In light of recent events at the Capitol, it's appropriate to talk about the next topic, values. What are values? What purpose do they serve, and how do they guide us individually and organizationally?
Defining values-
Mirriam-Webster defines value as either something of worth (monetarily) or refers to the terms' fairness in exchange. Still, when we dive deeper, we see value as it relates to principle, and that is where we're focusing. Individually, we can identify a specific quality as something to aspire to or something currently possessed that needs to be maintained or protected. Values are powerful. They can bring about our best intentions by reminding us what is truly important, but they can also invite deeper, destructive emotions if used for gains at the cost of others.
Beginning with personal impact, let's discuss what role our values play in our daily activities and overall mindset. To envision the effects of values, let's contextualize them in a personification. Meet 'Elise.' Elise is a high school senior ready to embark on an adventure that represents a significant demarcation in American life, going to college. Her peers and parents have primarily guided her values or sense of right and wrong up to this point. Social norming and the influences that come with it are normal, but the college experience will challenge her to define herself apart from those influences. Elise will need to reflect upon and determine who she is and, more significantly, who she wants to be. Assessing her current or future qualities is not an easy determination, but she may have abstract visions of the type of person she wants to be. "I want to be honest, intelligent, and empathetic," she declares. Those are her values. If she prioritizes those values, they should shape her overall decision-making as she endures challenges and opportunities throughout her life.
Values influence behaviors-
How? If she is preparing for her finals in her first semester of college but fell asleep while studying for an exam to take place the next morning, for example. A conflict has presented itself. She failed to finish preparing for the exam but could find alternate, less than ideal ways to make the grade. With her values clearly in mind, Elise would seek to enforce the honesty she has determined is important to her. Her actions would likely result in doing her best and accepting less than stellar results rather than cheating her way through to a good grade.
In this example, her values guided her to decide on the necessary course of action to uphold a quality or belief that she deemed to be right.
Organizational values-
Organizations also determine the values that guide their operational and strategic decision-making. Values guide the cultural formation and act as a form of virtue ethics for businesses. In the text Ethical Theory and Business-10th Edition, authors Arnold, Beauchamp, and Bowie describes values as "general statements of guiding beliefs." (Page 102) Akin to an individual effect, organizational values should inform the "how" or prioritization of the decision-making, albeit on a grander scale. Corporate values need to be enforced or encouraged by all members of that company and resonate across all of the individual's actions while working. Honoring values extends across departments and affects infinite choices, including but certainly not limited to the products made, the growth strategy, the manufacturing processes, the level of corporate social responsibility, the recruiting and expulsion of employees, etc. Suppose an organization decides to value innovation, for instance. In that case, the value should influence all the decisions made to position the business as an innovative force and become attainable through senior officer priorities such as heavily investing in research and development, in this case.
Values frame our perception of appropriate behavior. They are both and ends and means that shape our interpretation of any situation we encounter, and if they are "of value," they guide our actions subliminally. As such, we should take stock of what values are currently advising us and assess if those values are still significant as individuals, organizations, and societies. So what should we do to honor our values as we evolve them to better serve in the light of new information?
Recommendations for selecting and honoring a value system-
Start individually- Before you can determine what should be guiding an organization, you need to start with yourself. Some business values stem from the entrepreneur's values, but even if you're not considering starting a business, you should know what guides your choices and perception.
Engage a sounding board- It's easy to fall prey to partisan perception if you're working in a vacuum. One way to combat errs in judgment is to engage a sounding board. Ask another professional or colleague if your intended values make sense. Are there shortcomings or areas that may present difficulty that you should be aware of? Are a few of your values in direct conflict? (Note: It's not to say that you should change your values based on another's opinions per se, but you should be able to articulate your values and possess a keen awareness of the challenges that come with them.)
Benchmark them- Sometimes, the easiest place to start is to compare what values guide people or companies that you aspire to be associated with. What are their values, and how do they interpret their applications in daily decisions?
Make it visual- Reminders are good. Design supporting visuals to remind you what is essential and what you are working towards achieving.
Reassess regularly- Like many aspects of life, as we learn and grow, our values may need to evolve as well.
References:
Arnold, D. G., Beauchamp, T. L., & Bowie, N. E. (2014). Ethical Theory and Business. Cambridge: Cambridge University Press.
"Value." Merriam-Webster, Merriam-Webster, www.merriam-webster.com/dictionary/value.