Role and Importance of Value in Management
A culture’s value system must be understood first. The culture’s goals and aims that have been established by its smartest individuals as being supreme and important are referred to as the value system. As a result, any culture’s beliefs and knowledge are kept alive through its value system.
A value system is a collection of moral standards and guidelines intended to uphold moral or ideological purity. A moral code is a set of clear values.
The following examples show the part values play in management:
1. Employee Development
The value system is a tool that managers may use to help their staff members flourish on all fronts. Vision is aided by values. These aid in the knowledge development and moral development of personnel.
Your latent skills might be brought to light by your values. You have everything you need to move forth in faith and courage to reach your greatest potential. calling for ethical and moral principles in organisations while inspiring oneself and others to do the same. No matter how difficult or demotivating a scenario may be, values provide the proper support for maintaining motivation all the time.
3. Factors that Drive Managerial Behavior
Fundamental to comprehending managing and organisational behaviour is the study of values. Managerial behaviour is influenced by managers’ value orientations.
4. Establish the habit
Values serve as the foundation for and largely dictate conduct within the business. As a result, the manager can influence employee behaviour to bring about change in the desired manner.
5. Contributes to change
Organizations share common values. When values are reevaluated and brought into alignment with the goals of the organisational structure, organisational change is promoted. Numerous people and organisations have already undergone transformation due to this method.
6. Establish mindsets
Understanding attitudes, motivations, and perceptions is based on values.
“Leadership by values” is a practise carried out by managers. By putting the spiritual ideals into practise in their managerial roles, they can become effective leaders.
8. Add originality
By adhering to a variety of ethical principles, managers can stay innovative in times of uncertainty and constant change. A new perspective on some issues and circumstances is the outcome of many traditional beliefs helping to improve cognitive abilities.
9. Managing in Borderless management and business are actually borderless and are no longer restricted to a national state. The actions and decisions of managers are not governed by different international governments. Managers have a lot of responsibility in many “lawless lands.” Value-based management is now absolutely necessary as a result. Managers must act in accordance with professional and moral standards, not only the letter of the law.