Values in Management

Values in Management

Values are the set of principles that people follow and cherish. The quality of individual and collective life is improved. Personal and community discipline and sacrifices are the main features of it. Intrinsic worth or goodness are given most importance. The beliefs and values may be differentiated, beliefs guide an individuals’ action, and values lay standards against which individual behavior is judged. The overall personality of individuals and organizations are determined by values. Values are applicable to individuals and institutions, both business and non-business.

Characteristics of Values

Values have the following characteristics:

• Values are at the core of the heart.
• Values are judgmental in nature.
• Values may change according to the situation and so it can be called dynamic.
• Some values may be stable and enduring.
• The hierarchy of the values may differ person to person.

The above characteristics are the summery of the values and it is clear that values may help individual to make thinking capable of judging and decision-making. And it is so that one should accept the supremacy of moral values.

Types of Values

People have different type of attitudes and reveal different pattern of behaviour.The classification of values facilitates to understand why do people behave in different manners. For the convenience different authors have given different classification of values.

According to M. Rokeach

• Terminal Values: The values which the person wants to achieve during his life time are called terminal values. They represent the purpose of a person’s existence. For example ,happiness, satisfaction, knowledge and wisdom, peace and harmony, prosperity and worth, pride in accomplishment, recognition from peer, salvation and security from threat etc.
  
  
• Instrumental Values: These are the means to achieve the desired results. For example, assertiveness, being helpful to others, education, intellectual pursuits, hard work, achievement, obedience, self-sufficiency, independence, open-mindedness, truthfulness, honesty and well mannered behavior etc.

According to Albert Schweitzer

• Operative Values: People’s preferences for action and objects are defined as operative values. These are the value choices for e.g. a person who has two choices to complete his work , either to finish it with the shortcut method or with a lengthy method. If he choose the lengthy method, this is the matter of choice.
  
  
• Conceived Values: The value choices which are based on symbolized concepts are called conceived values.They are made in anticipation of the outcome of the chosen behavior. For e.g. out of the different paths of action, a person can choose one on the basis of the values.
  
  
• Objective Values: Objectively desirable value choices are called objective choices. Objective values are not advantageous to the individual and also not conceived as symbolically desirable.

According to Jones and Gerald

• Positive Values: When the individual strives to achieve the values and he/she is prepared to spend for acquiring these values, then we call it positive values.
  
  
• Negative Values: The values which are avoided and rejected by the individual and he escapes from them then we call them negative values.

Broadly Categorized Value Chart

Temporal values

• Cultural values are generally matter of taste , manners and customs.
  
  
• Cultural values range from conservative to liberal system.
  
  
• Economic values means always buy the best and always buy the cheapest.
  
  
• Corporate values defines the relationship between customers, employers and competitor.
  
  
• Social values means how the individual connected with others , whether the pros are helped or not, mixed marriages are accepted and homeless are helped or not etc.

Universal values

• Psychological values (Human) are connected with fundamental instinct or desire, freedom, equity, self control and cooperation.
  
  
• Moral values are honesty, integrity, non-violence, fair play and justice
  
  
• Spiritual values like truth, goodness, happiness, love, peace, harmony, purity, compassion, respect, tolerance, forgiveness, unity and detachment etc are desired as a goal states for their own sake, for their intrinsic values.

Factors Affecting Values

The sources from where the value system comes are the actual factors those affect the individuals. These factors are as follows:

• Institutions: Various institutions play different type of roles to inculcate the values in the individual like:
  
  
  1. Family
  2. Religious institutions,
  3. Schools
  4. State cultural and social institutions.
  
  
  The difference between ‘right’ and ‘wrong’ is important for the individuals as they have to take so many decisions in the life which may affect their whole personality, these institutions inculcate the values which make an individual decisive
  
  
• Friends and colleagues: The peers and the colleagues definitely affect the individuals because they spend more and more time with each other. Through the interaction they develop the attitude, beliefs and values from their group whom they like and try to follow the norms of the group.
  
  
• Organizational values: The place where the individuals work, also play an important role in shaping his life and attitudes. These a value system in him. No doubt the values differ from organization to organization, that is why each individual has his own values. If the value system of the organization matches to their own values, this makes them comfortable and they prefer to work in that organization. If the value system do not match they leave organization or adjust to the values of the organization.
  
  
• Situational factors: Sometimes the individuals change their values according the situation. For e.g. if an individual gets the threat from the superior he may adopt some unethical values to cooperate with the superior.
  
  
• Personal factors: Education level, ability, intelligence and so many other aspects also determine the value system of the individual. For e.g. if a person is intelligent he may understand the values faster than others.

Values in Business Management

Among the different type of aspects of management, finance, marketing and industrial relation, the man-management is the most important aspect. In day to day conduct of business the basic human values are practiced for the successful performance, for e.g. truth, righteousness, peace, love and non-violence. All countries have their own value system and Indian managers may not copy practices from abroad and should keep in mind the Indian ethos and Indian culture.

There is a great need of the infusion of the Indian values and management practices to get the positive response of the people. The basic values of Indian system are truth, religion, peace, love and non-violence, these should be given the importance in all the activities of the organizations.

Honesty and the fraternal relation may play a favourable role in business management.

Honesty (Satya) may be accepted as the social service and it definitely brings reward in long run. Initially it may cause the difficulty but in long run integrity and honesty play a positive role for the organization. This is the role of the managers that they should tell the chiefs to be fare in financial matters like accounts and audit, because these may raise the image of the organization. They may increase the profit of the organization and this will inspire confidence within it.

In the practice of the religion (Dharma), the activities of the marketing managers should be fair enough to the consumers and the workers of the different religion should be dealt fairly and justice should be done by all means.

Objectives of Values in Business

• Long-run success: The organizations may get maximum profit , but it is possible only at the cost of the business ethics and it also does not continue for long run. The organizations must look for the long run profit, and for that they have to follow the ethical values. The interest of the stakeholders as well as the owners should be important for the organizations.
  
  
• Optimum Decision: The social and economic aspect of the business are very much important for the organization, and the values help the management to make optimum decisions for the benefit of the organization and the society.
  
  
• Promotes stakeholders: The value based decisions of the managers also influence the stakeholders and it promotes the credibility of the business. The shareholders provide more funds, employees’ confidence improves and so their moral is increased, the improved positive image of the company promotes the consumers to buy their products more and at the best the efficiency and the effectiveness of the workers and the managers is improved which is the positive sign for any organization.
  
  
  While talking about peace (Shanti), the mangers should be stable in the difficult situations and should not get disturb. With the help of love they may maintain their calmness and deal with such situation easily.
  
  
  Fraternal relations (Prema) always bring the industrial harmony. It is accepted now that the workers, managers and all others are as the members of a family. The fraternal feeling should be developed for each other. There is the need at the part of the executives that they should recognize all the members as one, so they can achieve industrial harmony.
  
  
  Non-violence (ahinsa) also play an important role in industrial harmony. By avoiding the pollution to the natural resources and the atmosphere near about the premise of the industry , the industrialist may practice non-violence.