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How to write a company value statement that will achieve strategic impact

How to write a company value statement that will achieve strategic impact PurposeThis article aims to present a novel, powerful and proven alternative for the flawed way in which firms traditionally state “company values”.Design/methodology/approachAn analysis was made of the value statements of the 100 largest Fortune Global 500 firms. A literature search on company values was conducted. The authors’ field experience with the use of company values was applied.FindingsA majority of large global companies have stated company values. There is abundant pundits’ advice on how to define, embed and live by company values. Nevertheless, stated company values generally have no impact on performance; worse, they may blow up in managers’ faces, with accusations of hypocrisy. The novel approach overcomes these shortcomings. First, it removes unnegotiable qualities, consigning these to the company’s code of conduct. Second, it no longer states a value as a singular point of perfection but as a position of a cursor on a scale.Research limitations/implicationsThis approach looks at a value as a capability, that is, a resource that requires investment and development, one that helps the company to be more effective than its competitors and that its competitors would find hard to imitate readily.Practical implicationsThis approach looks at a value as a capability, that is, a resource that requires investment and development, one that helps the company to be more effective than its competitors and that its competitors would find hard to imitate readily.Originality/valueThe article is of value to practicing managers. The approach helps the firm to distinguish itself from competitors in a positive and hard-to-imitate way. It stimulates productive open conversations between the firm’s managers and employees. It leads to statements that both reveal and reinforce the firm’s desired culture. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Strategy & Leadership Emerald Publishing

How to write a company value statement that will achieve strategic impact

Strategy & Leadership , Volume 46 (2): 7 – Mar 19, 2018

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1087-8572
DOI
10.1108/SL-12-2017-0127
Publisher site
See Article on Publisher Site

Abstract

PurposeThis article aims to present a novel, powerful and proven alternative for the flawed way in which firms traditionally state “company values”.Design/methodology/approachAn analysis was made of the value statements of the 100 largest Fortune Global 500 firms. A literature search on company values was conducted. The authors’ field experience with the use of company values was applied.FindingsA majority of large global companies have stated company values. There is abundant pundits’ advice on how to define, embed and live by company values. Nevertheless, stated company values generally have no impact on performance; worse, they may blow up in managers’ faces, with accusations of hypocrisy. The novel approach overcomes these shortcomings. First, it removes unnegotiable qualities, consigning these to the company’s code of conduct. Second, it no longer states a value as a singular point of perfection but as a position of a cursor on a scale.Research limitations/implicationsThis approach looks at a value as a capability, that is, a resource that requires investment and development, one that helps the company to be more effective than its competitors and that its competitors would find hard to imitate readily.Practical implicationsThis approach looks at a value as a capability, that is, a resource that requires investment and development, one that helps the company to be more effective than its competitors and that its competitors would find hard to imitate readily.Originality/valueThe article is of value to practicing managers. The approach helps the firm to distinguish itself from competitors in a positive and hard-to-imitate way. It stimulates productive open conversations between the firm’s managers and employees. It leads to statements that both reveal and reinforce the firm’s desired culture.

Journal

Strategy & LeadershipEmerald Publishing

Published: Mar 19, 2018

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