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Saturday, 4 December 2021

Values in business ethics

                                                           VALUES


According to M. Haralambos (2000), “A value is a

belief that something is good and desirable.”


FEATURES/CHARACTERISTICS OF VALUES


Values are often vaguely defined by an individual.


Values are often defined in terms of concepts.


Values are different states of intentionality which

when activated, guide behaviour and create

meaning.


Values support individual needs.


Values change as needs and circumstances change.


Values may be inculcated through learning or

adopted as a result of life experiences.


Most of the basic values are learnt early in life

from family, friends, neighbourhood, school,

print/visual media and other sources within the

society.


Values may be specific, such as honouring one’s

parents or owning a home or they may be more

general, such as health, love and democracy.


Value systems can be different from culture to

culture. Values are also different for each person.

While one person might value honesty, another

might value wealth.


We use ‘values self-awareness’ to evaluate the

appropriateness of our behavior as well as

behavior of others.


VALUES


Our values are qualities or ideas which each of us

cares about and considers important.


They must be chosen freely, rather than being forced

on us.


They can be morally or ethically based or simply based

on a want or need.


Our values have positive qualities for us, and tend to

show up in every aspect of our lives.


Values are the elements on which we base our actions,

behaviour and decisions.


Types of values include: family, professional, national,

spriritual.


Broad Classification of Values


Individual Values – These are the values which

are related with the development of human

personality or individual norms of recognition

and protection of the human personality such

as honesty, loyalty, honour etc.


Collective Values- Values connected with the

solidarity of the community or collective

norms of equality, justice, solidarity and

sociable are known as collective values.


On the basis of hierarchical arrangement


Terminal Values – These are the values that we

think are most important or most desirable. They

are desirable states of existence that we work

towards or try to reach.


Intrinsic Values – These are the values which are

related with goals of life. They are sometimes

known as ultimate and transcendent values.


Instrumental Values – These values come after

the intrinsic values in the hierarchy of gradation

of values. These values are the means to achieve

goals (intrinsic values) of life.


On the basis of organizational

setting/organizational values


Relationship Values – Relationship values

reflect how you relate to other people in

your life, i.e. friends, family or colleagues in

the organization.


Societal Values – Societal values reflect how

the individual or the organization relates to

society.


On the basis of nature of values


Personal Values – These are the values endorsed

by an individual.


Family Values – Family values are the principles

valued in a family, and may be good or bad.


Social-cultural Values – Cultural values are

centered on what a culture believes is fair and

just. These are the prevailing values of the

society which change with time and either

coincide or not with the family or personal

values.


(4) Material Values – These values allow an

individual to survive and are related to the basic

needs of human beings, such as food, clothing and

protection from the environment.


(5) Spiritual Values – Spiritual Values are how you

represent what you believe in when it comes to

religion/spirituality. Spiritual values are the way

you believe in your own god.


(6) Moral Values – Moral values are the attitudes

and behaviours that a society considers essential

for coexistence, order and general wellbeing of

the society.


(7) Aesthetic Values – Aesthetic values are the

values associated with evaluation of artwork or

beauty.


MAIN FUNCTIONS OF VALUES


Values play an important role in the integration and

fulfillment of man’s basic impulses and desires in a

stable and consistent manner appropriate for his

living.


They are generic experiences in social action made up

of both individual and social responses and attitudes.


They build up societies and integrate social relations.


They mould the ideal dimensions of personality and

range and depth of culture.


They influence people’s behaviour and serve as criteria

for evaluating the actions of others.


They have a great role to play in the conduct of social

life.


They help in creating norms to guide day-to-day

behaviour.


IMPORTANCE OF VALUES


The values are important because they help us to

grow and develop. They help us to create the

future we want to experience.


Their importance is independent of the

circumstances. For example, even though if we

may be unfair, fairness still has a value.


In an organization, values serve as a framework

for the behaviour of its members, In this regard,

an organization’s value are reflected in the

specific behaviours of its members, and not just in

its mission statement.


When we use our values to make decisions, we make a

deliberate choice to focus on what is important to us.

When values are shared, they build internal cohesion

in a group.


Values enable individuals to feel that they are part of

something bigger than themselves.


Values are the motive power behind purposeful

action. They are the ends to which we act.


Values are essential to ethics. Ethics is concerned with

human actions and the choice of those actions. It

determines which values should be pursued, and

which should not. Ethics is a code of values.


For the well-being of the community, it is necessary to

have shared rules that guide the behaviour of its

members, otherwise the community will not function

satisfactorily for the

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