Values – a core part of planning

16 Tuesday Aug 2011

Posted by in Apple, BT Group, Business, business planning, corporate governance, GE, Jack Welch, Management, mission, Steve Jobs, strategy, values

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Values form the foundation of a business’ management style. Values provide the justification of behaviour and, therefore, exert significant influence on marketing decisions.

An example is provided by BT Group – defining its values:

BT’s activities are underpinned by a set of values that all BT people are asked to respect:

  • We put customers first
  • We are professional
  • We respect each other
  • We work as one team
  • We are committed to continuous improvement.

These are supported by our vision of a communications-rich world – a world in which everyone can benefit from the power of communication skills and technology.

A society in which individuals, organisations and communities have unlimited access to one another and to a world of knowledge, via a multiplicity of communications technologies including voice, data, mobile, internet – regardless of nationality, culture, class or education.

Our job is to facilitate effective communication, irrespective of geography, distance, time or complexity.

Source: BT Group plc website

Shared values are what engender trust and link an organization together. Shared values are also the identity by which an organization is known throughout its business areas. These values must be stated as both corporate objectives and individual values.Every organization and every leader will have a different set of values that are appropriate to its business situation.

Image representing Steve Jobs as depicted in C...Image via CrunchBase

As Steve Jobs, the co-founder of Apple Computer, put it, “The only thing that works is management by values. Find people who are competent and really bright, but more importantly, people who care exactly about the same things you care about.”

A great company practices an enduring value system, and follows the finest system of corporate governance.

Ensuring employee’s understanding of organization’s values and vision requires your organization to have clearly defined values. Without this, your organization can get itself into real trouble.

Defining shared values is more than putting words on paper. Most organizations have values statements or mission statements, yet many do not follow them. Winning organization create successful cultures in a systematic way using various approaches that may include visual representations, training seminars, and/or socializing events.

Team members are looking for a “values fit” with their team. Without it, they won’t give the team their best. Team members should participate in establishing shared values and values-based common goals if you wish them to live these values, be committed to these goals, and have a feeling of interdependence and ownership for their jobs and unit. Shared values become also your team’s code of behaviour as they define what is and isn’t acceptable.

Cover of Cover of Winning

GE‘s values are so important to the company, that Jack Welch had them inscribed and distributed to all GE employees, at every level of the company. But before the cards were furnished to the staff, GE had come to consensus on which core values it wanted to cultivate in its employees. Many hours were spent at GE’s Leadership Institute and elsewhere deciding on exactly what those values should be. “It became a badge of honour not only to carry the card but also to uphold the values.”


Boeing’s Corporate

Values (click here for the website)

In all our relationships we will demonstrate our steadfast commitment to:

Leadership

We will be a world-class leader in every aspect of our business and in developing our team leadership skills at every level; in our management performance; in the way we design, build and support our products; and in our financial results.

Integrity

We will always take the high road by practicing the highest ethical standards, and by honouring our commitments. We will take personal responsibility for our actions, and treat everyone fairly and with trust and respect.

Quality

We will strive for continuous quality improvement in all that we do, so that we will rank among the world’s premier industrial firms in customer, employee and community satisfaction.

Customer Satisfaction

Satisfied customers are essential to our success. We will achieve total customer satisfaction by understanding what the customer wants and delivering it flawlessly.

People Working Together

We recognize our strength and our competitive advantage is — and always will be — people. We will continually learn, and share ideas and knowledge. We will encourage cooperative efforts at every level and across all activities in our company.

A Diverse and Involved Team

We value the skills, strengths, and perspectives of our diverse team. We will foster a participatory workplace that enables people to get involved in making decisions about their work that advance our common business objectives.

Good Corporate Citizenship

We will provide a safe workplace and protect the environment. We will promote the health and well-being of Boeing people and their families. We will work with our communities by volunteering and financially supporting education and other worthy causes.

Enhancing Shareholder Value

Our business must produce a profit, and we must generate superior returns on the assets entrusted to us by our shareholders. We will ensure our success by satisfying our customers and increasing shareholder value.

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