By Yogi Bhimani Janak Chitroda Kevin Doshi Vatsal Gala Darshil Mehta Jyoten Panditpautra

What are the values ?

The word values can be defined as those things that are important to or valued by someone. Values are of to types :1. Business or organizational values 2. Non organizational or individual values. Business or organizational values are those which have to be followed in an organisation . Individual values are those that an individual has within himself which shows his character. Eg respecting elders , touching feet of elders etc.

What are ethics ?

Ethics, also known as moral philosophy, is a branch of philosophy that addresses questions about morality that is, concepts such as good and evil, right and wrong, virtue and vice, justice and crime, etc.

NEED OF VALUES
Right and wrong defined by different people may manifest diverse thinking, motivated by each individual s personal values. Within a work environment, the cultural values that drive business decisions are critical to the organization s credibility with its employees, customers, and shareholders. Today, in business, value is about prioritizing individual and operational values for the workplace and establishing codes of value and codes of conduct that ensures that employee behaviors and the internal systems are aligned with those values which in turn affects the performance of the organization.

IMPORTANCE OF VALUES
Key leadership with appropriate values establishes the moral compass that guides the organization through the complexities of what is right and wrong and how management and staff are therefore expected to behave. Critical then, becomes the ability to manage for ethical outcomes this is values-based management. Values provide the basis for judgment about what is important for the organization to succeed in its core business. Values are traits or qualities that are considered worthwhile; they represent an individual s highest priorities and deeply held driving forces.

WHAT ARE MANAGERS EXPECTED TO DO?

Managerial activities can change as the organizations and their environment change. The managers responsibilities have increased as more tasks have been outsourced on them, at the same time they have been stripped of some of their support functions and assistants. There are constrains that limit the managers possibilities to chose what to do in their work. Some of the constraints are lack of available resources, insufficient experience and training for the new administrative tasks and technological limitations.

WHAT ARE MANAGERS EXPECTED TO DO?

Through different actions the managers are trying to keep some values within acceptable limits; they work more overtime and do administrative tasks from home to have time for managing and leading their subordinates.

VALUES FOR INDIAN MANAGERS

Indian managers are moving away from the concept of values and ethics. The lure for maximizing profit is deviating them from the value based managerial behaviour. There is a need for our managers today both in private and public sectors to develop a set of values and believes that will help them attain the ultimate goals of profits and survival and growth. They need to develop the following values:

 Optimum utilization of resources Attitude towards work- Managers have to develop the visionary perspective in their work. They have to develop a sense of larger vision in their work for the common good. Work commitment Vision- Managers have a long term vision. The visionary managers must be practical, dynamic and capable of translating dreams into reality.

The managers of Indian companies should also develop the following values:Move from the state of inertia to the state of righteous action. Move from the state of faithlessness to the state of faith and self-confidence. Move from unethical actions to ethical actions. Move from untruth to truth.

VALUES FOR WESTERN MANAGERS are highly professionals with Western managers
excellent analysis power, high professional education and specialization. Western managers follows a proper code of conduct and work in the structured formal atmosphere with no place of modesty in their behavior. Professional efficiency and work disciplines are the conditions under which western managers perform. They consider rules as sacred in their value system. Western value system teaches contractual obligations. Managers honour their contracts. Western managers value principles above its privilege and they consider this as the best strategy to win.

Types of ethics
Major branches of ethics include: Meta-ethics, about the theoretical meaning and reference of moral propositions and how their truth values (if any) may be determined; Normative ethics, about the practical means of determining a moral course of action; Applied ethics, about how moral outcomes can be achieved in specific situations; Moral psychology, about how moral capacity or moral agency develops and what its nature is; Descriptive ethics, about what moral values people actually abide by.

Individual ethics
Personal standards and values that determine how people view their responsibilities to other people and groups . How they should act in situations when their own self-interests are at stake .

Organizational Ethics
Guiding practices and beliefs through which a particular company and its managers view their responsibility toward their stakeholders. Top managers play a crucial role in determining a company s ethics

Conclusion
Values and ethics, both, being the most important attributes of an organizational asset, is practiced less rather than being practiced more, leading to all the efforts to an undesirable outcome. Hence we need to try to maintain our values and ethics and should apply them in life and places.

Thank you