Laboratory Corporation of America

Laboratory Corporation of America (LabCorp) is the leading national lab provider serving clients in all 50 states and Canada. LabCorp is the fastest growing national lab with the foremost worldwide clinical trial testing business (Laboratory Corporation of America Holdings, 2012). LabCorp’s mission is to offer the highest quality laboratory testing and most compelling value to its customers. They execute this mission through there Five Pillar Strategy. Pillar one is cash deployment, pillar two is to enhance IT capabilities, pillar three is to improve efficiency, pillar four is scientific research, and pillar five are alternative models. These Pillars allow LabCorp to have a consistent strategy that will allow their execution and success track record to speak for itself (Laboratory Corporation of America Holdings, 2012).

Goals
LabCorp is committed to building upon its history of corporate integrity, and the highest standards of honesty and reliable business conduct (Laboratory Corporation of America Holdings, 2013). They also want to communicate how clinical laboratory testing enables better care for patients who often translate into economic savings. This is done by ensuring employees have the tools needed in any situation that may arise. Because LabCorp recognizes they cannot anticipate every situation, they provide their employees with the following steps in mind when situations arrive. “Make sure one has all the facts, ask oneself: What specifically is he or she asked to do. Does it seem unethical or improper? What specifically did he or she witness, clarify ones responsibility and role. Discuss the problem with one’s supervisor. Seek help from LabCorp resources. Ones report of violations of the Code may be made in confidence and without fear of retaliation, and always ask first and act later” (Laboratory Corporation of America Holdings, 2013). If these procedures are followed in times of situations, the employees as well as the company will meet their goals and continue to prosper.

Ethical principles and goals interaction
LabCorp works to nurture an ethical culture within the company and maintain a workforce that firmly embraces the company Standards of Business Conduct (Laboratory Corporation of America Holdings, 2013). This ethical principle is tied to the company’s organizational goals because they company has provided the employees with a conduct of business conduct and ethics designed to deter wrongdoing and to promote honest and ethical conduct. As well as avoidance of conflicts of interests, full, fair, accurate, timely, and understandable disclosure, and compliance with applicable governmental laws rules, and regulations (Laboratory Corporation of America Holdings, 2013). Ethical principles provide the company a guide to decision-making as well as establish the criteria by which the company’s decisions will be criticized by others. This shows the character of the company, which helps others determine if they wish to do business with them.

Definition of ethical values and importance
The role of LabCorp’s ethical values is to ensure that information is in place to analyze any situation that may occur. Ethical values apply to all employees employed by the company as well as his or her conduct, and LabCorp. The importance of LabCorp’s ethical values is to ensure their employees have the tools to make good ethical decisions. Ethical values also help the company function, which shows the company, has sustainability and is trustworthy to do business with. Ethical value importance ultimately allows the company diversity, teamwork, and globalization to be successful in all realms they reach (Laboratory Corporation of America Holdings, 2013).

References

Laboratory Corporation of America Holdings. (2013). LabCorp. Retrieved from http://phx.corporate-ir.net/phoenix.zhtml?c=84636&p=irol-govhighlights Laboratory Corporation of America Holdings. (2012). Morgan Stanley Healthcare Conference- LabCorp Presentation. Retrieved from http://www.sec.gov/Archives/edgar/data/920148/000092014812000106/labcorppresentationmorga.htm