Lesson 3 linking the vision and mission with company values
- 1. Crafting and Executing Strategy: The managerial process Global Business Consultants & Partners Training Courses Copyright 2020 Global Business Consultants
- 2. Chapter 1. Developing a Strategic Vision, Mission and Values Lesson 3: Linking the Vision and Mission with Company Values
- 3. A company’s strategy is at full power only when its many pieces are united. A company’s vision, objectives, strategy, and approach to strategy implementation are never final; managing strategy is an on-going process, not an every-now-and-then task. Thompson et al. | 2014
- 4. The Values of a Company. Values are a company’s beliefs, traits and behavioral norms that company staff are expected to display in conducting the company’s business and pursuing its strategic vision. A company's Values are also referred to as Core Values. Company values relate to such things as fair treatment, integrity, ethical behavior, innovativeness, teamwork, social responsibility, customer service excellence, social responsibility, and corporate citizenship. Linking the Vision and Mission with Company Values
- 5. The Values of a Company. A company’s values are often developed in a statement of values. The Values statement emphasize the expectation that values be reflected in the conduct of company operations and behavior of company personnel. Most companies articulate between four and eight core values that company personnel are expected to display and that are supposed to be mirrored in how the company conducts its business. Linking the Vision and Mission with Company Values
- 6. The Values of a Company. Kodaks core values are respect for the dignity of the individual, uncompromising integrity, unquestioned trust, constant credibility, continual improvement and personal renewal, and open celebration of individual and team achievements. At Foster Wheeler, a global engineering and construction firm, the four core values are integrity, accountability, high performance, valuing people and teamwork. Linking the Vision and Mission with Company Values
- 7. The Values of a Company. In its quest to be the world’s leading home- improvement retail, Home Depot embraces eight values – entrepreneurial spirit, excellent customer service, giving back to the community, respect for all people, doing the right thing, taking care of people, building strong relationships and creating shareholder value. Linking the Vision and Mission with Company Values
- 8. Pitfalls of Company Values. Some company’s practice what they preach and some do not. At one extreme are companies with window- dressing values. These values are given lip service by the business owner or senior management. They have little discernible impact on either how company personnel behave or how the company operates. Linking the Vision and Mission with Company Values
- 9. Strengths of Company Values. At the other extreme are companies whose owner and management team are committed to grounding company operations on sound values and principled ways of doing business. The business owner of these companies will deliberately seek to ingrain the designated core values into the company’s DNA and what makes it tick. As opposed to those companies that are in “vogue” with itself, these company “walk-the-walk”. Linking the Vision and Mission with Company Values
- 10. Linking the Vision and Mission with Company Values. Connecting values to the pursuit of the company’s strategic vision and mission is achieved in one of two ways. In company’s with long standing, entrenched existing values; the business owner and management team are careful to develop a vision, mission and strategy that match established values. In this instance, the business owner and management team reiterate how the value-based behavioral norm contribute to the company’s business success. Linking the Vision and Mission with Company Values
- 11. Linking the Vision and Mission with Company Values. In new companies, the business owner and management team must consider what values, behaviors and business conduct should characterize the company. Then only can a values statement be drafted and circulated company-wide. Linking the Vision and Mission with Company Values
- 12. Linking the Vision and Mission with Company Values. A final values statement that incorporates the desired behaviors and traits and that which connects to the vision and mission should be officially adopted. A company can combine its vision, mission and values into a single statement or document and circulate company-wide. If the company has a website, it should post the vision, mission and values statement on it. Linking the Vision and Mission with Company Values
- 13. Congratulations! You’ve completed lesson 3. Recap: In this lesson you learned that a company’s values are the beliefs, traits and behavioural norms that guide a company's pursuit of its vision and mission. You also learned that values can be connected to a company’s vision, mission, and strategy in one of two ways, i.e. values drive vision and mission or values are determined based on a company’s selected vision and mission. Awesome work! Now click Complete and then Next for Chapter 2.