All you wanted to know about values but were...
...afraid to ask! A primer on the usage of developed value statements & strategies thereon to ensure acceptance and adherence...

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 decisions to reap the benefits?

Based on our (overall) survey research and our extensive study of various leadership practices, we offer here ten suggestions for action things you can do right now that could have really exciting, long-term benefits

Invite Conversation

Invite employees at all levels and across functions to talk about what the corporate values statement means to them. Is anything 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.

Insist CEOs Walk the Talk

What factors make it possible for people to make decisions consistent with corporate values? 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 Boards of Directors need to evaluate CEOs on how well their actions follow their words.

Learn from Firms outside your industry

When it comes to perceptions of the 'value' of values, industry differences are telling. The question is whether their differences are rooted in industry differentials or some industries are missing both risks & opportunities. Try asking colleagues outside your industry how they address the values-management challenge.

Name your inhibitors

What stops employees from acting on values? Short-term economic costs, a potential competitive disadvantage & a 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.

Tell Stories

Encourage employees to share 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.

Rewrite Criteria for Performance Reviews

During employee performance reviews, consider how behaviors and results stack up against the stated values. Do some values consistently trump others? Does lack of commitment to teamwork, for example, get overlooked in the case of the salesperson who exceeds company targets every quarter? Adjust the criteria in these reviews until they accurately assess the values that matter for the long term.

Train for Values-Based Decision Making

Executives are oft en expected to make decisions that may require trade-offs between social benefits and financial costs, but they oft en lack the training to make informed choices. Only fifty percent of the survey respondents say their firms and organizations provide such training; and very few programs help managers understand the social, environmental and economic effects of decisions. It is a clear fact that innovative educational programs such as those that offer opportunities for dialogue with community groups, on governmental organisations or regulators help corporate executives estimate costs and benefits.

Measure Your Returnon Values

There are ways to begin to assess your return on values and pinpoint opportunities to improve it. How about a 3600 review on corporate value performance and how values are lived every day in the firm? Ask customers how the company is doing as a neighbor and then share the performance review with all employees.

Go Outside To Make Your Business Better

Don't just volunteer in the community; learn from it. Companies that rely solely on employee volunteer programs as a way of engaging community members oft en miss opportunities to understand their markets and avoid strategic mistakes.

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.