All you wanted to know about values but were…….
Nine out of 10 companies have written
corporate values statements,
a recent Aspen Institute/Booz Allen Hamilton survey of global executives finds. But as the survey reveals, having a value statement and using it to improve your business are very different issues. What does it take to embed values in everyday decision to reap the benefits?
Based on survey research and extensive study of various leadership practices, we offer here ten suggestions for actions - things you can do right now that could have really exciting, long tern benefits.
1. INVITE CONVERSATION
Invite employees at all levels and across functions to talk about what
corporate values statement means to them. Is any thing missing? Are these values subsumed in others? Have they been overlooked or intentionally omitted? Reflecting collectively on what values really matter will go a long way toward making values an integral part of management practice.
2. INSIST CEOS WALK THE TALK
One of the most important is that CEOs make decisions that reflect stated commitments to customers and employees - even if there are short-term costs - empowering employees to do likewise. Leadership matters and Board of Directors need to evaluate CEOs on how well their actions follow their words.
3. LEARN FROM FIRMS OUTSIDE YOUR INDUSTRY
Try asking colleagues outside your industry how they address the values-management challenge.
4. NAME YOUR INHIBITORS
What stops employees from acting on values? Short-term economic costs, a potential competitive disadvantage and weak economic climate are cited by 30% of respondents. Inviting employees from throughout the ranks to name inhibitors within the firm makes it possible to discuss how they can be managed.
5. TELL STORIES
Encourage employees to share their stories about how they have used a corporate value to overcome challenges and gain a competitive edge. This will prompt others to think creatively about how to employ company values in their work.
6. REWRITE CRITERIA FOR
PERFORMANCE REVIEWS
During employees performance reviews, consider how behaviors and results stack up against the stated values. Does lack of commitment to teamwork, for example, get overlooked in the salesperson who exceeds company every quarter? Adjust the criteria in these reviews until they accurately assess the values that matter for long term.
7. TRAIN FOR VALUE-BASED DECISION MAKING
Only fifty percent of the survey respondents say their firms and organizations provide such training; and very few programs helps managers understand the social, environmental and economic effects of decisions. It is clear fact that innovative educational programs - such as those that offer opportunities for dialogue with community groups, non-governmental organizations or regulators - help corporate executives estimate costs and benefits.
8. MEASURE YOUR RETURN ON VALUES
There are ways to begin to assess your return on values and pinpoint opportunities to improve it. How about a 360° review corporate value performance and how values are lived everyday in the firm? Ask the customers how the company is doing as a neighbor and then share the performance review with all employees.
9. GO OUTSIDE TO MAKE YOUR BUSINESS BETTER
Don’t just volunteer in the community; learn from it. Companies that rely solely on employee volunteer program as a way of engaging community members often miss opportunities to understand their markets and avoid strategic mistakes.
10. BE HONEST WITH YOURSELF
Managers must clearly assess whether the values of the company and the organization reflect the overall personal values they hold most dear to themselves. One could imagine how much more engaged one could be professionally if one intentionally brought one’s principles and those of the firm into focus as decisions are being made.