Value of values - make huge business sense

Try not to be a man of success but rather try to be a man of value. -Albert Einstein

The above statement, from Albert Einstein reiterates the significance of “values” that hold huge relevance and make immense business sense in a universal context, especially in today’s age of Lehman Brothers, ENRONs, Worldcoms and Satyams.

Every organization’s main objective is to be successful and to make sustainable profit. But to be successful and make sustained profits there are always two ways – ethical or unethical, shortcut or long and challenging. Unfortunately, the very reason of being in business, which is to make sustained profit, becomes a reason for extinction for companies who take unethical means to achieve the same. Their way of working obviously doesn’t reflect the saying, “Walk the talk”.

Let’s take an example of two companies. First company has values like delighting customers, deliver on commitments, develop people and depend on each other. The second company has values like respect, communication, integrity and excellence. From the face of it, both companies should be successful, as their values show a lot of positivism & promise. Can you identify the companies from the values mentioned? The first one is more than 100 years old, highly successful and popular electronics leader Philips and the second one was one of the world’s largest power generation company Enron that has now vanished from the scene.

What do you think is the key differentiator between both the companies, irrespective of having strong & right set of values? You are right if you know that the differentiator between both is their commitment towards living it up to their values – To Walk the Talk. Philips’ success lies in making its values an inevitable part of its way of working. This backed up with strong commitment towards demonstrating values oriented behavior at the work place, built sustainable positive corporate image and won their customer’s trust. So, values are basic beliefs at the heart of any company. In conjunction with a company’s strategy, values guide it in its actions and decisions. They are like rudder on a boat, keeping it heading in the right direction. Values are the DNA and Soul of a company.

What do these values mean for an employee? Values are “house rules” everybody applies to everyday working life. It guides employees’ attitude & way of working like “The way we do, what we do, how we interact with each other, inside & outside the company” is all guided by the intrinsic values. It is used as a point of reference to check employees’ actions & behaviors starting at the ground level.

Values that are not followed properly can create cynical & dispirited employees, alienate customers, undermine managerial credibility, spoil a company’s reputation, and eliminate ethical practices to result in complete disaster. Values lose their meaning if not nurtured & internalized within the organization culture.

The power of values for an organization is aptly reflected in the below advantages:

For a sustainable growth and success in the competitive corporate world, managing by values is a timeless virtue and one that differentiates a real competence. It will always be relevant irrespective of an upward or downward turn in a business.

One should always give preference to ‘Values’ competency over all other functional & leadership competencies for any role, as this competency is inherited by an individual from his/her parents after birth, from friends and peers in school and from seniors and role models in the further growth period.

“The major value in life is not what you get. The major value in life is what you become.”
Jim Rohn