To manage ethical dilemmas effectively: 1. Evaluate the Situation: Assess the facts and identify the ethical issues involved. 2. Consider Stakeholders: Consider the impact of decisions on all stakeholders, including employees, customers, suppliers, and the community. 3. Seek Advice: Consult with colleagues, mentors, or ethics committees for guidance. 4. Make Informed Decisions: Use the company's code of ethics and personal values to guide decision-making. 5. Reflect and Learn: Reflect on the outcome of the decision and learn from the experience to handle future dilemmas better.