14 Values for managers

1. Learning Outcome

2. Introduction

3. Main components of core values

4. Meaning of values

5. Theories of value system

6. Value system in India

7. Organisational value system

8. Types of values

9. Features of values

10. Origin of values

11. Relevance of values

12. Functions of values

13. Summary

1. Learning Outcome:

After completing this module, the students will be able to learn about the following:
Meaning of values
Theories of value system Value system in India
Organisational value system Types of values
Features of Values Origin of values
Relevance of values Functions of values

2. Introduction

3. Main components of core values

4. Meaning of values

Values sustain the society. They enables our actions more kindly, humane and in egalitarian manner. The young generation of upcoming managers and executives should be filled with great sense of ethical values and strong moral traditions so that their decision making power becomes more humane, ethical and beneficial to the society at large. Thus, the moral values taught today in different management courses are necessary to be taught so that the students in the management courses are aware about the values and business ethics and this also helps in laying a strong foundation of the ethical business operations. If the business is based on values and ethics, then it contributes more wealth to the society. Many great changes have been brought about in ethical values the world over since the time of industrial revolutions. Today, the international; business tycoons have taken the noble path of ethical values and business ethics in promoting the corporate social responsibility and charity in a big way. Thus, it is making the global corporate operations more ethical and benevolent.

5. Theories of value system

Various management theories have different value systems and orientations for managers. In the western thought, the competing value framework and ethics theory can be understood from the following four management theories:

Rationale Goals Theory: It was introduced by Fredrick W. Taylor in the beginning of twentieth century. It focuses on setting goals, taking initiatives, undertaking production and increasing the productivity of the organisation. This theory also stresses on goal clarification, rational analysis and then taking action. It treats the organisation as the open system which continuously interacts with its external environment to change.

Internal Process Theory: It was propounded by Max Weber and Henry Fayol. This theory lays stress on the observations of strong rules, regulations and procedures in the organisation. Here the process is important and the value orientations of managers also focus on the due observance of Normans. Manager’s role is to monitor, coordinate and supervise the work as per rules and norms.

Human Relations Theory: It was given by Elton Mayo through the Hawthrone studies conducted by him. This theory lays stress on human aspect in the organisation. Here the manager plays the role of the facilitator, mentor and his value system includes fostering openness and participation, team building and commitment by emphasising on involvement, resolution of conflicts and by building consensus among the working people of the organisation.

Open Systems Theory: This theory was given by Paul Lawrence and Jay Lorsch. In this theory, the value system of the managers expects them to be an innovator, coordinator and facilitator to establish harmony between various components of the organisation.

6. Value system in India

Historically, India’s social, political and economic systems are based on a very strong and deep value system as enshrined by the ancient scriptures which have provided a base for all systems of human endeavour. India is a pluralistic and multi-cultural society where many faiths and belief systems regulate the life of individuals. Hinduism is dominant religion of the vast variety of population. In this part of global many religious traditions have been established over the years. Many eminent religious gurus, law givers, social reformers and statesmen have visited this land from time to time in order to guide and enlighten the life and culture of people. The Mahabharata, The Ramayana, The Bhagwad Gita and The Quran, The Bible and Guru Bani, all have moulded the thinking patterns and consciousness of Indians.

7. Organisational value system

An organisation is a part of the society. All organisations have developed their own value system that helps them in achieving the goals and objectives. The main features of the organisational value system are as follows:

Co-operation: Indian philosophy focuses more on co-operation and co-ordination instead of individual tough competition which is in fact a feature of the western thought.

Family orientation: The value system of India is oriented towards the family base. Even the grownups, while taking major decisions, consult their seniors about the issuers. Values are generally received through the cultural means by way of transmission from parents to children.

Humility and respect for others: Indian ethos emphasises humility and respect for others.

Respect to all: It focuses on showing the respect to others ants respect not only to fellow human beings but to objects as well.

Self management: Indian ethos believes that self management is the essence of management, before managing others effectively, a person should know how to manage himself, only then he can manage others effectively.

8. Types of values

Values are of different types:

Individual values: These values are those which are related to the development of the human personality and individual norms of recognition and protection of human personality such as honesty, loyalty and honour.

Collective values: These values are linked to society as a whole. Values connected with the harmony of community or collection of norms of equality, justice and sociability are known as collective values.

Intrinsic values: These are fundamental to life and are related to the core goals of life. These are sometimes known as ultimate values. They determine the domain of human rights and duties.

Instrumental values: Those values which help in achieving the intrinsic values are known as instrumental values. These are preferable modes of behavior. These are also known as incidental values and include honesty, sincerity ambition, independence imaginativeness competitiveness and also some negative traits.

Terminal values: The goals that an individual desires to achieve in his life are known as terminal values, these are desirable end states of existence, these includes the values like happiness, self respect family security, recognition, freedom and many more.

Dominant values: Those values which are high on one’s agenda of values are known as dominant values. These are the main values that are stronger or more present in a person than other values.

Personal values: Values intimately connected with the person are defined as personal values, these are considered to be essential principles on which we build our life and relate with other people.

Family values: Family is a social institution and is based on certain well defined universal value system. The family values are values nurtured and cultivated in a family and are considered either good or bad. These are basic principles and guidelines of our initial behavior in society and are conveyed through our behaviours in the family.

Socio-cultural values: Our society has certain socio-cultural values and it sustains and survives on these cherished values only. These are prevailing values of our society which are often changing with time and either coincide or not with the family or personal values. They constitute mix of different values.

Spiritual values: Values connected with the spiritual hunger and growth is known as spiritual values. They refer to the importance we give to non material aspects in our life.

Moral values: These values help us to observe the minimum level of value system expected in our society. These values constitute attitudes, behaviours that a society considers essential for co-existence, order and general well-being.

9. Features of Values

The main features of values are as follows:

Values are culture specific: Every culture has different value system. Values are elements of culture and culture is a complex system, ideas, attitudes, and other meaningful symbols that shape human behavior in society. Every society has its own culture and people in that society to these cultural norms and requirements.

Values are learned in society: Values are the product of society under certain set principles and expectations. The human beings live in society having certain cultural characteristics, which prescribe them to behave in a particular way.

Values are transmitted: Values are passed on from person to person, family to family and from group to group. Thus, through the learned responses the individuals are socialised and cultured.

Values emerge from social group: Society is based on value system. Values of social phenomenon like cultural habits are shared by aggregated of people living in organised society. An individual way of thinking and behavior.

Values have to satisfy society’s needs: Values are devised for smooth functioning of society. Values exist to meet the biological and other needs of value system.

10. Origin of values

Values emerge from various sources and these also emerge from out of mental thoughts.
Values emerge from a pure mind and a pure mind is cultivated through various methods.
There are following four methods of mind cultivation and purification:
Jnan yoga (Path of Knowledge)
Raja yoga (Path of Mind Control) Bhakti yoga (Path of Devotion)
Karma yoga (Path of Action)

All these paths help human beings to develop a pure and serene mind. In fact, the pure mind is the origin of all values. Values emerge from a purified mind which is inner mind or higher consciousness. All the above mentioned yogas lead to higher consciousness which is the door for vision of the spirit or pure consciousness. This is also known as inner mind. We are in touch with this inner mind only in silence. It can commute with the divine within us. It can hear the small voice in the form of inspiration, or intuitive purified mind. The origin and emergence of values is attributed as a peaceful mind and well cultivated human mind.

11. Relevance of values

Anything which is worth following and should be engrained in human conduct behaviour and personality for wider benefit of the human society is called as value. Values s thus defined as a belief on which a person acts by preference. A value is a prescriptive belief. The values differ from one person to another. The values of a thing vary from one person to another. And it is more relative concept. Few trans-cultural values have been inherited by us from our ancestors. Culture on the other hand refers to the general shared beliefs and values that define what is right and wrong. Values are relevant in building a holistic society.

Trans-cultural Human Values: The values that are from different cultures but are same exists in the whole world and these are known as trans-cultural human values. These values prevail in the entire world. These are universal in nature. Some of the trans-cultural values are as follows:

Unbiased personality o Loyalty for work
Cooperation
Open minded nature
Transparency in dealing o Clear objective
Self-discipline
Social responsibility

Essential for managers: Values are essential for managers in any organisation. Thus, by considering the absolute necessity for management to work seriously for developing the trans-cultural human values in managers, the management functions can be performed in the best manner.

Credibility among stakeholders: It builds up credibility among the stakeholders. Some individuals directly affect the decisions of the organisation. Stakeholders include customers, suppliers, employees, etc. Implementation in values such as transparency can help in integrating the credibility of organisation with the stakeholders.

Promotion of basic human values: Trans-cultural values nurture the basic human values. A manager knows that his decisions can affect thousands of individuals. Therefore, there should not be any bias place. One should not think of individual interests only. The work should be done on the basis of the cooperation with each other.

Helpful in decision making: It helps in taking effective and accurate decisions. another point of importance is that Trans-cultural values helps the managers in taking more effective decisions, the managers are in interest of public, their employees and the company’s long term good.

Profit earning: With the help of trans-cultural values, companies will earn profits. A company inspired by trans-cultural values will be profitable one. Value driven companies are sure to be successful in the long run, though in short run, they many seem to lose money.

Management credibility with employees: These values establish the credibility with the employees. Trans-cultural values are supposed to be common language fro congregating the leadership and its populace under one objective. Organisational values as perceived by the employees as genuine create a common goals values and culture.

Clear objectives: These values help in establishment of clear objectives. The organisation should clarify the objectives of the company so that even a lay man can understand them. If the objectives are not clear, then the lower management cannot achieve the objectives efficiently.

Self discipline: Trans-cultural values also inculcate the self-discipline. It is very important in controlling one’s mind before controlling the mind of others.

A manager should be properly be disciplined and this includes even small gestures like arriving on time at organisation, optimum use of working hours, and not wasting time.

12. Functions of values

Values serve a lot of functions and some of them are as follows:

Values play an important role in the integration and fulfilment of man’s basic impulses and desires in a stable and consistent manner which is appropriate for his living.
Values are generic experiences in social actions made up of both individual and social responses and attitudes.
Values build up societies and integrate social relations.
Values mould the ideal dimensions of a personality and also influence the range and depth of culture.
Values influence people’s behavior and serve as criteria for evaluating the actions of others.
Values have a great role to play in the conduct of social life.
Values help in creating the norms to guide day to day behaviour.

13. Summary

Values system is very important for all the systems of the society. It is presumed that in all human affairs, where there is involvement of money, there is greed and where there is greed; corruption of various types arises such as scams, frauds, cheating and other unethical plotting. The sole aim of the business remains to earn profit and more and more money by any means whether ethical or unethical. In today’s competitive environment, the economic competition in globalised and liberalised business world, in the view of earning more and more profits, the mangers sometimes undermine the long cherished ethical value system and use the shortcuts in attaining the quick profits to rush forward in the competitive environment. In today’s market led competitive economy, the material well-being and wealth maximisation has to come to occupy the central stage where the values are fast growing in the back seat and it ultimately leads to the multifarious socio-economic problems of great dimensions in our socio-economic system. Values sustain the society. They enables our actions more kindly, humane and in egalitarian manner. The young generation of upcoming managers and executives should be filled with great sense of ethical values and strong moral traditions so that their decision making power becomes more humane, ethical and beneficial to the society at large. Thus, the moral values taught today in different management courses are necessary to be taught so that the students in the management courses are aware about the values and business ethics and this also helps in laying a strong foundation of the ethical business operations. Historically, India’s social, political and economic systems are based on a very strong and deep value system as enshrined by the ancient scriptures which have provided a base for all systems of human endeavour. India is a pluralistic and multi-cultural society where many faiths and belief systems regulate the life of individuals. Hinduism is dominant religion of the vast variety of population. In this part of global many religious traditions have been established over the years. Many eminent religious gurus, law givers, social reformers and statesmen have visited this land from time to time in order to guide and enlighten the life and culture of people. The Mahabharata, The Ramayana, The Bhagwad Gita and The Quran, The Bible and Guru Bani, all have moulded the thinking patterns and consciousness of Indians.

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Suggested readings and references

Pramod Sharma, “Business Ethics and Corporate Values: An Indian Perspective”,
Ravintanaya Publications, Shimla
S.K. Bhatia, “Business Ethics and Corporate Governance” Deep & Deep Publications,New Delhi
A.C. Fernando, “Business Ethics and Corporate Governance” Pearson Publications
SB Gogate, “Human Values & Professional Ethics”, Vikas Publishing House, NewDelhi.
Harris & Hartman, “Organizational Behavior” Jaico Publication House, 2002