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In this training on the code of conduct and ethics for employees, the speaker introduces the concept of ethical dilemmas, emphasizing the importance of making the right decisions when faced with uncertain situations. Joe shares his experience of handling an ethical dilemma poorly, highlighting that choices are not always clear-cut. The speaker reinforces that a well-defined code of conduct and ethics serves as a vital resource for navigating these gray areas. The code of ethics reflects the organization's character and provides guidance on responsibilities and adherence to the company's standards.