There is scepticism regarding the role of values in business. Values are at best implemented as checklists and codes of conduct and not as a fundamental way of enhancing stakeholder well-being, including employees, customers, vendors and the larger ecosystem. Organizations take note of values only when instances of ethical malpractices surface—be it financial, gender-based, intellectual property and so on. Values bring out the best in individuals, teams and the organization by establishing a strong foundation for actions and interactions. Right from improving the effectiveness of day-to-day meetings to creating a culture of creativity and innovation, values form the substratum for every aspect and functioning of the organization. This book establishes a strong rationale for instilling values in business organizations by demonstrating how values are the foundation for excellence, productivity, creativity, quality and for creating a stress-free work environment. By presenting experiences, challenges, inspirations and conflicts regarding values, the book will help employees at all levels strengthen their conviction regarding values at the workplace. Addressing managers at all levels and the leadership, the book pragmatically discusses how to build and nurture a values-based culture in the organization. The authors examine the subject of values from the point of view of each individual’s personal journey, and finally delve into the crucial topic of values-based leadership, which is indispensable for a culture of values

Confusion Over Nomenclature
Confusion over nomenclature

Image 8

Values Are Not Just about Preventing Fraud

For some years now, a lot has been written and spoken about the subject of integrity in business—more specifically accounting practices and fraud prevention.

When we discuss the subject of ‘values’ with anyone, the first impression they have is that it is something to do with addressing malpractices in the business. And that too typically revolving around accounts and finance matters. Since the subject often has drama and scandal associated with it, it attracts more attention.

Table 2.1 shows some of the financial fraud cases that drew worldwide attention.

Table 2.1 Some Worldwide Scams and Scandalsa
CompanyYearAllegations
Punjab National Bank Scam2011–2018Fraudulent letter of undertaking worth crores
Commonwealth Games2010Spending was far less than what was declared
Satyam Computers2009Manipulating balance sheet
Bernie Madoff ...
locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles