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Values are general terms referring to those things which people regard as good, bad, right, wrong, desirable, justifiable etc. Business is driven by values. Values are potent sources of conflict as well as of cooperation. Managerial values are e.g. importance of good in organizations (like productivity, profit maximisation, employee welfare, industry leadership, organisational stability, organisational efficiency, organisational growth, social welfare etc.), groups within organisations ( like employees, customers, co-workers, superiors, subordinates, stock-holders etc.) and the personal goals of individuals.

Core Values

Honesty Being straightforward, sincere, truthful, free of fraud, deception or misrepresentation Respect To give particular attention to, show consideration for, or hold in high or special regard Responsibility Moral Leaders take responsibility for their own actions/failures . Involves a commitment to give a quality performance and not making promises that cannot be kept, such as committing to unrealistic delivery dates. Also calls for acknowledgment of implicit commitments, such as the protection of confidences Fairness Involves a elimination (or at least a minimization) of one's own feelings, prejudices and desires, so as to achieve a proper balance of conflicting interests.

Relevance of Values in Managers
1. Knowledge of business ethics will help managers in resolving ethical issues/dilemmas as they arise. 2. Knowledge of values will help managers in setting highly responsible tone for the organization - in individual judgments and decisions whether ethical or not. 3. It helps manager to realize their social responsibility. Many organizations find it wise to go beyond their primary mission and take into the needs of the community. Business ethics make managers more accountable for social responsibility. 4. Knowledge and awareness of the concept and practices of business ethics is equally helpful to practicing managers in managerial conduct and decision-making. decision-

Types of Values

refers to desirable end-states of existence, the goals that a person would like to achieve during his/her lifetime.

refers to preferable modes of behavior, or means of achieving the terminal values.

Importance of Values
1. Values lay the foundation for the understanding of attitudes and motivation because they influence our perceptions. 2. Individuals enter organizations with notions of what is right and wrong with which they interpret behaviors or outcomes—at times this can cloud objectivity and rationality. 3. Values generally influence attitudes and behavior. Does your values match with your Job/Organization? How you will react?

Personal Traits
Three personal traits act as moderators of an individuals personal values in decision making activities. They are  Ego strength  Field dependence and  Locus of control

Ego Strength
Ego strength is actually another term for selfconfidences. Ego strength is associated with personal beliefs. A person with high ego strength would be expected to rely more on his own personal values and beliefs of what is right and what is wrong and be less influenced by others.

Field dependence
The tendency to rely on oneself or the field as the primary referent for behavior is field dependence. People who have a tendency to rely on self as a primary referent for their behavior are fieldindependent people. They are relatively cold and distant in relations with others, and more able to separate themselves from others and the environment. However, they have greater accuracy in personal perception, have a more articulated body concept, and have higher restructuring ability.

Locus of Control
The degree to which people believe they are masters of their own fate. Internals (Internal locus of control) Individuals who believe that they control what happens to them. Externals (External locus of control) Individuals who believe that what happens to them is controlled by outside forces such as luck or chance.

Stages of Moral Development
There are six stages of moral development and an individual develops sequentially through the stages.  Stage one: actions that avoid punishment.  Stage two: actions that serve one‘s needs  Stage three: actions that gain approval from others;  Stage four: actions that abide laws and authority;  Stage Five: actions taken to abide by social contracts and  Stage six actions supported by universal principles. All six stages provide a rational moral Action



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