Shows weg types of Values be the process of Formation of Values the relationship between Values, Ethics and Behaviour ‘held by aperson determines to a large extent his/her choice é a particular aim or goal. A person may prefer one ther ‘on the assumption that his/her choice would help it values. Thus, values lay down normative standards people make choices of alternative courses of action ‘core of personality of each individual and are a powerful is/her behaviour. Values are so embedded that they can be ‘s behaviour and their expressed attitudes. They are enduring. This is because of the way they are originally educational institutions, religious organisations “Values are beliefs that guide actions and ‘situations.”' He further says that values that a specific mode of conduct is personally or 2m! of conduct, For example, a businessman ‘Scanned with CamScanner7.2 Corporate Governance, Ethics & Social Responsibility of Business viewpoints, inner inclinations, rational and irrational judgements, prejudices and association patterns that determine a person's view of the world.” According to Allport, “A value is a belief upon which one acts by preference.” Thus, a value can be referred to the degree of worth or excellence ascribed to an object or a class of objects. To be more precise although credited to the object, it is a function of valuing transaction rather than the object itself. A value represents the basic conviction that a specific mode of conduct or end state of existence is personally or socially preferable to an opposite or converse mode of conduct or end state of existence. It contains moral flavour, which carries an individual's idea as to what is right, good or desirable. BOX 1: DEFINITIONS OF VALUES “Values are beliefs that guide actions and judgments across a variety of situations.” —Milton Rokeach “Values are beliefs upon which one acts by preference.” —Allport “Values are the constellations of likes and dislikes, viewpoints, inner inclinations, rational and irrational judgments, prejudices and association patterns that determine @ person's view of the world.” —Edward Springer Values determine what people consider to be good or bad for a civilised society. In relation to business, social values determine the objectives of business “a5 well as the manner in which business affairs should be conducted. In the light of the social values, we can evaluate policies and practices of a business. For example, an important value of our society is Honest dealings. That means the society does not approve of sale of adulterated goods, use of false weights, hoarding of goods or black marketing in goods. Values have two attributes. The first is known as content attribute which merely states that the conduct or goal is important. The second is intensity attribute which specifies just how important it is. If we rank a person’s values in terms of their intensity, we get the strength of that person’s value system. Features of Values The distinct features of values are discussed below: (® Values represent basic convictions that specify mode of conduct is socially preferable to an opposite mode of conduct. They determine what people consider good or bad, fair or unfair ina civilised society. For example, businessmen who make false claims about their products are considered bad. (ii) Values are manifested in thoughts, speech and actions of people. (iii) Values are inherent in all cultures and societies. They transcent objects, persons and situations. (iv) Values are comprehensive standards that direct conduct ina variety i a } 5 of ways. ee. Scanned with CamScannerMeaning and Types of Values 78 (v) Values guide people to take specific positions on societal issues. (vi) Values are the most central to the core of a person. (vii) Values provide standards of morality. (viii) Values are relatively stable and enduring as these are passed from one generation to another. (ix) Values are fewer in number than attitudes. (x) Values have two attributes—content and intensity. The content attribute stresses that a particular conduct is important. The intensity attribute specifies how important that particular conduct is. Values and Ethics Ethics refer to the entire body of moral values that society attaches to the actions of human beings. Thus, ethics and values are interrelated. In fact, value is considered the language of ethics. Just as there are no universally accepted Standards of ethics, there are no values which are applicable to all individuals and societies. Values can be moral, immoral or amoral, depending upon whether they conform to, go against, or are indifferent towards certain norms of morality. But, ethics represent only moral values. Should one eat vegetarian or non-vegetarian food? Should the workers’ wages be increased by an enterprise whenever its profits increase? Such questions involve value judgements. The value judgements do have ethical content when they are linked with the element of morality. Values and Attitudes A value system is viewed as a relatively permanent perceptual framework which influences the pattern of an individual's behaviour. Values are similar to attitudes but are more permanentand well builtin nature. An attitude isa predisposition to respond in a positive or negative way to someone or something in ones’ environment. Moreover, values also involve a moral ingredient of rightness or desirability. For example, ‘Discrimination in Jobs on the basis of gender is bad’ indicates one’s values. On the other hand, ‘I favour the programme to recruit and develop women managers in the organisation’ is an attitude/ There are certain similarities between values and attitudes which are listed below: s (® Both influence behaviour of people in a powerful way. (i) Both are learned and acquired from the same source-experience with people and objects. (iii) Both are relatively permanent and resistant to change. _ 2) They have reciprocal influence i.e, attitudes influence, behaviour and behaviour influence, attitudes, Attitudes are different from beliefs and values. Attitudes can be defined Scanned with CamScanner74 Corporate Governance, Ethics & Social Responsibility of Busines, as providing a state of ‘readiness’ or tendency to respond ina particular way Beliefs are concerned with what is known about the world; they centre on what ‘is’ consideral reality. Values are concerned with what ‘should’ be and what is desirable. According to Gross “To convert a belief into an attitude, a “value” ingredient is needed which, by definition, is to do, with an individual's sense of what is desirable, good, valuable, worthwhile and so on”. It has been suggested by Gross that whereas ‘adults’ may have thousands of beliefs, they may have only hundreds of attitudes and a few dozen of values. TABLE 7.1 : DIFFERENCE BETWEEN VALUES AND ATTITUDES Attitudes 1. Values represent judgement of } 1. Attitudes represent pre- what ought to be done. This dispositions to respond in a judgement is basic to respond in particular manner. a given way. 2 value Tepresents a belief that | 2. An attitude represents several guides actions and judgements beliefs focussed on a specific across objects and situations. object or situation. 3. Values are derived from social] 3 Attitudes are derived from and cultural mores. personal experiences. 7.2 TYPES OF VALUES The classification of values facilitates an understanding as to why people have divergent attitudes and reveal different patterns of behaviour. Graves has identified seven values ranging from the lowest (reactive) to the highest (existential). These values include: 1. Reactive. Unaware of oneself and others as human beings, reacts to basic physiological needs. 2. Tribalistic. High degree of dependence, strongly influenced by tradition and the power exercised by authority figures: wants strong directive leadership. 3. Egocentrism. Believes in rugged individualism; aggressive and selfish; responds primarily to power; desires individual responsibilities; wants * ~ to work alone in an entrepreneurial style. 4. Conformity. Low tolerance for ambiguity; difficulty in accepting people with divergent values; desires that others accept his values. 5. Manipulative. Strives to accomplish goals by manipulating things and people; materialistic; actively seeks status and recognition. 6. Sociocentric. Desires to be liked and go along with others rather than Scanned with CamScannerMeaning and Types of Values 75 ee eae 2) Vivre se) I get ahead; dislikes materialism, manipulation and conformity; seeks primarily the social relationship which a job provides. 7. Existential. High tolerance for ambiguity and for people with divergent values; outspoken on inflexible systems, restrictive policies, status symbols and arbitary use of authority; seeks full expression of growth and self-fulfillment of growth and self-fulfillment needs through work. Terminal and Instrumental Values Milton Rokeach has developed the Rokeach Value Survey (RVS) which consists of two sets of values, with each set containing 18 individual value items. Table 1,2 gives common examples of each of these sets which have been termed as (i) terminal values; and (ii) instrumental values.’ Terminal Values. A terminal value is an ultimate goal or aim of a person. It might include comfortable life, family security, sense of accomplishment, self respect, freedom (autonomy), social recognition, etc. Instrumental Values. An instrumental value relates to the means for r end. In other words, it is a tool to acquire a terminal value. The combination of terminal and instrumental values an individual has, create an enduring cluster of values called the ‘value system’. Both terminal and instrumental values work as guidelines to provide individuals with goals to strive for and acceptable ways to achieve them. A complete list of Rokeach’s terminal and instrumental values is presented in Table 1.2. GW. Allport, P.E. Vernon and G. Lindzey have categorised values into six major types as follows: _ 1. Theoretical. Interest in the discovery of truth through reasoning and ; _systematic thinking. The ideal theoretical man values the discovery of truth. 2. Economic. Interest in usefulness and practicality, including the accumulation of wealth. The ideal economic man values what is useful _ and is concerned with practical affairs. ioe Aesthetic, Interest in beauty, form and artistic harmony. The ideal £ - aesthetic man values artistic and aesthetic experiences in life, though he himself may not be creative. ~~ 4. Social, Interest in people and human relationships. The ideal social ; man places great valuies on affection and love, He tends to be kind and eer digi opi iduals. t in ig power and influencing other people. The us idea pli is 6. Religious, pla s great value on power. in unity and understanding the cosmos as a whole. Ed The highest value for for the ideal religious man may be called unity. ‘Scanned with CamScanner76 Corporate Governance, Ethics & Social Responsibility of Business TABLE 1.2: LIST OF VALUES Terminal Values A comfortable life (a prosperous life) An exciting life (a stimulating, active life) . A sense of accomplishment (lasting contribution) . A world at peace (free of war and conflict) . A world of beauty (beauty of nature and the arts) . Equality (brotherhood, equal opportunity for all) . Family security (taking care of loved ones) . Freedom (independence, free choice) . Happiness (contentedness) ). Inner harmony (freedom from inner conflict) . Mature Love (sexual and spiritual intimacy) National security (protection from attack) Pleasure (an enjoyable, leisurely life) Salvation (saved eternal life) Self-respect (self-esteem) 3: 14. 15. . Social recognition (respect, aniston . True friendship eompanionship) (close Instrumental Values . Ambitious (hardworking, aspiring) . Broad-minded (open-minded) . Capable (competence, effective) . Cheerful (light-hearted, joyful) . Clean (neat, tidy) . Courageous (standing up for belief) Forgiving (willing to pardon others) . Helpful (working for welfare of others) . Imaginative (daring, creative) . Independent (self-reliant, self- sufficient) 11. Intellectual (intelligent, reflective) 12. Logical (consistent, rational) 13. Loving (affectionable, tender) 14. Obedient (dutiful, respectful) 15. Polite (courteous, well- mannered) 16. Responsible (dependable, reliable) 17. Self-controlled (restrained, self- discipline) 18. Honest (sincere, truthful) ‘Scanned with CamScannerMeaning and Types of Values 77 Itshould be noted that different people give different rankings to the above mentioned values. This is very important for understanding the behaviour of the people. Based on personal values, individuals can be classified into the following two categories: 1, Pragmatic. A pragmatic is one who takes a pragmatic view of the situation, which is stereotyped, opts for concepts and actions, which appear to him as important and successful irrespective of good or bad. 2. Moralist. A moralist is one who is guided by the ethical considerations of right or wrong, just or unjust, honest or dishonest. TABLE 1.3 : INSTRUMENTAL VALUES VS. TERMINAL VALUES ee ak . Instrumental values relate to the | 1. Terminal values represent the: means in achieving the terminal ultimate goals of life of a person. values. 2. Instrumental values are core values, and comprise personal characteristics and character traits. 3. Instrumental values refer to preferable modes of behaviour and include values like honesty, sincerity, ambition, independence, obedience, imagin ativeness, courageousness, io rig etc. 4 values indicate the a isan individual would like ie for achieving his life’s sti AE ESI ealbY 5. Instrumental values could be changed. Dy BTR a ts pie nid oad 10,311 source of values. It contains as well as reinforces them. : ion, harmony, equity, democracy and allied so are desirable. Such values are not fixed but 2. Terminal value are those that one thinks are most important and most desirable. 3. Terminal values refer to desirable state of existence. They include things like happiness, self respect, family security, recognition, freedom, inner harmony, comfortable life, professional excellence. 4. Terminal values signify the objectives of the life of a person - the ultimate things the person wants to achieve through his or her behaviour. 5. Terminal values are not changeable. Scanned with CamScanner78 Corporate Governance, Ethics & Social Responsibility of Business they change very slowly.‘ Recently, for example, People in India (like elsewhere) have started questioning their cherished value of possessing gold People indoctrinate values from their parents, teachers, friends, media (television, radio, newspaper) and all those whom they admire and thus, try to follow. A remarkable portion of the values held is established in people’s early years-from parents, teachers, friends, and others. When they grow up, they are exposed to varied value systems and accordingly, may change some of their values. Not withstanding this, basic values remain fairly constant and permanent. Even if people question such values they don’t change the values. As children we are told that certain values are always desirable. There were a few grey areas. We were told that we should be honest. We were never told to be just a little bit honest. It is this absolute learning of values that more or less ensures their permanent nature. The following types of factors influence the formation of values of people: 1. Family Factors. The most important factor which influences the value system of an individual is his immediate family, The child rearing Practices the parents adopt shape the personality of the human beings. Some values are inculcated in the individual from the childhood and remain in his mind throughout his life. Family is the most influential factor in the individuals’ learning of social behaviour, values and norms. 2. Social Factors. Of all the social factors, school plays the most important tole in developing the value system of an individual. The child learns the basic discipline from the school. Moreover, the interactions with teachers, classmates and other people in the school make the child inculcate values important to the teaching-learning process. Other social factors which may affect values are religious, economic and political institutions in the society. 3. Cultural Factors. Cultural factors include everything that is learned and passed on from generation to generation. Culture includes certain beliefs and other patterns of behaviour. An individual is a participant in social and organisational culture. Whether a person is co-operative, friendly or hostile depends upon the culture he belongs to. Individual relationships are different in different cultures and within certain groups of society also, Whether, the individual values money making or doing service to the man-kind, again depends upon this cultural background. 4. Personal Factors. Personal attributes such as intelligence, ability, constitution, appearance and educational level of the person determines his development of values. For example, ones’ higher intelligence may ’ neous in faster understanding of values. actors: Every organisation has its own culture. The Scanned with CamScannerMeaning and Types of Values 79 ns organisation in which an individual works for a long period, develops and shapes his value system. In the process of interacting with peers, boss and subordinates, a person develops certain attitudes and beliefs. He also follows norms of various groups of which he happens to be a member. Role of Value Forming Institutions The development of humans and society is based on values. There are various institutions in the society which inculcate values among people. The four major institutions which provide the basic sources of values include: Family, School, State and Religion. These institutions teach the individuals what is good or bad of them. Good behaviour is rewarded and bad behaviour is punished. This develops and inculcates a pattern of desirable behaviour among individuals. Values are inculcated and are passed through generation to generation by the above institutions. Such transmission starts from the family from where the socialization process starts. Apart from family, educational, religious and ‘governmental institutions also transmit cultural values from one generation to another. 7.4 VALUES, ETHICS AND BEHAVIOUR Values are learned and acquired primarily through experiences with people and institutions. Parents, for example, will have substantial influence on their children’s values. The parents’ reaction to everyday events demonstrates what is good and bad, accepiable and unacceptable, and important and unimportant. Values are also taught and reinforced in schools, religious organisations, and social groups. As we grow and develop, each source of influence contributes to our definition of what is important in life. _ Values affect the behaviour of individuals in organisations. Every manager Se en ee understanding of the values of his subordinates. The ° understanding behaviour is as follows: Jay the foundation of understanding the attitudes, perceptions es which shape the behaviour of individuals. activated to influence the behaviour when they are more e. The mgre accessible a value, ie., the more easily it comes to ‘more likely it will be activated. Because some values are they relate more to behaviour. Gib Ryn fhe values of the organisational members help in organisational culture, ‘values which promote ethics and are in the interest of __ the society enhance the image of the organisation. a Scanned with CamScanner7.10 Corporate Governance, Ethics & Social Responsibility of Busines, (2) Value system influences choice of organisational goals and strategies adopted to achieve those goals. (vi) Value influences the way, in which an individual looks at othe individuals, i.., interpersonal relationship. Values become basis of such interpersonal interactions. (vii) Individuals judge organisational success as well as its achievement on the basis of their value system. (viii) Individuals set limits for the determination of ethical behaviour for themselves as well as for others. (tx) Values determine the extent to which individuals accept organisational pressures and goals. If these do not match with their values they even leave the organisation. VALUES AND ETHICS Some people consider values and ethics synonymous and use the terms interchangeably. However, the two terms cannote different meanings. Values fepresent basic convictions that a specific mode of conduct is socially preferable to an opposite mode of conduct. They determine what people consider good or bad, fair on unfair in a civilized society. Ethics refers to a set of principles of right conduct. It is also defined as the rules or standards governing the conduct of a person or the members of a profession. In business, ethics may be considered the standards governing the conduct of people in the business environment. 7.5 HUMAN VALUES Human values are the values of the human beings, for the human beings and by the human beings. The sense of valuye is an essential part of the human consciousness. Values are the evaluative standards for deciding what is right and what is wrong, what is good and whatis bad, what is desirable and what is undersirable. Our attitudes prefernces, goals and aspirations are affected by the values system acquired by us. It sets the standards and guidelines which govern our behaviour, the quality of relationships and guidelines which govern our behaviour, the quality of ee we build, and the respinses we make to life situations. ; __. People who value on power and status will direct all their efforts for achieving them, ignoring the social, human and ethical implications of their pursuits. _ But people who value aaeailtn honesty character justice, kindness, compassion etc. many decline even lucrative career, etc. options if it requires isi gon these values. Core of our behaviour and the motive force of Scanned with CamScannerMeaning and Types of Values 711 7.5.1 The Indian Concept of Values _ The universal, humanistic and life supporting components of its vast and varied ideas on values is a prized heritage for all Indians. The most comprehensive term describing indian thought on values is dharma. The rule of dharma ensures that one man’s pursuit of pleasure does not cause harm to the rest of the society, nor does it prevent others for similar pursuits. In addition to its tegulatory role, pursuit of other values of dharma like truth, peace, love, righteousness, non-violence, duties and obligations, are in themselves rewarding and fulfilling. Indian values are highlighted in the ancient scriptures like Vedas, Puranas, Gita, Ramayana, etc.. 7.5.2. Spiritual Values Spirituality has a lot to do with how we lead our life and those qualities which can provide us peace, harmony and joy. These qualities have to be cultivated. It is a lifetime practice to build these qualities is oneself. The key Spiritual value is self relalisation, i.e., realising the truth through questioning, asking and investingating. It is, in fact, achieving ‘Consciouness’ and surranding to the divine power, the creater of the universe. — What spirituality adds, to one lives is that it makes us humans. Without a spiritual dimension in life, we shall remains animals engaged in normal activitie, of sleeping, eating, walking etc. It is the human who can cultivate spiritual values like quitelessness, selflessness, sensitivity and tolerance. Spiritual values mean staying away from pride, greed, anger, hatred, lust, jealouness and addiction. Anything we don't like others to do to us we must not do to others. Spiritual values of love, peace, truth, patience, initegrity, justice, wholesomeness, friginess, generous, non-violence, etc. over the basis of all organisations promoting spiritual ual path to human realisation. 7.5.3. Value Crisis India has traditionally been a group-oriented society. This group consciousness has generally been limited to caste, class and vilalge community. With the ascendancy of ideologies, consumerism, rightism etc., the communitarian feeling has declines in the middle and the elite classes. Sensitivity to variety of social evils like poverty, injustice, exploitation caste, class and gender inequalities has reduced. No attempt is made to examine the underpinning values of the system, to harmnise them with our own value system and to assimilate them into our societal and intellecutal temper. Even the ruling elite classes, operating the system, have little senstivity towards the societal values. Very little was done to educate the new generations to develop their social consciouness, democratice temper and communitarian attitudes. There is hardly any feeling of collective commitment towards the socio-culture Scanned with CamScanner7.12 Corporate Governance, Ethics & Social Responsibility of Business Political pursuit has become unscrupulous leading to manipulation for grabbing power and using it for selfish and partisan ends. Instead group interests the political parties have become a divisive force, fanning fissiparous tendencies. The common citizen is forced to remaina helpless, mute spectuator to the open loot of public funds by politician and conniving government officials. India has made significant progress in the economic field. In the absence of distributive justice, the gains of economic progress have been cornered by the small upper class. The gap between the rich and the poor has widened resulting in increased social tensions and difficulties. The much larger class is condemned to remain deprived of even the minimum needs to a civilized life. In materialistic perceptions the new economic order has no place forhuman happiness. The strogest value-base of the joint family for inculcation of values of sharing and caring, of reconciling divergent needs and personalities, of subordinating individual interest to the collective, interest of the family the co-operative living is lost. The care of the aged, the handicapped, and the not so bright members of family are also lost. The joint family has broken up under the socio-economic pressures, and there is rising Business Values The concept of values has been exténded to business as well. Since business activities are carried on within the boundaries of the society, it is argued that business should be guided by the values and normsestablished by the society. Thus, business values refer to “those norms, beliefs and convictions of the society which determine as to what constitutes good business.” In essence Be sockil wearth or goodness of business its example, honesty and truth smen are expected to avoid and black-marketing, false ei Scanned with CamScannerMeaning and Types of Values 743 i af Aifusboe), Wh car ¥ 7.6 ORGANISATIONAL VALUES ) Wale 3x4", Pe ry organisation Heath core values which represent the deeply NA ed principles that guide its actions and practices; they serve as its cultura Comiestone) According to Collins and Porras, “Core values are inherent and a) ict and so cannot be compromised either for convenience or for short-term economic gain.” There may be divergent values in tune with the nature and goals of different functional departments and also the overall organizational culture. However, there are some dominant values also known as core values that are considered as crucial by majority of managers: * Honesty in dealings. «Service to customers. * Innovation and creativity. __« Safety of products and services. Palgeasinien managers Have Been found to reveal 1 during early days of their career and later shift to satisfaction, and, finally at the end of the career, to like status. They attach high importance to values pee and are ambitious, though not be free oo supervision, adventurous al status and prestige, to exercise Scanned with CamScanner714 Corporate Governance, Ethics & Social Responsibility of Business 1. Individual Values. The members of business firm hold their own values regarding their personal conduct in business. These values constitute the base of business values. 2. Group Values. The values held by formal as well as informal groups in the organisation are of great importance in determining overall organisational values. It is important to note that the group business values may or may not be in agreement with individual values. For example, the value system of an individual employee may not approve of ‘wages without work’ or even, ‘go slow’, but he may be an active member of an informal or even a formal group lending support to such a conduct by the employees of the firm. 3. Organisational Values. The business values at the organisation level emerge from objectives, policies, philosophy and culture of the organisation as a whole. 4. Environmental Values. The various environmental constituents of business also hold norms and values of good business. These constituents are investors, lenders, customers, employees, suppliers, government, and the society as a whole. 78 SIGNIFICANCE OF VALUES AND ETHICS "Values and ethics are closely related with each other. Ethics is the entire coe of moral values and values are the language of ethics. No value is 0 all als organisations or societies just as there are no Pe cdate emcid'x: >that a business is an economic institution and ethics. Frauds, scandals, (Bofors Gun Deal) will be Scanned with CamScannerMeaning and Types of Values 3 715 question : What are the consequences of business conduct in the absence of values and ethics? Obviously, every business practice will be justifiable: there will be nothing as good or bad in business. Values and ethics play an important role in managing a business in the following ways: 1. Standards of Behaviour. Business values constitute the norms or standards of good business conduct against which the performance of a business firm may be judged. They seek to provide precise answer to the basic question as to what is good or bad in business. In the absence of values, a business practice, howsoever bad in reality, may be justified on flimsy grounds.® 2. Guide to Decision and Action. Business values serve as guides to business decisions and actions. The values tell the business managers as to what is their right goal and what is the right path, they should follow. 3. Ends-Means Relationship. Values help to establish proper relationship between business goals and means. When business adopts well- considered social values, its goals are socially justifiable. Business values are useful for determining socially worthwhile goals which in turn determine sound business practices for attaining these goals. 4. Credibility among Employees. The management of a company which is based on values enjoys greater credibility among its employees who are assured of fair treatment and equality in the matters of pay raise, transfer, promotion, etc., 5. Credibility among Shareholders. If business values are properly followed, it would create a good image of the company among the _ shareholders and other investors. 6. Social Responsibility. Business values advocate the assumption of social responsibility by business firms and have the effect of persuading them to accept such responsiblity. Socially responsible companies enjoy __ greater credibility among the public. 7. Corporate Values. A system of shared values and beliefs which _ prescribes behavioural norms to guide the activities of members of an organisation, is called corporate culture. An effective value system uy creates a strong corporate culture which is necessary for high performance and growth in business. Companies which have given rt excellent performance year after year have been found to follow high oe as “Customer is the King”, “People are our etc. Impact of Values on t Values influence decisions to ‘be taken by managers and also organisational sali Scanned with CamScanner7.16 Corporate Governance, Ethics & Social Responsibility of Busines effectiveness.’ The impact of values on a business enterprise can be known from the following: (i) the perception of a manager about the situations he faces; (i) the solutions to the problems faced by the business enterprise; (iii) the way in which a manager interacts with other individuals within and outside the firm; (iv) the perception of a manager as to what consitutes the success of (@) the degree to which a business enterprise accepts the pressures from external forces such as customers, suppliers and government in defining goals and the means to achieve them. Values have brought several changes in the orientations of managers and business persons. Some examples are: (9 Business Purpose. From single objective of profit maximisation to multi-objectives. (i) Customers. From ‘let the buyer beware’ to ‘customer is king’. (iii) Workers. From a mere factor of production to human resources as partners in business. (io) Government. From policy of non-interference to healthy regulation of business. (2) Society. From selling to maximisation of want satisfaction and contribution to society goals or fulfilment of social responsibility. 7.9 DEVELOPING VALUE SYSTEM IN AN ORGANISATION The organisational values of a business are a mix of shared values among internal participants (individuals and groups) and external society. Thus, business values are influenced by the following: (a) Individual values. Those held by individuals that affect their actions. (b) Group values. Those held by formal and informal groups that a the behaviour of individuals and also the actions of the ( ean values. Those held by the organisation as a whole; a composite of individual, group, total organisational, and cultural inputs. a Values of constituents of the environment. Values held by those in direct contact with the organisation such as cutomers, suppliers, competitors, government agencies, etc. values. Values held by the entire society. culture is the term used to describe the organisational value system Scanned with CamScannerMeaning and Types of Values 717 (what is important) and beliefs (how things work) that create behavioural norms (the way we do things around here) to guide the activities of organisational members. \t is argued that strong corporate cultures facilitate high performance. As a system of shared values, the cotporate culture reflects a climate within which people value the same things and apply these values to benefit the corporation as a whole. One example is the core or dominant value of customer service. This value shall help keep everyone from top management down to persons on the factory floor pulling in the same direction, Corporate values may be put in the form of slogans such as ‘The family feeling’ by an Airline or “Quality at a good price” by a pharmaceutical giant. The strength of such slogans in communicating values lies in the basic premise that values can influence behaviour. To the extent employees understand and share corporate values, their behaviour should be more uniform and consistent. The performance of individuals, groups and the organisation as a whole will increase and benefit all. The managers who sense a compatibility between their personal values and those of the organisation experience feelings of success in their lives, show high regard for organisational objectives and significant ‘stakeholders, and have a healthy assessment of the values and ethics of their colleagues, subordinates, and bosses. Infosys has a strong corporate culture as in evident from its vision and mission statements and also core values reproduced below : Infosys’ Vision: “To bea globally respected corporation that provides best- of- breed business solutions, leveraging technology, delivered by best-in-class people.” Infosys’ Mission: “To achieve our objectives in an environment of fairness, honesty, and courtesy towards our clients, employees, vendors and society at peep to Infosys’ Core Values © Customer Delight: A commitment to surpassing our customer © Leadership by Example: A commitment to set standards in our business and transactions and be an exemplar for the industry and our and Transparency: A commitment to be ethical, sincere and dealings. ‘ commitment to be objective and transaction-oriented, by earning trust and respect. t of Excellence: A commitment to strive relentlessly, to constantly ourselves, our teams, our services and products so as to the best. Scanned with CamScanner