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Role and Importance of Value in Management
To understand any culture, value system is first considered. The value system means the motives and ends of the culture, which have been defined and considered as ultimate and paramount by their wisest men. Thus, the principles and wisdom of any culture happen to be preserved in the form of its value system.
A value system is a set of consistent ethic values and measures used for the purpose of ethical or ideological integrity. A well-defined value system is a moral code.
Following are points highlight the role of values in management:
1. Development of Employees
Managers can use the value system for the all-round development of their employees. Values aid to vision. These help to develop the knowledge and moral growth of employees.
Values can act to awake your hidden talents in you. You have it all in you to go ahead with courage and faith to realize your full potential. Motivating oneself and motivating others to call for ethical and right values in organizations. Values give a right support in staying motivated all the time, no matter how de-motivating and stressful situations are there.
3. Underlie Managerial Behavior
The study of values is fundamental to the understanding of managing and organizational behavior the value orientations of managers underlie managerial behavior.
4. Determine behavior
values underlie and to a large extent determine behavior in the organization. Thus, the manager can bring change in the desired way through the behavior of employees.
5. Helps in bringing change
organizations are united through values. Values are facilitated organizational change when they are re-assessed and brought in line with the organizational structure objectives. This practice has already transformed several individuals and organizations.
6. Determine attitudes
values lay the foundation for the understanding of attitudes, motivations, and perceptions.
7. Promote leadership
managers are people who exercise their ‘leadership by values’. They can be effective leaders by practicing the spiritual values in their managing jobs.
8. Bring creativity
managers can remain creative in uncertain and ever-changing times by observing many ethical values. Many classic values help increase cognitive abilities that results In a new way of viewing some problems and situations.
9. Managing in Borderless
business and management are no longer confined to a national state but are really borderless. Managerial task and decisions are not regulated by various international governments. In many “lawless lands” the responsibility of managers is greater than ever. Hence, value-based management has become a prime necessity. Managers must perform by the need of moral and professionals values, not merely laws.
10. Involve in managerial goals
values are pervasive because they involve in the selection of missions, goals, and adjectives. The job of planning, organizing and controlling the behavior of individuals should also be compatible with managers’ values.
11. Guide to life, profession, and character
moral, ethical and professional values determine the character of employees and managers. They guide their profession and life. They should guide the real character of our lives as we serve our nations. Value can become the basis for the behavior of its members.
12. Personality development
managers remain interested in developing the personality of their employees and fellow members. Personality is the sum total of a variety of factors. But the selection of moral and basic values is an important factor because values provide thoughts, right desire, and zeal to change in the right direction.
13. Work ethic:
skill, initiative, habits, attitude, work manners, interpersonal vision, a challenge to change, and the quality of work produced constitute important elements in the mindset of any worker today. Ethical and timeless value place a strong role in doing a good job. Values can create a belief that work has intrinsic value for its own sake.