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SANT ROCHA SINGH DEGREE COLLEGE

Topic: Need for values in global change

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Table of contents
Meaning and definition of values Features, types, factors and importance of values Values for managers Value based management Need and importance of value based mgt. Case studies relating to value system Important values How values have shifted in past Features of new global economy Relevance of values in this global change Conclusion
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People at work have many opinions and preconceived notions in the form of values and attitudes . They often influence our behavior. We have values about work, equality, authority, self-respect, freedom, honesty, obedience and other matters . These values provide the basic foundation for understanding a persons personality, perception and attitudes.

Meaning and definition of values

The word value is derived from French word velour which means worth, merit, usefulness or importance of thing. Value concept is more relative than absolute. A value is a belief on which a man acts by preference. A value is a perspective belief. In other words, values represent basic convictions or enduring belief 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. Thus, values are a prescriptive belief which depicts what is good and what is bad. A value shapes beliefs which determine behaviour and personality of an individual.

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Value shapes

beliefs

perception

attitudes

Behaviour, personality, interests

Features of values :
Values are at the core of personality and are a powerful force affecting behaviour. Values are not fixed, but they change over time.

Many values are relatively stable and enduring. This is because of the way in which they are originally learned.

Values contain a judgement element in that they carry individuals ideas as to what is
right or desirable.

Types of values :
According to M.ROKEACH, there are two types of values:

Instrumental values: these are those values concerning the way we approach end states. These relate to means for achieving desired results. That, is, do we believe in ambition, cleanliness, honesty, courage, etc.what factors guide our everyday behaviour?

Terminal values: these are those end state goals that we praise such as comfortable life, a sense of accomplishment, equality among all people, self-respect, and family security.

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Both set of values have significant influence on daily behaviour at work . People are influenced by a wide variety of personal values. In fact, it has been argued that values represent a major influence on how we process information, how we feel about issues and how we behave. Below are listed two sets of statements of personal values.

Instrumental values:
Assertiveness; standing up yourself. Hard work and achievement. Truthfulness; honesty Dependability; being countered upon by others. Open-mindedness; receptivity to new ideas.

Terminal values :
Happiness; satisfaction in life. Knowledge and wisdom. Peace and harmony in the world. Pride in accomplishment. Recognition from peers. Prosperity; wealth.

According to jones and Gerard , anything for which the individual strives, approaches, extols, embraces, voluntarily consumes, incurs expense to acquire is a positive value. Anything that the individual avoids, escapes from, deplores, rejects or attacks is a negative value.

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Factors that we think are likely to influence peoples values :

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Importance of values in business :

Values play a vital role in business affairs in the following ways:1. Corporate culture :- An effective value system creates a strong corporate culture which is necessary for high performance and growth in the business. 2. Guide to action :-Business values serve as social guides to decision-making and actions to be taken in the business. These values provide the right answer to the basic question as what is good business. 3. Objective standards :-Business values serve as objective standards or norms against which the conduct of businessmen and their performance can be judged. Values determine the managerial functions the manager performs. 4. Social responsibility :-Business has social obligations. Business values help to persuade businessmen to discharge their social responsibilities. Business enterprises follow ethical norms to fulfill their responsibilities to different sections of society such as obligations towards employees, customers, society, shareholders etc.

Values For Managers :The values for managers are stated below ---1. 2. 3. 4. 5. 6. 7. Fearlessness Purity of mind and hearts Integration of thoughts Inspired deals and vision creativity Empathy Love and affection
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8. 9.

Patience Friendship with all

10. Spirit of Sacrifice for the sake of common good 11. Non violence 12. Firm but fair 13. Harmlessness 14. Gentleness

Value based Management :It can be defined as judgment and guided

Actions which are based on individuals beliefs or convections. They represent what an individual or group considers proper or right. Every organization has its own beliefs and convictions. To a great extract, business values reflect the values of society in which a business firm operates. A managers values determine the managerial functions he performs. A managers value system plays a significant role in the performance appraisal of his subordinates. The job of planning, organizing and controlling the behaviour of employees should be compatible with managerial values. The sources of values in all societies have been the wisdom of its thinkers and leaders. There exists a remarkable degree of agreement about values like; 1. 2. 3. 4. 5. Honesty Integrity Compassion Tolerance Selflessness

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Value basic management can be promoted by following factors :Environmental Factors: These factors like natural environment,culture, friends circle, and educational institution help in formation of values. ii)Influence of Superiors: Parents, elders, teachers, religious leaders etc. helps in value formation. iii)Media: Newspapers, journals, magazines, film and radio play a vital role in value formation. iv) Genetic Source: A significant portion of our value is genetically

determined. Need for Value based management ---Human harmony and happiness are the main objectives of any enterprise to justify its survival and progress. Phenomenal material progress is achieved but we could not achieve any target of human happiness. Let us mention two examples to prove that value based management is essential and there is no choice.
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1. Exploitation of nature :Service and technology brought about phenomenal industrialization at the cost of indiscriminate and ruthless exploitation of nature.was wrongly assumed that man is having a birth right to draw on resources supplied by the nature at his will. Under the holistic approach, man and nature are deeply interconnected and interdependent. Therefore, there is no such right to exploit nature for purely selfish motives. If exploitation of one person by another is now considered unethical we can not justify exploitation of earth merely to satisfy greed and not need. Value based management alone can prevent this exploitation of earth. th 2. Man machine equation :-in the 19th century, man was regarded as a cog in the machine, as a commodity to be bought and sold, to be used and discarded. Behavioral scientists considered man as human being and human relations as world received increasing attention for human welfare and satisfaction. Now man is recognized as divine being in the grab of human form and he has huge potential energy to achieve excellence in his actions. Value based management will recognize the divine model of man will alter the old man machine equation. Man would be considered as master and not as slave of machine.

Importance of value Based management :-

The importances of value based management are as follows ---1. Managerial effectiveness based on value based management can solve problems harassing the economy in all countries. Such management offers human welfare, nature welfare, the quality of life and quality of work. 2. Selfless action purifies our mind/intellect. Purer mind concentrate, contemplate and mediate to approach divinity or perfection, i.e., pure consciousness. 3.Self surrender to the god and emotionally we can reach the goal of pure consciousness. 4. Value based management provide proper use of valuable human and material resources offered by the mother earth.
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5. Value based management promotes work culture, self discipline and consciousness among the employees. 6.Value based management helps in bringing the human harmony and happiness in the organization. 7. Values based management cares for its people. People are protected from unwanted stresses and strains, unrest, loneliness and adverse organizational work life. 8. Value based management helps in reducing conflicts and disputes. This enhances reputation and goodwill of the organization.

Case study :value system of Hindustan Lever Limited

We discuss the role currently played by business and its leaders, and to assess how it should evolve, given the current global context.

HLL values We expect our managers to live by the values of TRUTH, COURAGE, ACTION AND CARING. At one level, these appear very native words. However, when we think deeply about them, and then apply them to all situations, they have a very profound meaning.

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TRUTH Truth helps us acknowledge the problems as they arise, so that they the rest of our time dealing with them not denying them. A very important precursor to truth is trust and trust comes from knowing each other better.so they encourage our teams to really get to know each other-to spend time together, to eat together, to spend time outside the office together with their families. They are also using 360 degrees feedback throughout the entire organization to bring about greater openness, greater trust and greater truth. COURAGE Another value is courage. Courage is about inner confidence. They have recently decided to focus our attention and resource of key brands in our FMCG businesses. They had two very successful businesses-SEEDS and FLAVOURS and FRAGRANCES BOTH growing and very profitable. But they took the courageous decision to let them go- they parted with two highly successful businesses so they could concentrate our efforts on our key brands.

ACTION

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Their third value is action. Wars are not won because of the battle plan. Last year, they faced the challenge of putting up additional capacity in a short time. Their teams took an impossible target, and put up 6 factories in different corners of India in just 9 months. CARING Last , but definitely not the least, is the value of caring- caring for each other, for each others families, sharing the joy of good times, sharing the sorrow of difficult times. Caring is being honest to a person about his potential, even if the truth is difficult. These are the values of HLL , they expect all their managers to live by these values. Conclusion : In conclusion, they can build a very positive relationships with all other stakeholders-and through these wide ranging relationships, they can make a very broad impact on society and indeed in india. The interest and appreciation that employees, consumers and shareholders show, in how a business fulfills its corporate responsibilities, helps build a virtuous cycle of greater commitment from the business and greater trust from the stakeholders. In using our values, they have to make some hard decisions that may not, in the short run, enhance our bottom line. And yet, since ethics and relationships are our first two values, they were only in business to make money.

Case study :The Banking Industry

Loyalty vs. Excellence Throughout its long history, a prominent banking institution entrenched the values of fairness and loyalty among its managers and employees. When globalization and technology transformed the Financial Services industry, these values began to inhibit the Bank's drive for efficiency and excellence. The Bank downsized and started to reward peoples' performances, rather than their loyalties. Employees felt alienated from the organizations' traditional ethics and began to passively sabotage the company's objectives. An Honest Integration of Values We redefined the implications of loyalty and explained it as 100% mutual commitment during an employee's career at the Bank, but not lifetime employment. We taught the reasons why lifetime employment was neither strategically nor ethically appropriate. We explained fairness as treating all people according to the same value system, rather than as treating all people the same. The value system dictated that greater contributors be treated more favorably than smaller
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contributors. This was not unfair. The impact on morale and employee retention during the changes was remarkable. It enabled management to focus on the Bank's pressing strategic needs, rather than pacifying disgruntle but key employees.

Very important values which need to focus in this global change :

Values are the good habits that are contagious. They are passed down through generations. Values bind us together and set us apart. Today, our society is seeing a terrible amount of lack of value. People are discriminating and being discriminated against. Nature is being destroyed, while destruction is being planned. What can I say, we seem to be leaving behind a legacy of hatred and destruction for our future generations. What does our society need? It needs a value check and mindset change. People are forgetting the values of extreme importance which we need to focus on. Empathy

The most important value in our life revolves around empathy. How can one concentrate on co-existing on the same planet, without a speck of empathy. We need to be able to accept others for what they are, not what they can do for us. We need to stop concentrating on how we can reduce competition and focus on how we can grow together. While we all have to look out for ourselves at the end of the day, we need to remember this quote, "The day we stop fighting for each other, we stop being humans!"
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Mutual Respect

It is clear, we all have our strengths as well as weaknesses. Mutual respect means having respect in our minds for everyone. Even if you are up against a person, wherein it is your honor against theirs, it is important to have mutual respect. It is this respect that makes us human. Without this respect, we become like animals. This respect can help us keep the balance between welfare state and social Darwinism in society. We need to respect our friends for their friendship and our enemies for their ability to be competitive and their conviction. Mutual respect in one of the crucial values in a relationship. Love

This may seem surreal, but honestly, love conquers all. With love in our hearts, we feel no need to harm another. We will raise ourselves, rather than pull another down. We will focus on the similarities of opinions rather than the difference of color, religion or sexual orientation. We will punish, but not kill. We will request, but not steal. With love, we will be people and not monsters! Yes, if we want our society to be good to us, we need to be good to it, as well. After all, you give love to get love, right? Loyalty

People often forget the meaning and importance of loyalty. Loyalty is an emotion that binds us to a person, thing or sentiment. This emotions restricts us from ever betraying that person or thing. As such, what our society clearly needs today, is loyalty. We need to be loyal to each other, to shudder at the thought of speaking,

or thinking negative about each other. We need this loyalty to gather the strength to stand up against something that will harm our society and to stand up for the oppressed. It is this loyalty, that will bring down the global walls and make this world one big home again! Honesty
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We all claim to follow the above values in society, right? In our own way, we think we are perfect. Honesty in society is to accept yourself for what you are, and let everyone know that as well. This honesty will help you make yourself better, simply because you had the ability to admit your flaws and work towards improving yourself. It is this honesty, that will make others help you out, not because you need it. But, because they have flaws too, which you can help out with. This honesty will help us follow the other values in society and, truly, "heal the world"! While there are other values like education, empowerment of the weak and no discrimination, etc., the above are, in my opinion, the most important values to abide by, even for children. An early start will make your little one, a better global citizen.

How values have shifted in the past

Large-scale, widespread changes in values have been observed across the world at different times, and attributed to different factors. In the Czech Republic, the transitional period since communism has seen marked shifts in values from self-interest and conservation values (encouraged by low levels of social trust and a higher priority placed on conformity) to a much higher significance being placed on intrinsic, universalism and self-direction values. The shift has been attributed to several factors: more young people going to university; the rising use of new technologies, and political discourse that espouses universalism and benevolence values, including social justice, equality, peace, environmentalism, honesty, and forgiveness. One of the clearest examples of the policy feedback effect in action was the changing attitudes of East Germans towards collective provision of healthcare, welfare and redistribution of wealth in the wake of the reunification of Germany while those of West Germans remained the same. In a similar way, it has been suggested that Britons values shifted as a result of the equalising effects of the Second World War rationing, conscription, the abolition of first class carriages on trains, evacuation, sharing bomb shelters as well as the subsequent faith in the states role in the provision of services and a shared ambition to re-build the post-war world Other striking shifts in attitudes strongly suggestive of value-change have been noted after particular events. Three years after the introduction of television in Fiji,

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for example, and during a period of rapid social change, adolescent girls showed a heightened preoccupation with body-image and social competition attributes directly associated with extrinsic values and there were dramatic increases in eating disorders. Increases in security values, and decreases in stimulation values, were also documented in children and adults after terrorist attacks, including the Oklahoma bombing, the 9/11 attacks and the London bombings of 2005. Inevitably, whether they seek it or not, groups can also influence societal values: not only media, but businesses, or political and social movements. Alongside other clear economic and social factors; anti-slavery, womens and labour movements played a significant role in embedding values such as equality and social justice in policy, law and wider society. One study showed that between 1968 and 1971, equality increased in importance from seventh- to third-ranked value among US citizens, and suggests the civil rights movement played an instrumental role in this change. There are also indications that both feminist and Islamist womens groups in Turkey, despite facing continued political, social and religious constraints, have had significant effects on political values and discourse. Their continued promotion of more equal conditions for women, campaigns against domestic violence and struggle for the protection and empowerment of all citizens have had major impacts on laws and attitudes. It is not difficult to see why all this is likely to be important for our work on the issues we care about. Values influence institutions and norms, and vice versa. Therefore, the values we appeal to; outlets we provide for the expression of different values; and policies we help bring into being will reinforce certain kinds of values, with important effects on peoples attitudes and behaviours.

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Features of new economy :

The new economic policy was initiated in 1991 named as Economic Reforms. The main features of new emerging economy are following :1. 2. 3. 4. 5. 6. 7. Liberalization Globalization Privatization Participative Style of Management Intense Competition Conservation of Natural Resources Decentralization

1. Liberalization :-In the new economy, there have been much more liberal policies. It means removing all necessary controls and restrictions like permits, licenses, quotas etc. imposed by the government. Earlier because was required to establish majority of the industries but now the license requirement has been reduced. The above control and restrictions resulted in:18 SANT ROCHA SINGH DEGREE COLLEGE

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a) Consumption Delays b) Losses c) High Cost Economy

Liberalization resulted in Industrial Sector reforms, Tax reforms, Foreign exchange reforms, Trade policy reforms, all of which resulted in boosting the Indian economy. 2. Privatization :-It means the transfer of a function, activity or organization from public to private sector. It indicates the beginning of a new culture in

society in which marketization, competition, efficiency become the guiding principle in economic decision making. 3. Globalization :-It refers to entrance of private/govt. players into \foreign markets or independence among countries with regard to capital, goods, technology etc. No restriction on the extension of business outside the geographical boundaries of the country. 4. Participative Style of Management :-This is followed by the organizations in which all the employees are invites in the meeting for suggestions in order to improve the productivity of organization. 5. Competition :-Earlier there used to be monopoly but not competition has become intense due to privatization and globalization. Perfect competition exists in the market. There are lots of brands available in the market in every product category. 6. Decentralization :-Now a day to make the implementation process faster, authority of decision making is transferred to subordinates. They know the problem and solution well. Responsibity is also transferred to subordinates. 7. Conservation of Natural Resources :-In todays scenario, companies are using natural resources without thinking of future requirements. The companies are not socially responsible towards natural resources. The concept of sustainable development should be followed and optimum utilization of resources is the need of the day.

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How values change with the global change ?

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Relevance of values in global change :

The change is inevitable whether we like it or not but changes are always there. Globally everything is changing fastly in this fast moving era. There is a growing concern for deteriorating values as it threatens the stability of society. It has become clear in recent years that management must work to develop organizational values. They help us to distinguish between the short term and the long term, the right or the wrong. Skills related to leadership, negotiation, counseling, communication, public relation and team building etc. will not serve their purpose well unless they flow from a value based pure mind. Management by values highlights the following points :i)Managerial decision making requires an inter play of both analytic and holistic facilities. ii) The key to cooperation and team work has in the progressively
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assimilation of the reality that the same soul dwells in all. iii) The creative energies of human beings are derived from and rooted in Supreme creative intelligence. iv) The concept of self in man has to embrace the spiritual dimension beyond his physical, social and economic dimensions. v)The final resolution of managerial conflicts rests in de-egonisation of self. vi) Effective leadership style requires an understanding of three fundamental ingredients that make up each individual satnav i.e. purity and righteousness, rajas, i.e. Strong living, aversion and selfishness terms i.e. ignorance laziness. vii) All managerial decisions are subjective in the ultimate analysis and the Effectiveness of such decisions depends critically on the purity of mind of decision maker. Values such as responsibility, integrity, commitment and patriotism are considered old fashioned by some people as they try to highlight change of perception, thinking and attitude globally with changing time. These may be old values but are not certainly obsolete rather there is great need of these types of values in global change in positive way. These values are universal. If fact, the need of these values in global change is the need of time which can not be ignored. The need to get the priorities right if we are influence to the global society positively. The need for values in global change is very significant. The need for values like dependability, reliability, predictability, consistency, caring, sincerity, integrity and loyalty are the important values required for survival in this era of global change.

Conclusion
Organizations optimize their productivity when employees view their work as much more than
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the mere trading of skills for money. To achieve this heightened commitment, organizations should integrate their values, translate them into an ethic, and align that ethic with their strategies. When an organization achieves this, its employees see their work as vehicles with which to fulfill their own higher spiritual quests to make rare and needed contributions. The money they earn reflects the value of their contribution and provides them with both economic security and emotional self-esteem. This leads employees to invest their intellects and their passion in the work they do, driving their organizations' thinking to the very edge of competitiveness, and their performance beyond that.

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