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In the training on the code of conduct and ethics for employees, the speaker emphasizes the importance of understanding the company's ethical guidelines and the responsibilities of employees in adhering to them. The discussion highlights ethical dilemmas, where choices may not be clearly right or wrong. One participant reflects on a personal experience of handling an ethical situation poorly, acknowledging the complexity of ethical decisions. The speaker reassures that the code of conduct serves as a valuable resource to navigate these gray areas, helping employees align their actions with the organization's values. Ultimately, the session aims to enhance awareness and understanding of ethical practices within the workplace.