VALUES
Beliefs that guide an individual’s actions. Values are applicable to individuals and institutions, both business and non-business.
 |
| Value in Managements |
Characteristics of values
- Human values are social and ethical norms common to all cultures, societies and religions.
- Synthesis of social progress, justice and spiritual growth.
- Principles that people cherish as they enhance the quality of individual and collective life.
- Guiding force to take specific decisions in specific societal issues.
- Refer to intrinsic worth or goodness.
- Transform the level of consciousness to purer, higher levels.
- Basis of prolonged success of every human being. Powerful source to affect behavior.
- Dynamic and change with changing times.
- Concerned with internal development of the person, purifying mind and heart.
- Cultivate love and understanding.
- Provide the standard of morality.
- Help people in deciding what right or desirable.
Types of Values
According to "Albert Schweitzer" there are three type of Values :- Operative Values : Depend on people preferences for action and objects.
- Conceived Values: Value choices made in anticipation of the outcome, of the chose behavior.
- Objective Values: Choices which are objective desirable not sensed as advantageous to the person nor are they conceived as symbolically desirable.
- Terminal Values: Values that person wants to achieve during his life time. Purpose of a person’s existence.
- Happiness and satisfaction in life.
- Knowledge and wisdom.
- Peace and harmony in the world.
- Pride in accomplishment.
- Prosperity, wealth.
- Lasting friendship.
- Recognition from peer.
- Salvation, finding eternal life.
- Security, freedom from threat.
- Assertiveness, standing up for yourself.
- Being helpful or caring towards others.
- Dependability being counted upon by others.
- Education and intellectual pursuits.
- Hard work and achievement.
- Obedience, following the wishes of others.
- Open mindedness, receptivity to new ideas.
- Self-sufficiency, independence.
- Truthfulness, honesty.
- Being well mannered and courteous towards others.
Factors Affecting Values
- Institutions
- Family
- Religious institution, schools, state, cultural and social institutions.
- Organizational Values (organization where an individual works.)
- Peers and Colleagues.
- Situational Factors
- Personal Factors: Such as ability, intelligence, education level and other aspects also determine an individual’s values.
Values and Behavior
Values become a part of our behavior and personality. How good an organizational is depends upon how good are the people who are managing it. Good people are those whose actions and behavior are based on a sound value is system and ethical principles. Values lay the foundation for organizational success. They develop the attitudes. Perceptions and motives that shape the behavior of individuals working in the organization.
In the business world, value based behavior can be observed in the following spheres:
- Finance and Accounting
- Values of human management
- Sales and Marketing
- Production
- Intellectual Property, Knowledge and Skills
- International Business
- Developing Values System in an Organization.
Values in Business
There are many ways in which the basic human values – truth, righteousness, peace, love and non-violence – can be practiced in the day-to-day conduct of business. With the cardinal values of Satya, Dharma, Santhi, Prema and Ahinsa.
Honesty in Business is a form of Social Service
- Truthful
- Integrity
- Honestly
- Social service
- Peace
Objective of Value-based Management
- Optimum decisions
- Ensure long-run survival of the Business
- Develop credibility amongst stakeholders
- Builds confidence amongst shareholders and they provide sufficient funds to the company.
- Builds confidence amongst employees.
- Creates a positive image of the company in the society.
- Develops managers skills to manage effectively
