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In this training on the code of conduct and ethics for employees, the speaker introduces the basics of ethical guidelines and the importance of adhering to company standards. They discuss the concept of ethical dilemmas, highlighting that situations may not always have a clear right or wrong choice, but rather various shades of gray. An example is given where an employee faced a dilemma but chose incorrectly due to the lack of clarity. The discussion emphasizes that a company's code of conduct serves as a crucial resource for navigating such ethical challenges and understanding the organization's character.