Generally, value has been taken to mean moral ideas, general conceptions or orientations towards the world or sometimes simply interests, attitudes, preferences, needs, sentiments and dispositions.
But sociologists use this term in a more precise sense to mean “the generalized end which has the connotations of rightness, goodness or inherent desirability”.
It is important and lasting beliefs or ideals shared by the members of a culture about what is good or bad and desirable or undesirable.
It has a major influence on a person’s behavior and attitude and serves as broad guidelines in all situations.
Actually, the value represents basic convictions that a specific mode of conduct or end-state of existence is personally or socially preferable to an opposite or converse mode of conduct or end-state of existence.
Some common business values are fairness, innovations and community involvement.
According to M. Haralambos, “A value is a belief that something is good and desirable”.
According to R.K. Mukherjee, “Values are socially approved desires and goals that are internalized through the process of conditioning, learning or socialization and that become subjective preferences, standards, and aspirations”.
According to Zaleznik and David, “Values are the ideas in the mind of men compared to norms in that they specify how people should behave. Values also attach degrees of goodness to activities and relationships”
According to I. J. Lehner and N.J. Kube, “Values are an integral part of the personal philosophy of life by which we generally mean the system of values by which we live. The philosophy of life includes our aims, ideals, and manner of thinking and the principles by which we guide our behavior”
According to T. W. Hippie, “Values are conscious or unconscious motivators and justifiers of the actions and judgment”
A value is a shared idea about how something is ranked in terms of desirability, worth or goodness. Sometimes, it has been interpreted to mean “such standards by means of which the ends of action are selected”.
Sometimes, it has been interpreted to mean “such standards by means of which the ends of action are selected”.
Thus, values are collective conceptions of what is considered good, desirable, and proper or bad, undesirable, and improper in a culture.
Familiar examples of values are wealth, loyalty, independence, equality, justice, fraternity and friendliness.
Familiar examples of values are wealth, loyalty, independence, equality, justice, fraternity and friendliness. These are generalized ends consciously pursued by or held up to individuals as being worthwhile in them.
It is not easy to clarify the fundamental values of a given society because of their sheer breadth.
Characteristics of Value
The values of a culture may change, but most remain stable during one person’s lifetime. The characteristics of values are:
- These are extremely practical, and valuation requires not just techniques but also an understanding of the strategic context.
- These can provide standards of competence and morality.
- These can go beyond specific situations or persons.
- Personal values can be influenced by culture, tradition, and a combination of internal and external factors.
- These are relatively permanent.
- These are more central to the core of a person.
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Types of Values
The values that are important to people tend to affect the types of decisions they make, how they perceive their environment, and their actual behaviors.
There are two types of values;
- Terminal Values.
- Instrumental Values.
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Importance of Values
Values are general principles to regulate our day-to-day behavior. They not only give direction to our behavior but are also ideals and objectives in themselves. They are the expression of the ultimate ends, goals or purposes of social action.
Our values are the basis of our judgments about what is desirable, beautiful, proper, correct, important, worthwhile and good as well as what is undesirable, ugly, incorrect, improper and bad.
- Value is the foundation for understanding the level of motivation.
- It influences our perception.
- Value helps to understand what ought to be or what ought not to be.
- It contains interpretations of right or wrong.
- These influence attitudes and behavior.
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Sources of Values
Sources of value are a comprehensive guide to financial decision-making suitable for beginners as well as experienced practitioners.
Sources of values are;
- Friends & peers.
- Community or society.
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Values are socially approved desires and goals that are internalized through the process of Conditioning, learning or socialization and that become subjective preferences, standards, and aspirations. They focus on the judgment of what ought to be.
Values can strongly influence employee conduct in the workplace. If an employee values honesty, hard work, and discipline, for example, he will likely make an effort to exhibit those traits in the workplace.
Values and Attitudes
We can control our behavior in a way that does not reflect our beliefs and values, which in order to embrace a diverse culture and behaviors as a successful manager; we have to adapt our behavior in a positive manner.
There are some similarities and differences between values and attitudes.
Values help to guide our behavior. It decides what we think as for right, wrong, good, or unjust.
Values are more or less permanent in nature. They represent single belief that, guides actions and judgment across objects and situations. They derived from social and cultural mores.