Core Values Are Invaluable

Turnaround managers have to operate under very tough environment. In some instances, he or she has to make bold decisions based on very little information. All decisions will result in consequences, whether these are positive or negative. His decisions are based on his value system that is his personal beliefs, connections and other influences. You are where you are because of the various decisions taken in your life.

For instance, a manager who is heavily in debt will be fearful of losing his job. As such, he may not take decisions that take too much risks and therefore risking his job. Thus he may just go along till the whole ship sinks together with him in it. For others, it may be a case of being a very democratic and caring personality. As such he may not be the right person to make tough decisions on cost-cutting or downsizing matters. Therefore, he may not be the appropriate person to exercise the restructuring. However, his temperament and values would place him in good stead to grow the company's business.

People's ethical inclinations are governed by their value systems. If they are easily tempted by small things, chances are that they will be succumbed by bigger temptations. For example, some dishonest executives may inflate their expense claims. They claim more on taxi fares, entertainment and tips than the actual. Such dishonest behaviour is rather stupid as amounts incurred for the claim can easily be verified. Most supervisors will not reject the claims unless the discrepancies are substantial. The conduct of such executives will leave behind a very bad impression. Such dishonest conduct may even jeopardise the future promotional prospects for these executives. If they cannot be trusted with small sums of money, chances are that they will not be trustworthy for handling larger portfolio involving big dollars and bucks.

It is believed that a political leader in Singapore determines the leadership of his young colleagues by inviting all their family members to have dinner with him. During the dinner, he will observe silently and closely how these young leaders handle their wives and children. This political leader believes that if these young and budding leaders cannot even manage their families, then chances are that they will not have the ability to manage national matters. It is rumoured that this leader does not take lightly to any of these political fledglings if they are divorced.

Normally, most people make decisions based on their own value and belief systems, rather than what they ought to decide. Companies too have their value systems. This is why many successful companies have enshrined their corporate values as part of their corporate culture. When the company's value is right, it can maximise shareholder's returns and delight the staff and the customers. It appears that the types of values that a company subscribes to is not as important as long as the values are ethical, honourable and acceptable. For example, 3M's value has been an emphasis on innovation, IBM on customers, Singapore Airlines on customer service, CISCO on technology. Right values can make the Fortune 500 companies not only stay within the 500 list but will also make them fortunate companies.

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