UNIT I

Introduction

Values: Concept, Types and formation of values

In management, business value is an informal term that includes all forms of value that determine the
health and well-being of the firm in the long run. Business value expands concept of value of the firm
beyond economic value (also own as economic profit, economic value added, and shareholder value) to
include other forms of value such as employee value, customer value, supplier value, channel partner
value, alliance partner value, managerial value, and societal value. Many of these forms of value are not
directly measured in monetary terms.

Business values can be:

 The principles you stand for personally - for example, integrity, perseverance, determination,
innovation, respect, passion and fair-mindedness

 The beliefs and attitudes you and your staff have in common in the workplace- how people
should behave, the way managers should act, how work should be done, how staff should treat
each other at work

 Your organization’s standards of behavior - what is acceptable business practice. From a

customer viewpoint, values are the kind of service they can expect to get when they deal with
your business.

Attributes of Values

 Dedication -How hard an employee works, or how much effort she puts forth, can go a long
way. Obviously, companies want results, but most employers prefer a worker who gives an
honest effort to one who might be considered a “natural” at the job, but is otherwise
disruptive. Either way, when an employee signs on with a business, she is agreeing to perform
her best to help the company flourish.

 Integrity -An important aspect of workplace values and ethics is integrity, or displaying honest
behavior at all times. For instance, an employee who works at a cash register is expected to
 balance the drawer and deposit the correct amount of money at the end of the night.
Integrity in the business world also might mean being honest when turning in an expense
report or not attempting to steal a sales account from a co-worker.

 Accountability - Employees in all industries are expected to act accountable for their actions.
That means showing up when they are scheduled and on time, and not taking advantage of
time allotted for breaks. It also means accepting responsibility for when things go wrong,
gathering yourself and willingly working toward a resolution. And sometimes it might mean
working longer than planned to see a project through to completion.

 Collaboration - In almost every industry, workplace values and ethics consist of teamwork.
That’s because most companies believe that when morale is high and everyone is working
together, success will follow. So it is important for employees to be team players--whether
assisting co-workers on a project, teaching new hires new tasks, or following the instructions
of a supervisor.

 Conduct - Employee conduct is an integral aspect of workplace values and ethics. Employees
must not only treat others with respect, but exhibit appropriate behavior in all facets of the
job. That includes wearing proper attire, using language that’s considered suitable around the
office and conducting themselves with professionalism. Every company enforces its own
specific rules on conduct, and typically makes them extremely clear in employee handbooks
and training manuals.

The Importance of Values

Core values are what support the vision, shape the culture and reflect what a company values.  They are
the essence of the company’s identity – the principles, beliefs or philosophy of values. Many companies
focus mostly on the technical competencies but often forget what are the underlying competencies that
make their companies run smoothly — core values. Establishing strong core values provides both
internal and external advantages to the company:

1. They determine your company distinctives. What makes you different from everyone else in your
industry or in your field? What differentiates you? One way to do this is with your core values. You
want to be clear about what those are.
2. They dictate personal involvement and alignment. When you go to hire staff and employees, you
want people who are in alignment with your values. You can always train them in skills. But
they mustbe in alignment with your core values.
3. They communicate what is important. What’s important to you, the employees, and the company
can be clarified in your values for your clients and customers to see.
4. They influence overall behavior. The core values influence how the staff here at Gringos act, and
you can see it. They live it out, and you want that to happen in your company.
5. They inspire people to action. People take positive action because they aspire to live up to those
core values.
6. They contribute to the overall success of the organization.
7. They shape the organizational culture.

Types of Values

Types of values including personal, family, socio-cultural, material, spiritual and moral values. A value
refers to a person’s principles or standards of behavior. It is an individual’s judgement of what is
important in life. Examples of universal values include honesty, responsibility, truth, tolerance,
cooperation, solidarity, peace and respect. Other values in life are affection, adventure, abundance,
acceptance, creativity and credibility.

 Personal values are absolute or relative. Ethical values provide the foundation for ethical action.
They are considered fundamental principles on which one’s life is built and which guide how one
relates with others. Personal values are largely determined by family values, social-cultural values
and individual’s own experiences.
 Family values are the principles valued in a family, and may be good or bad. They are derived
from the ultimate beliefs of parents who use them to raise their children. Family values are
among the fundamental principles that guide an individual’s behavior in society.
 Social-cultural values are the existing values of a given society which may or may not be in
tandem with personal or family values. Moral values are the attitudes and conducts regarded by
the society as important for mutual coexistence, order and overall well-being.
 Material values are essential for survival. They are related to humanity’s basic needs and also
involve protection from the environment. Spiritual or religious values govern the non-material
aspects of people’s lives and allow individuals to feel a sense of fulfillment.
  Spiritual Values are refers to the importance we give to non-material aspects in our lives. They
are part of our human needs and allow us to feel fulfilled. They add meaning and foundation to
our life, as do religious beliefs.
 Moral value the attitudes and behaviors that a society considers essential for coexistence, order,
and general well being.

Relationship between ethics and values

Values and ethics are important in the workplace to help keep order, ensuring that a company runs
smoothly and remains profitable. Each individual company makes its values and ethics known almost
immediately after hiring an employee, or many times, during the interview process. And in many
businesses, no matter how well an employee performs, if he doesn’t follow workplace values and ethics,
it can result in termination.

Relationship between values and Behavior

Values remain embedded in our minds since childhood. As children, we are taught what is good, bad,
right or wrong by parents, educational institutions and social groups. These values become part of our
behavior and personality when we grow up and are transmitted to future generations, thus, creating a
healthy society.

Good people and organizations are those whose actions and behavior are based on a sound value system
and ethical principles. Value system is a combination of all values that an individual should have. Values
lay foundation for organizational success.

They develop the attitudes, perceptions and motives that shape the behavior of people working in the
organization. This develops a sound organization culture that promotes image of the organization in the
society. Values in individuals develop a value-based organization, society, nation and the world as a
whole.

Values of Managers

Management is a systematic way of doing work in any field. Its task is to make people capable of joint
performance, to make their weaknesses irrelevant and convert them into strengths. It strikes harmony in
working equilibrium, in thoughts and actions, goals and achievements, plans and performance, products
and markets.
Lack of management will cause disorder, confusion, wastage, delay, destruction and even depression.
Successful management means managing men, money and material in the best possible way according
to circumstances and environment.

Most of the Indian enterprises today face conflicts, tensions, low efficiency and productivity, absence of
motivation, lack of work culture, etc. This is perhaps due to the reason that managers are moving away
from the concept of values and ethics. The lure for maximizing profits is deviating them from the value-
based managerial behavior. There is need for managers to develop a set of values and beliefs that will
help them attain the ultimate goals of profits, survival and growth.

They need to develop the following values

1. Optimum utilization of resources - The first lesson in the management science is to choose wisely and
utilize optimally the scarce resources to succeed in business venture.

2. Attitude towards work - Managers has to develop visionary perspective in their work. They have to
develop a sense of larger vision in their work for the common good.

3. Work commitment - Managers have to work with dedication. Dedicated work means ‘work for the
sake of work’. Though results are important, performance should not always be based on expected
benefits. They should focus on the quality of performance. The best means for effective work
performance is to become the work itself.

Managers should renounce egoism and promote team work, dignity, sharing, cooperation, harmony,
trust, sacrificing lower needs for higher goals, seeing others in you and yourself in others etc. The work
must be done with detachment. De-personified intelligence is best suited for those who sincerely believe
in the supremacy of organizational goals as compared to narrow personal success and achievement.

Value based managers do the following to discharge their duties well:

 Cultivate sound philosophy of life.

 Identify with inner core of self-sufficiency.
 Strive for excellence through ‘Work is Worship’.
 Build internal integrated force to face contrary impulses and emotions.
 Ethics

‘Management Ethics’ is related to social responsiveness of a firm. It is “the discipline dealing with what is
good and bad, or right and wrong, or with moral duty and obligation. It is a standard of behavior that
guides individual managers in their works”.

“It is the set of moral principles that governs the actions of an individual or a group.”

Business ethics is application of ethical principles to business relationships and activities. When
managers assume social responsibility, it is believed they will do it ethically, that is, they know what is
right and wrong.

Ethics in general refers to a system of good and bad, moral and immoral, fair and unfair. It is a code of
conduct that is supposed to align behaviors within an organization and the social framework. But the
question that remains is, where and when did business ethics come into being?

Primarily ethics in business is affected by three sources - culture, religion and laws of the state. It is for
this reason we do not have uniform or completely similar standards across the globe. These three factors
exert influences to varying degrees on humans which ultimately get reflected in the ethics of the
organization. For example, ethics followed by Infosys are different than those followed by Reliance
Industries or by Tata group for that matter. Again ethical procedures vary across geographic boundaries.

Below is a list of some significant ethical principles to be followed for a successful business

1. Protect the basic rights of the employees/workers.

2. Follow health, safety and environmental standards.
3. Continuously improvise the products, operations and production facilities to optimize the
resource consumption
4. Do not replicate the packaging style so as to mislead the consumers.
5. Indulge in truthful and reliable advertising.
6. Strictly adhere to the product safety standards.
7. Accept new ideas. Encourage feedback from both employees as well as customers.
8. Present factual information. Maintain accurate and true business records.
9. Treat everyone (employees, partners and customers) with respect and integrity.
10. The mission and vision of the company should be very clear to it.
 11. Do not get engaged in business relationships that lead to conflicts of interest. Discourage black
marketing, corruption and hoarding.
12. Meet all the commitments and obligations timely.
13. Encourage free and open competition. Do not ruin competitors’ image by fraudulent practices.
14. The policies and procedures of the Company should be updated regularly.
15. Maintain confidentiality of personal data and proprietary records held by the company.
16. Do not accept child labour, forced labour or any other human right abuses.

Types of Management Ethics

Three types of management ethics or standards of conduct are identified

1. Immoral management:

It implies lack of ethical practices followed by managers. Managers want to maximize profits even if it is
at the cost of legal standards or concern for employees.

2. Moral management:

According to moral management ethics, managers aim to maximize profits within the confines of ethical
values and principles. They conform to professional and legal standards of conduct. The guiding principle
in moral management ethics is “Is this action, decision, or behavior fair to us and all parties involved?”

3. Amoral management:

This type of management ethics lies between moral and immoral management ethics. Managers respond
to personal and legal ethics only if they are required to do so; otherwise there is lack of ethical
perception and awareness.

There are two types of amoral management:

(a) Intentional:

Managers deliberately avoid ethical practices in business decisions because they think ethics should be
followed in non-business activities.

(b) Unintentional:
Managers do not deliberately avoid ethical practices but unintentionally they make decisions whose
moral implications are not taken into consideration.

Sources of Business Ethics

 Genetically

 Family influences - George Lakoff's theory of moral politics states that these arise from family role
differences ultimately, with a moral code emphasizing the logos or "rule" of the father as being
the source of the motivations of the political "right", and one emphasizing the more merciful
moderns or mother-like view as being moral source for the "left".

 Religion - It is one of the oldest foundations of ethical standards. Religion wields varying
influences across various sects of people. It is believed that ethics is a manifestation of the divine
and so it draws a line between the good and the bad in the society. Depending upon the degree
of religious influence we have different sects of people; we have sects, those who are referred to
as orthodox or fundamentalists and those who are called as moderates. Needless to mention,
religion exerts itself to a greater degree among the orthodox and to lesser extent in case of
moderates. Fundamentally however all the religions operate on the principle of reciprocity
towards ones fellow beings!

 Culture - Culture is a pattern of behaviors and values that are transferred from one generation to
another, those that are considered as ideal or within the acceptable limits. No wonder therefore
that it is the culture that predominantly determines what is wrong and what is right. It is the
culture that defines certain behavior as acceptable and others as unacceptable.
Human civilization in fact has passed through various cultures, wherein the moral code was
redrafted depending upon the epoch that was. What was immoral or unacceptable in certain
culture became acceptable later on and vice versa.

 Law - Laws are procedures and code of conduct that are laid down by the legal system of the
state. They are meant to guide human behavior within the social fabric. The major problem with
the law is that all the ethical expectations cannot be covered by the law and specially with ever
changing outer environment the law keeps on changing but often fails to keep pace. In business,
 complying with the rule of law is taken as ethical behavior, but organizations often break laws by
evading taxes, compromising on quality, service norms etc.

Importance of Business Ethics

1. Corresponds to Basic Human Needs - The basic need of every human being is that they want to be a
part of the organization which they can respect and be proud of, because they perceive it to be ethical.
Everybody likes to be associated with an organization which the society respects as a honest and socially
responsible organization. The HR managers have to fulfill this basic need of the employees as well as
their own basic need that they want to direct an ethical organization. The basic needs of the employees
as well as the managers compel the organizations to be ethically oriented.

2. Credibility in the Public - Ethical values of an organization create credibility in the public eye. People
will like to buy the product of a company if they believe that the company is honest and is offering value
for money. The public issues of such companies are bound to be a success. Because of this reason only
the cola companies are spending huge sums of money on the advertisements now-a-days to convince
the public that their products are safe and free from pesticides of any kind.

3. Credibility with the Employees - When employees are convinced of the ethical values of the
organization they are working for, they hold the organization in high esteem. It creates common goals,
values and language. The HR manager will have credibility with the employees just because the
organization has creditability in the eyes of the public. Perceived social uprightness and moral values can
win the employees more than any other incentive plans.

4. Better Decision Making - Respect for ethics will force a management to take various economic, social
and ethical aspects into consideration while taking the decisions. Decision making will be better if the
decisions are in the interest of the public, employees and company’s own long term good.

5. Profitability - Being ethical does not mean not making any profits. Every organisation has a
responsibility towards itself also i.e., to earn profits. Ethical companies are bound to be successful and
more profitable in the long run though in the short run they can lose money.

6. Protection of Society - Ethics can protect the society in a better way than even the legal system of the
country. Where law fails, ethics always succeed. The government cannot regulate all the activities that
are harmful to the society. A HR manager, who is ethically sound, can reach out to agitated employees,
more effectively than the police.

Ethical Decision Making and Decision Making Process

1 - Gather the Facts

 Don’t jump to conclusions without the facts

 Questions to ask: Who, what, where, when, how, and why.
 However, facts may be difficult to find because of the
 uncertainty often found around ethical issues
 Some facts are not available
 Assemble as many facts as possible before proceeding
 Clarify what assumptions you are making!

2 – Define the Ethical Issues

 Don’t jump to solutions without first identifying the ethical issue(s) in the situation.
 Define the ethical basis for the issue you want to focus on.
 There may be multiple ethical issues – focus on one major one at a time.

3 – Identify the Affected Parties

 Identify all of the stakeholders

 Who are the primary or direct stakeholders?
 Who are the secondary or indirect stakeholders?
 Why are they stakeholders for the issue?
 Perspective-taking -- Try to see things through the eyes of those individuals affected

4 – Identify the Consequences

 Think about potential positive and negative consequences for affected parties by the decision
(Focus on primary stakeholders to simplify analysis until you become comfortable with the
process)
 What are the magnitude of the consequences and the probability that the consequences will
happen.
  Short term vs. Long term consequences – will decision be valid over time.

5 – Consider Your Character & Integrity

 Consider what your relevant community members would consider to be the kind of decision that
an individual of integrity would make in this situation.
 What specific virtues are relevant in the situation?
 Disclosure rule – what would you do if the New York Times reported your action and everyone
was to read it.
 Think about how your decision will be remembered when you are gone.

6 – Think Creatively About Potential Actions

 Be sure you have not been unnecessarily forced into a corner

 You may have some choices or alternatives that have not been considered
 If you have come up with solutions “a” and “b,” try to brainstorm and come up with a “c” solution
that might satisfy the interests of the primary parties involved in the situation.

Ethical Decision Making and Decision Making Process

Ethical decision making should be a collaborative process between client and counselor, rather than a
counselor making decisions for the client. Below are the steps, with suggested questions, to assist you in
thinking through an ethical dilemma. This is one of several decision-making models which can be utilized.
The steps taken may not always follow the same order shown and steps may be repeated several times
in the process.

1. Identify the problem or dilemma.

● does a problem or dilemma actually exists?

● is this an ethical, legal, moral, professional, or clinical problem?
● is it a combination of more than one of these?
● How can you know the nature of the problem?
● would you consult at this early stage as you are identifying the problem?
● How might you begin the process of consultation with your client about the nature of the problem?
2. Identify the potential issues involved.

● How might you best evaluate the rights, responsibilities, and welfare of all those involved and those who are
affected by the decision, including your own welfare as a practitioner?
● How can you best promote your client's independence and self-determination?
● What actions have the least chance of bringing harm to your client?
● What decision will best safeguard the client's welfare?
● How can you create a trusting and collaborative climate where your clients can find their own answers?
● What principles can you use in prioritizing the potential issues involved in this situation?
● Are there any ways to encourage the client to participate in identifying and determining potential ethical
issues?

3. What guidance can you find on the specific problem under review by consulting with the professional codes?

● Are your values in agreement with the specific ethical code in question?
● How clear and specific are the codes on the specific area under consideration?
● Are the codes consistent with applicable state laws?

4. Know the applicable laws and regulations.

● Are there any laws or regulations that have a bearing on the situation under consideration?
● What are the specific and relevant state and federal laws that apply to the ethical dilemma?
● What are the rules, regulations, and policies of the agency or institution where you work?

5. Obtain consultation.

Relevance of Ethics in business

Business ethics is important for the following reasons:

1. Business organizations are economic and social institutions that serve customers’ needs by supplying
those right goods at the right place, time and price. This is possible if the institutions engage in ethical
practices.

2. Business ethics help in long-run survival of the firms. Unethical practices like paying low wages to
workers, providing poor working conditions, lack of health and safety measures for employees, selling
smuggled or adulterated goods, tax evasion etc. can increase short-run profits but endanger their long-
run survival. It is important, therefore, for firms to suffer short-term losses but fulfill ethical social
obligations to secure their long-term future.

3. Business houses operate in the social environment and use resources provided by the society. They
are, therefore, morally and socially committed to look after the interests of society by adopting ethical
business practices.

4. Ethical business activities improve company’s image and give it edge over competitors to promote
sales and profits.

5. Legal framework of a country also enforces ethical practices. Under Consumer Protection Act, for
example, consumers can complain against unethical business practices. Labour laws protect the interests
of workers against unethical practices. Legal framework of the country, therefore, promotes ethical
business behavior. Business houses want to avoid Government intervention and, therefore, follow
ethical practices.

Ethical Issues

In the complex global business environment of the 21st century, companies of every size face a
multitude of ethical issues. Businesses have the responsibility to develop codes of conduct and ethics
that every member of the organization must abide by and put into action. Fundamental ethical issues
include concepts such and integrity and trust, but more complex issues include accommodating diversity,
decision-making, compliance and governance.

Different types of Ethical Issues

 Fundamental Issues

The most fundamental or essential ethical issues that businesses must face are integrity and trust. A
basic understanding of integrity includes the idea of conducting your business affairs with honesty and a
commitment to treating every customer fairly. When customers perceive that a company is exhibiting an
unwavering commitment to ethical business practices, a high level of trust can develop between the
business and the people it seeks to serve. A relationship of trust between you and your customers may
be a key determinate to your company's success.

 Diversity Issues
 According to the HSBC Group, "the world is a rich and diverse place full of interesting cultures and
people, who should be treated with respect and from whom there is a great deal to learn." An ethical
response to diversity begins with recruiting a diverse workforce, enforces equal opportunity in all
training programs and is fulfilled when every employee is able to enjoy a respectful workplace
environment that values their contributions. Maximizing the value of each employee’s contribution is a
key element in your business's success.

 Decision-Making Issues

Ethical decision-making processes should center on protecting employee and customer rights, making
sure all business operations are fair and just, protecting the common good and making sure individual
values and beliefs of workers are protected.

 Compliance and Governance Issues

Businesses are expected to fully comply with environmental laws, federal and state safety regulations,
fiscal and monetary reporting statutes and all applicable civil rights laws. The Aluminum Company of
America's approach to compliance issues states, "no one may ask any employee to break the law, or go
against company values, policies and procedures, and we expect all directors, officers and other to
conduct business in compliance with our Business Conduct Policies."

Some of the famous Ethical Issues

1. Enron – Questionable accounting practices and manipulation of the energy supply brought down this
company.
2. Monsanto – Monsanto has been criticized for its mega-size.  Critics fear they are taking over the food
supply as well as creating negative environmental issues.
3. Arthur Andersen – Arthur Andersen is known for its unethical auditing practices.
4. WalMart – Studies have shown that WalMart may save people money but they may also negatively
impact communities.  Their low prices may also hurt suppliers. The company received criticism when
leadership announced they wanted to hire healthier, more productive employees. WalMart has been
accused of being anti-union and has survived sweatshop and discrimination scandals.
5. Countrywide – The company offered subprime loans that later resulted in default.  Critics have
claimed that Countrywide employees told clients that their properties would increase in value and
 that their loans would be able to be refinanced when market values rose.  The market values declined
causing many to lose their homes.  
6. Beechnut – Beechnut’s ethics came into question when it was discovered that they were selling
“apple juice” to foreign countries that contained something less than apple juice. 
7. Nike – Manufacturing practices included producing shoes offshore to save money. Nike has used its
share of sweatshops in manufacturing. They have come under fire for human rights violations.
8. Scott Thompson – Yahoo! ’s - Thompson was brought in as Yahoo’s new CEO in early 2012, in an
attempt to reverse the struggling company’s fortunes. By May, a shareholder activist group alleged
that Thompson had embellished his resume by claiming he had a degree in computer science, along
with an accounting degree. He has only an accounting degree.

Ethos of Vedanta in Management

Ethics are about making choices that may not always feel good or seem like they benefit you but are the
'right' choices to make. They are the choices that are examples of 'model citizen' and are the examples of
'golden rules' like; don't hurt, don't steal, don't be dishonest, don't lie. But if we take Ethics as a
subjective philosophy then what will happen to these golden rules. Especially at the time of facing any
ethical dilemma how one should decide - what is ethical and what's unethical? Organization provides
rules, regulations, code of conduct, protocols which provide guidelines to work, it shows how to walk,
but it does not show the correct path to walk on. Ethical dilemmas faced by managers are often more
real to life and highly complex with no clear guidelines, whether in law or often in religion.

Vedanta is the systematic presentation of teaching of the Upanishads, which says

● All cultures in India have roots in Vedanta.

● Vedanta is a living philosophy of life in India which is a part of the mental structureof our people.

● Simplicity is the key note of Vedantic ethics.

● Vedantic gurus grasped the truth that problems of secular pursuits can not beresolved by secular
route.
Concept of work in Vedanta Work is here considered as an exercise of energy. A living being has no
alternative but to be working- physically or mentally. A non working body is a dead body. A man has to
work to realize that divinity residing in him. Thus attitude towards work is quite different. An Indian does
not work for a livelihood only, but he considers it as his duty( Sadhana), as Indian philosophy teaches
that every work you perform can only be an offering to that divine in you.

Indian ethos in management

Indian management is slowly emerging to promote equally excellence and spiritual enrichment both in
individual and collective life. The salient ideas and thoughts of Indian ethos in management revealed by
our scriptures are:
1. Atmano Moksharathan, Jagat hitaya - All work is an opportunity for doing good to the world and thus
gaining materially and spiritually in our lives.
2. Archyet Dana Manabhyam - Worship people not only with material things but also by showing respect
to their ever present divinity within
3. Atmana Vindyate Viryan - Strength and inspiration for excelling in work comes from the divine, God
within, through prayer, holy readings and unselfish work.
4. Yogah karmasu kaushalam. Samatvam yoga uchyate - He who works with calm and even mind
achieves the most
5. Yahishi Bhavana yasya siddhi bhavati tadrishi - As we think, so we succeed, so we become. Attention
to means ensures the end.
6. Parasparam bhavayantah shreyah param bhavapsyathah - By mutual co-operation, respect and fellow
feeling all of us will enjoy the highest good both material and spiritual.
7. Tesham sukhm tesham shanty shaswati - Infinite happiness and infinite peace comes to them, who see
the Divine in all beings.
8. Paraspar Devo Bhav - Regard the other person as a divine being. All of us have the same consciousness
though our containers are different.
 Hierarchy as an Organizational Value
Most organizations claim to follow a set of “values,” but few actually follow their own values or take
them seriously enough. But among those who do try to follow their values, a select few treat their values
with utmost reverence, a strategy that gives them an unassailable competitive advantage. These value-
driven organizations consistently outperform their competitors.

Even if an organization takes its values seriously, should all values be treated as equal? Most
organizations treat each of their values as equally important, which is natural because it would be
extremely difficult to say which one is more important and which one is less important.

Values or “Key Behaviors” can be imagined as a pyramid with the following three distinct levels (see
diagram below).

Level 1 (Foundational values): These values form your organization’s DNA and you can’t imagine any
business without these key behaviors. This is your foundation. For example, values like integrity,
sustainability, fairness, etc. belong to this level.
Level 2 (Performance values): These values have brought you where you are today. These behaviors
were fundamental to your success so far. At this level, there are values like customer focus, operational
excellence or quality.

Level 3 (Future values): These values are key to securing future competitiveness. Without them,
organization may falter in the future. Values like innovation, ambition to change the world, adaptability,
etc. belong to this level.