CORPORATE GOVERNANCE
CORPORATE GOVERNANCE
IMPORTANCE OF CORE VALUES IN AN ORGANIZATION ’ S CORPORATE STATEMENT
By Felix Okatch
Across the world institutions , organizations and corporations have come up with core value statements that show what they are and how they plan to achieve their goals and objectives in the short and long run . That is achieving their goals over time despite global and local challenges . They consolidate their energies through their respective core values and expect the stakeholders to perceive them favourably .
This is done through developing an organizations core values . This is what an organization stands for and strives to achieve . It is akin to the foundation stone for a builder . In building construction industry , laying a foundation is usually the starting point . If it is not done right at the start the building is bound to collapse in future or lean precariously as the Leaning Tower of Pisa in Italy .
When developing core values , they should not be many lest they become just general words and statements . In most cases the number of core values range from eight to three . Generally an average of five is sufficient .
We now need to address four aspects of core values for organizations to elucidate our understanding of the same . This calls for our understanding of what core values are and their meanings . We also need to comprehend how core values
‘‘ All employees , staff , management , and board need to be disciplined to focus on core values . Since all were involved in developing the core values , there needs to be focus and attention to the success of achieving the objectives of core values .’’ are developed as well .
As we do so we shall take into account how the core values are used by institutions and conclude by illustrating the expected results and way forward after developing core values for an organization .
Why core value analysis is important
Core values at the start are the prologue and abinito of company analysis of direction to its goals in business . It is the second step of corporate or company vision and mission statements .
Utilization of core values by organizations
It puts in place thoughts of employees , management and board in pursuance of the goal congruency of an organization ’ s strategic direction . Since it is developed by all , it then gives direction and communication within and outside the organization .
Core values assist the organization
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