticed that the nature of your relationship with the existing financial advisors has begun to change as well. Part of this, no doubt, stems from your own hesitance. Knowing that some people will lose their jobs as a result of your recommendations, you have tried to remain somewhat indifferent, have been reluctant to join in conversations, and have declined invitations to lunch. The information that you are requesting and the questions you are asking are also beginning to raise suspicions among employees. After a recent firm’s social event, you receive a call from Minh Alessandro. He begins by telling you that based on your previous work relationship, he thinks that he can trust and confide in you. He then reminds you how important financial planning is for mum and dad businesses and that he has just enrolled into a financial planning degree course to update his qualifications. He feels comfortable with this current job as he can pay for his education as well as take care of his two disabled young kids. He tells you that, as Li Jesssica is leaving the firm at the end of next month, the office is full of rumors that due to a restructuring, some people will be dismissed. He explains that there are few vacancies in the industry and that he is worried about losing his job. He then tells you that he knows of another vacancy, but with lower pay and fewer benefits than his present position. He concludes by asking: “Am I about to lose my job?” “Should I pursue this other job?” You are now concerned about what to do next

Question: What is the ethical Dilemma in this case?

Step by Step Solution

3.42 Rating (161 Votes )

There are 3 Steps involved in it

Step: 1

Question What is the ethical Dilemma in this case The ethical dilemma in this case is whether or not to tell Minh Alessandro about the pending investigation into Li Jessicas personal property On the o... blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Statement Analysis

Authors: K. R. Subramanyam, John Wild

11th edition

78110963, 978-0078110962

More Books

Students explore these related Accounting questions