Personal Values ; Corporate Strategy
Practicality Often people with great talent, artistic temperament, or other qualities fail to achieve because they are not practical in their thoughts and deeds. For example, when important opportunities come their way, they shun them; or they have a prejudiced view about the value of money, i.
e. they shun it. Any attempt on one’s part to be more practical will rapidly catapult one from one’s current status towards the pinnacle of success. Strategies: List two to four ways you have been or are impractical in life.
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keep reaffirming your new approach till it becomes part of your being. If ou are not sure if and how you are impractical, why not be brave and ask those who are looking out for your best interests for their opinions. What are Corporate Values? Corporate values as basis for corporate culture Corporate culture refers to a company’s values, beliefs, business principles, traditions, ways of operating, and internal work environment. How is corporate culture developed?
Can originate anywhere: From one influential individual, work group, department, or division From bottom of the organizational hierarchy or the top Very often, many components of the culture originate with a founder or certain trong leaders who articulated them as a company philosophy or A set of principles to which the organization should rigidly adhere or as company policies – The role of stories: Company’s culture emerges from the stories that get told over and over again to illustrate newcomers the importance of certain values and beliefs and ways of operating.
Example: Fedex – is about a deliveryman who had been given the wrong key to a FedEx drop box.
Rather than leave the packages in the drop box until the next day when the right key is available, the deliveryman unbolted the drop box from its base, oaded it into the truck, and took it back to the station. There, the box was pried open and the contents removed and sped on their way to their destination the next day. The story vividly communicates the kind of commitment the company wants every employee to exhibit in helping the company live up its reputation of reliable delivery.
Perpetuating the culture Company cultures can be perpetuated by : o screening and selecting new group members according to how well their values and personalities fit in, o by systematic indoctrination of new members in the culture’s fundamentals, o by efforts of senior group members to reiterate core alues in daily conversations and pronouncements, o by the telling and retelling of company legends, o by regular ceremonies honoring members who display cultural ideals, and o by visibly rewarding those who follow cultural value and penalizing those who don’t.
Forces that causes a culture to evolve Arrival of new leaders and turnover of key members often spawn new or different values and practices that alter the culture- Diversification into new business expansion into different geographical areas rapid growth that add new employees merger with acquisition of another company can all precipitate cultural changes lobalization and the Internet are today driving significant changes in the culture of companies all over the world What are the different types of corporate culture? . Strong culture- promote good strategy execution when there’s fit and hurt execution when there’s little fit ovalues and behavioral norms are like crabgrass: deeply rooted and difficult to weed out Three factors contribute to the development of strong cultures: 1 .
A founder or strong leader who establishes values, principles, and practices that are consistent and sensible in light of customer needs, competitive conditions, and strategic requirements; 2.
A sincere, long-standing company commitment to operating the business according to these established traditions, thereby creating an internal environment that supports decision making and strategies based on cultural norms; 3. A genuine concern for the well-being of the organization’s three biggest constituencies- customers, employees, and shareholders. 2. Weak culture A companies culture can be weak and fragmented in the sense that – subcultures exist, few values and behavioral norms are widely shared, and there are few sacred traditions.
any There’s little cohesion and glue across organization units-top executives don’t epeatedly espouse any business philosophy or exhibit commitment to particular values or extol use of particular operating practices. Because of a dearth of common values ad ingrained business approaches, organization members typically have no deeply felt sense of corporate identity.