Have you heard the latest? Where, A is for Apple, but B is not for ball—it is B for Bluetooth, C is not for cat – but it is for Chat. And the saga continues! D for Download, E for Email, F for Facebook, G for Google and it goes on all the way up to X for XP, Y for You Tube and so on.
Leaving the humour apart that’s the story of the generation in reference.
And now, let me make an unconventional beginning.
I want to place before you a few discreet and disparate data points for your consideration. And you can tell me if you have either not heard or experienced any of these or something similar to these.
There are two friends. These two young lads say they are very close friends of each other. They live in two adjacent flats and yet don’t meet each other for days and weeks, yet they know everything that is happening in each other’s lives - literally on a day to day basis if not on an hourly basis! Their media of bonding are email chats, text exchanges, facebook, etc...
A friend of mine recently went to attend a two week long workshop on Vipasana – A way of Life that guides you to make a connection with oneself without allowing any communication with anybody around oneself. An introspective, soul searching and meditative intervention. What he found there was that his class had 40% representation from the millennial generation.
You all must have seen one of the popular cartoons making rounds on the intranet where a young child was seriously asking his mother whether he was born or downloaded! I am told that, that cartoon was depicting a common story.
A major political upheaval is happening in Egypt and it is already believed that but for the existence and propagation of the social media in its current state, the result of the uprising against the long standing political power would not have been the same. To what extent technology and social media have played a role in this political transformation will eventually be settled and surely the political scientists will make their studied conclusions. However, the fact cannot be denied that the social media powered by a strong user-base of the members of the millennial generation, has had an influential role to play here.
Such is this generation – impatient, experiential, exploratory and active learners. It is not really so important, for the purposes of this discussion, to debate as to what are the cut off points related to the beginning and end of this generation. It is generally accepted that millennial generation consists of those who were generally in their teens at the turn of the last millennium.
Characteristics of this generation vary, depending upon their socio-economic and regional context. However, they have some common threads. We already mentioned about impatience and learning capabilities above — additionally, they are extremely savvy when it comes to usage and familiarity around communication media and digital technologies – an ability sadly missing in our generation when compared with the Millennials.
As the educational awareness grows around the world, coupled with higher learning orientation of this generation, it is safer to assume that the Millennials will not adapt to the existing organizational cultures without asking some hard hitting questions. The earlier generations choose cultural compliance as a preferred route but this generation will demand cultural re-definition in the face of changing realities around them. Obviously, the imperative for the corporations will be to redesign their supervisory and leadership training interventions that would address a need created by the induction of Millennials in the work force. Managers of this generation will also need to create extra bandwidth for handling some additional work, because apart from the task allocation and supervision they will also have to explain to the Millennials the norms of business behavior related to the use of cell phones, internet, digital cameras and so on.
Unlike the earlier generations that saw a comparatively stable business environment, the Millennials unfortunately have already seen and experienced the bumpy roller coaster rides within the businesses they have been working. They have seen and felt the effects of right-sizing, economic meltdown and the resultant actions that the organizations took to tide over the crises. This has made them cynical about issues like job security, long term loyalties etc.. The organizations, as a result, are now faced with managing the residual effects of such actions that have made a long lasting impact on the millennial generation. This is the time that calls for immediate and focused investments in employee mentoring, training and strengthening platforms within the organization for building credible relationships that can start working as loyalty builders within organizations.
When I was a teenager and I needed a bicycle to go to the school, it was by any definition a necessity and not a luxury. Looking back, I hardly possessed any items or services of luxury at that age and in those days. I am sure, given the enhanced ability on part of the millennial generation to argue logically, they can very easily prove to me that the iphone, the kindle, the tablet PC etc. that they possess are all equally basic necessities! But that is not the point I am making. My point is that my bicycle was bought by my dad and handed over to me but today the Millennials are playing ever increasing and larger roles in influencing all the purchases within the family. Goods and services for their consumption are not even a matter of consultation outside themselves. Result ? As a prospective family car seller, you better appeal to those young folk within the family rather than go in the conventional way to reach out to the one who is going to write the final cheque!!
This generation does not like restricted choices, they like to exercise their freedom to select, personalize and customize the products and services they consume.
In short, they want to be in the centre of the decision-making plate. It is a good news - if you look at them as future business leaders and it may not be such a great news for their current managers and coaches if they are used to a habit of making non-inclusive decisions!
And finally some India perspective :-
- One of the recent studies shows that 72 % of the Millennials in India , 52% in the United States and 45% in China have said that, the more state-of-the-art technology the organization has, the more will be their inclination to join such an organization.
- Millennials of China and India have significantly higher positive perceptions of technology when compared to their counterparts in the Americas and APAC.
So far so good!
But, equally, one should not ignore some other facts that surround India.
- All the discussion we have had above predominantly covers certain sectors of Urban India, but we should not ignore that 50% of people in India work in agriculture, fisheries and farming sectors.
- 25% of India lives in Poverty.
- With the best estimates we are running 10% of unemployment and I am not even counting the disguised unemployment and that the current leading indicators of inflation will only worsen the situation. Our labor force is growing at an annual rate of 2.5 % and employment at 2.3%, clearly adding to the ongoing unemployed youth!
- More than 90% of the working population is employed in the unorganized sector.
- On an ongoing basis, amongst those who find employment, just 10% are absorbed by the service sector.
- And finally, the top 10% of India’s population enjoys almost 30% of the country’s income and the lowest 10% have just over 3% of the country’s income spread over this segment of population.
Although on the face of it, this statistic may look out of place within the framework of the subject in reference, I always think that it should form a necessary reminder to every Indian about the entire context in which we live and operate. Non-appreciation of the same can make us nationally irrelevant!
In summary, the emergence of the millennial generation is universal but its manifestations have unique socio-economic and regional dimensions. It is very important for us, the business leaders, to understand what this generation is made of, what their aspirations are, what works for them and what does not work and what we need to do to re-orient our operating strategies that can best accommodate co- existence of more than one generations within our business set-ups. Millennials, although are the least understood, but have a highest potential to influence the futures of our organizations. Hence, this discussion!
Monday, February 21, 2011
Tuesday, February 1, 2011
Corporate Values
Corporate Values - Can they be unique to each organization? Or has the time come to examine if there is an over-arching set of values that by and large binds the corporate world together?
Given that this is not an academic article in a strict sense, a broad definition of the term ‘values’, will suffice to establish a context to this discussion.
“Corporate values are a set of principles that the organization overtly proclaims and mandates its employee behaviours in compliance with such principles.”
There are many words in the above working definition that are critical, in that, they require some more explanation before we proceed with the discussion further:
- ‘Principles’ denote guidelines.
- ‘Overtly’ signifies a high degree of openness and transparency.
- ‘Proclaim’ stands for hard coded (or say written down) documents /communications as well as statements made by the top leaders of the organization. Interestingly, such proclamations, in an indirect way, could also include leadership behaviours.
- ‘Mandate’ clearly brings out the non-negotiability around such principles i.e. not following them is not an option!
- ‘Compliance’ shows an additional level of organizational resolve to actively discourage any/ every behaviour that is in non-conformance with these principles.
The reason to lay out a definition (howsoever broad or indeed loose, it may be!) right at the start is to ensure that discussion remains focused - else, there is always a chance of using the terms such as values, mission, objectives, vision etc. interchangeably.
Essentially, having established the basic and workable meaning of the term Corporate Values, we must now go back to the main thread of the topic, i.e. can the values be really unique to each organization or indeed is there a scope to generalize a set of desired values?
At this stage, it will be appropriate to glance through the proclaimed values of some of the organizations to examine the extent of their uniqueness (or otherwise!). Following list contains companies drawn from various sectors such as IT-h/w and s/w, Heavy Engg, Consumer Electronics, Financial Institutions, BPOs, Industrial conglomerates, Food and Pharmaceuticals and they are a blend of Indian, American and European global companies.
Company A:
• Integrity and honesty
• Passion for customers, partners, and technology
• Openness and respectfulness
• Taking on big challenges and seeing them through
• Constructive self-criticism, self-improvement, and personal excellence
• Accountability to customers, shareholders, partners, and employees for commitments, results, and quality
Company B:
• Customer Delight: A commitment to surpassing customer expectations
• Leadership by Example: A commitment to set standards in business and transactions and be an exemplar for the industry and own internal teams
• Integrity and Transparency: A commitment to be ethical, sincere and open in dealings
• Fairness: A commitment to be objective and transaction-oriented, thereby earning trust and respect
• Pursuit of Excellence: A commitment to strive relentlessly, to constantly improve ourselves, our teams, our services and products so as to become the best
Company C:
• Passion for customers
• Trust and respect for individuals
• Achievement and contribution
• Results through teamwork
• Speed and agility
• Meaningful innovation
• Uncompromising integrity
Company D:
• Empowerment
• Innovation
• Ethics
• Continuous Improvement
• Candor and Openness
Company E :
• Responsible Care
• Safety
• Environment
• Quality Products
• Products Safety
• Community Relations
Company F:
• Customer orientation
• Results orientation
• Risk taking
• Great place to work
• Quality
• Discipline
Company G:
• Honesty
• Integrity
• Respect
• Fairness
• Purposefulness
• Trust
• Responsibility
• Citizenship
• Caring
Company H:
• Unparalleled Client Satisfaction
• Teamwork
• Respect for the Individual
• Developing People
• Diversity
• Shareowner's Trust
• Corporate Citizenship
• Integrity
Company I:
• Honour our commitments
• Treat everyone as equals and value differences
• Develop expertise and apply it to uniquely benefit our customers
• Identify leaders and help them realize their potential
• Anticipate ideas and trends, not just follow them
• Stay passionate about succeeding and celebrate each other's success
• Recognize and fulfill our responsibilities to the communities around us
Company J:
• Good corporate citizenship
• Professionalism
• Customer first
• Commitment to quality
• Dignity of the individual
Company K:
• Commitment to innovation & continuous learning
• Respect for the individual
• Collaboration & team work
• Harmony & social responsibility
• Quality and delighting customers, internal and external
Company L:
• Achieving customer satisfaction is fundamental to our business
• Provide products and services of highest quality
• Practice dignity and equity in relationship and provide opportunities for our people to realise their full potential
• Ensure profitable growth and enhance wealth of shareholders
• Foster mutually beneficial relations with all our business partners
• Manage our operations with high concern for safety and environment
• Be a responsible and corporate citizen
Company M:
• Customer Commitment - We develop relationships that make a positive difference in our customers’ lives
• Quality - We provide outstanding products and unsurpassed service that, together, deliver premium value to our customers
• Integrity - We uphold the highest standards of integrity in all of our actions
• Teamwork - We work together, across boundaries, to meet the needs of our customers and to help the company win
• Respect for People - We value our people, encourage their development and reward their performance
Company N:
• Integrity: We do the right thing
• Excellence: We deliver superior products and services to our clients and take pride in the quality of our work
• Respect: We treat people with respect
• Teamwork: We work together to get the job done
• Ownership: We act like owners and take responsibility for our actions
• Leadership: We believe in leadership by example, in the office and in the community
Company O:
• Integrity
• Teamwork
• Respect
• Professionalism
Company P:
• Ethics
• Respect
• Teamwork
• Development
• Merit
• Excellence
Company Q:
• Delight customers
• Deliver on commitments
• Develop people
• Depend on each other
Company R:
• Sustained Growth
• Empowered People
• Responsibility
• Trust
Company S:
• Respect
• Integrity
• Diversity & Inclusion
• Teamwork
• Spirit of winning
Company T:
• Leadership: "The courage to shape a better future"
• Passion: "Committed in heart and mind"
• Integrity: "Be real"
• Accountability: "If it is to be, it’s up to me"
• Collaboration: "Leverage collective genius"
• Innovation: "Seek, imagine, create, delight"
• Quality: "What we do, we do well"
Quick Analysis:
Firstly a minor point; none of the organizations listed above have specifically stated that their respective values are presented in either ascending or descending order - therefore, we must assume that each value carries equal weightage.
And now going into some level of detail:
- Out of 20, 12 companies have specifically called out Integrity as one of their values. Although at times, some other terms are used to convey similar/ same meaning such as: Ethics and Honesty.
- 15 companies enlist Respect as a value. There are some other words used to convey similar meanings such as dignity, equity, fairness etc.
- 11 companies clearly emphasize Teamwork by specifically stating it as one of the values. There are some other terms used by some organizations (such as collaboration, interdependence) to denote a similar meaning.
- 10 companies have specifically referred customers/ clients in their ‘value sets’. Interestingly, 9 companies have Quality related values and 4 out of these 9 have Customer Satisfaction/ Customer Delight written uniquely as values, in addition to Quality.
- 7 companies list down Responsible Corporate Citizenship as one their values. Some companies also use words like community relations, social responsibilities to covey a similar meaning.
- 6 companies identify Innovation to be an important value.
- 6 companies stress on Developing and Empowering People.
- Interestingly, values such as Diversity and Inclusion, Winning, Growth etc. seem to have found a place only in some organizations and aren’t as common as one would expect them to be in today’s global business organizations! And same is the case with Leadership, which is present only in the value sets of 4 companies!
So, where does all this lead us?
Broadly, if one takes a look at the proclaimed values of this diverse set of corporations, it is pretty evident that the following values are common across the majority of them.
• Ethics/ Honesty/ Integrity
• Respect/ Dignity/ Fairness/ Equity
• Teamwork
• Customer Orientation
Then there are some others that are also commonly called out such as Corporate Citizenship, Innovation and Employee Centricity.
And yet, these organizations widely differ in terms of their the performance, brand image, competitive edge etc.!
If we were to go by a polemic that values guide organizational behaviours and in turn, these behaviours lead to performance and the brand image, then obviously there is a missing link somewhere. Else, performances and brand images of the organizations with similar values would have been similar.
So, where’s the catch?
To my mind, the differentiator is not the stated (proclaimed) values. The real difference is made when these values are brought in action.
And how are the values put in action?
Simply put, in a programmatic way! Individual behaviours, although very important (especially the leadership behaviours) in ensuring that the values are put in practice; what is more important is whether the organization has created a programmatic framework to ensure that individual/ group/ team behaviours are guided for their consistency across the organization and whether such programmes are directly related to the organizational values.
Finally, what is a programmatic framework?
It is nothing but a set of organizational programmes that encourage/ reward behaviours in conformity with the values and discourage/ punish/ reprimand the ones that are out of line.
Let’s take examples:
- A section of Employee Performance Management process is dedicated to appraising employee behaviour vis-à-vis company values.
- Presence of a Reward and Recognition programme that publicly acknowledges behaviours that are consistent with the company values.
- New employee induction programs, ongoing refresher training initiatives have specific learning modules woven around the company values.
- Employee Potential Appraisals have a section on behavioural indicators evident from employees’ past behaviours (the maxim being past behaviours equip us to predict future behaviours!) that are consistent/ not consistent with the organizational values.
When such programmes are well institutionalised over a period of time, they create a solid framework for the entire workforce to deliver consistent behaviours in conformity with the organizational values.
There is a BIG difference between the values that are merely formally stated and the ones that are systematically practiced. And that explains why similar sounding organizations return fundamentally different results!
Given that this is not an academic article in a strict sense, a broad definition of the term ‘values’, will suffice to establish a context to this discussion.
“Corporate values are a set of principles that the organization overtly proclaims and mandates its employee behaviours in compliance with such principles.”
There are many words in the above working definition that are critical, in that, they require some more explanation before we proceed with the discussion further:
- ‘Principles’ denote guidelines.
- ‘Overtly’ signifies a high degree of openness and transparency.
- ‘Proclaim’ stands for hard coded (or say written down) documents /communications as well as statements made by the top leaders of the organization. Interestingly, such proclamations, in an indirect way, could also include leadership behaviours.
- ‘Mandate’ clearly brings out the non-negotiability around such principles i.e. not following them is not an option!
- ‘Compliance’ shows an additional level of organizational resolve to actively discourage any/ every behaviour that is in non-conformance with these principles.
The reason to lay out a definition (howsoever broad or indeed loose, it may be!) right at the start is to ensure that discussion remains focused - else, there is always a chance of using the terms such as values, mission, objectives, vision etc. interchangeably.
Essentially, having established the basic and workable meaning of the term Corporate Values, we must now go back to the main thread of the topic, i.e. can the values be really unique to each organization or indeed is there a scope to generalize a set of desired values?
At this stage, it will be appropriate to glance through the proclaimed values of some of the organizations to examine the extent of their uniqueness (or otherwise!). Following list contains companies drawn from various sectors such as IT-h/w and s/w, Heavy Engg, Consumer Electronics, Financial Institutions, BPOs, Industrial conglomerates, Food and Pharmaceuticals and they are a blend of Indian, American and European global companies.
Company A:
• Integrity and honesty
• Passion for customers, partners, and technology
• Openness and respectfulness
• Taking on big challenges and seeing them through
• Constructive self-criticism, self-improvement, and personal excellence
• Accountability to customers, shareholders, partners, and employees for commitments, results, and quality
Company B:
• Customer Delight: A commitment to surpassing customer expectations
• Leadership by Example: A commitment to set standards in business and transactions and be an exemplar for the industry and own internal teams
• Integrity and Transparency: A commitment to be ethical, sincere and open in dealings
• Fairness: A commitment to be objective and transaction-oriented, thereby earning trust and respect
• Pursuit of Excellence: A commitment to strive relentlessly, to constantly improve ourselves, our teams, our services and products so as to become the best
Company C:
• Passion for customers
• Trust and respect for individuals
• Achievement and contribution
• Results through teamwork
• Speed and agility
• Meaningful innovation
• Uncompromising integrity
Company D:
• Empowerment
• Innovation
• Ethics
• Continuous Improvement
• Candor and Openness
Company E :
• Responsible Care
• Safety
• Environment
• Quality Products
• Products Safety
• Community Relations
Company F:
• Customer orientation
• Results orientation
• Risk taking
• Great place to work
• Quality
• Discipline
Company G:
• Honesty
• Integrity
• Respect
• Fairness
• Purposefulness
• Trust
• Responsibility
• Citizenship
• Caring
Company H:
• Unparalleled Client Satisfaction
• Teamwork
• Respect for the Individual
• Developing People
• Diversity
• Shareowner's Trust
• Corporate Citizenship
• Integrity
Company I:
• Honour our commitments
• Treat everyone as equals and value differences
• Develop expertise and apply it to uniquely benefit our customers
• Identify leaders and help them realize their potential
• Anticipate ideas and trends, not just follow them
• Stay passionate about succeeding and celebrate each other's success
• Recognize and fulfill our responsibilities to the communities around us
Company J:
• Good corporate citizenship
• Professionalism
• Customer first
• Commitment to quality
• Dignity of the individual
Company K:
• Commitment to innovation & continuous learning
• Respect for the individual
• Collaboration & team work
• Harmony & social responsibility
• Quality and delighting customers, internal and external
Company L:
• Achieving customer satisfaction is fundamental to our business
• Provide products and services of highest quality
• Practice dignity and equity in relationship and provide opportunities for our people to realise their full potential
• Ensure profitable growth and enhance wealth of shareholders
• Foster mutually beneficial relations with all our business partners
• Manage our operations with high concern for safety and environment
• Be a responsible and corporate citizen
Company M:
• Customer Commitment - We develop relationships that make a positive difference in our customers’ lives
• Quality - We provide outstanding products and unsurpassed service that, together, deliver premium value to our customers
• Integrity - We uphold the highest standards of integrity in all of our actions
• Teamwork - We work together, across boundaries, to meet the needs of our customers and to help the company win
• Respect for People - We value our people, encourage their development and reward their performance
Company N:
• Integrity: We do the right thing
• Excellence: We deliver superior products and services to our clients and take pride in the quality of our work
• Respect: We treat people with respect
• Teamwork: We work together to get the job done
• Ownership: We act like owners and take responsibility for our actions
• Leadership: We believe in leadership by example, in the office and in the community
Company O:
• Integrity
• Teamwork
• Respect
• Professionalism
Company P:
• Ethics
• Respect
• Teamwork
• Development
• Merit
• Excellence
Company Q:
• Delight customers
• Deliver on commitments
• Develop people
• Depend on each other
Company R:
• Sustained Growth
• Empowered People
• Responsibility
• Trust
Company S:
• Respect
• Integrity
• Diversity & Inclusion
• Teamwork
• Spirit of winning
Company T:
• Leadership: "The courage to shape a better future"
• Passion: "Committed in heart and mind"
• Integrity: "Be real"
• Accountability: "If it is to be, it’s up to me"
• Collaboration: "Leverage collective genius"
• Innovation: "Seek, imagine, create, delight"
• Quality: "What we do, we do well"
Quick Analysis:
Firstly a minor point; none of the organizations listed above have specifically stated that their respective values are presented in either ascending or descending order - therefore, we must assume that each value carries equal weightage.
And now going into some level of detail:
- Out of 20, 12 companies have specifically called out Integrity as one of their values. Although at times, some other terms are used to convey similar/ same meaning such as: Ethics and Honesty.
- 15 companies enlist Respect as a value. There are some other words used to convey similar meanings such as dignity, equity, fairness etc.
- 11 companies clearly emphasize Teamwork by specifically stating it as one of the values. There are some other terms used by some organizations (such as collaboration, interdependence) to denote a similar meaning.
- 10 companies have specifically referred customers/ clients in their ‘value sets’. Interestingly, 9 companies have Quality related values and 4 out of these 9 have Customer Satisfaction/ Customer Delight written uniquely as values, in addition to Quality.
- 7 companies list down Responsible Corporate Citizenship as one their values. Some companies also use words like community relations, social responsibilities to covey a similar meaning.
- 6 companies identify Innovation to be an important value.
- 6 companies stress on Developing and Empowering People.
- Interestingly, values such as Diversity and Inclusion, Winning, Growth etc. seem to have found a place only in some organizations and aren’t as common as one would expect them to be in today’s global business organizations! And same is the case with Leadership, which is present only in the value sets of 4 companies!
So, where does all this lead us?
Broadly, if one takes a look at the proclaimed values of this diverse set of corporations, it is pretty evident that the following values are common across the majority of them.
• Ethics/ Honesty/ Integrity
• Respect/ Dignity/ Fairness/ Equity
• Teamwork
• Customer Orientation
Then there are some others that are also commonly called out such as Corporate Citizenship, Innovation and Employee Centricity.
And yet, these organizations widely differ in terms of their the performance, brand image, competitive edge etc.!
If we were to go by a polemic that values guide organizational behaviours and in turn, these behaviours lead to performance and the brand image, then obviously there is a missing link somewhere. Else, performances and brand images of the organizations with similar values would have been similar.
So, where’s the catch?
To my mind, the differentiator is not the stated (proclaimed) values. The real difference is made when these values are brought in action.
And how are the values put in action?
Simply put, in a programmatic way! Individual behaviours, although very important (especially the leadership behaviours) in ensuring that the values are put in practice; what is more important is whether the organization has created a programmatic framework to ensure that individual/ group/ team behaviours are guided for their consistency across the organization and whether such programmes are directly related to the organizational values.
Finally, what is a programmatic framework?
It is nothing but a set of organizational programmes that encourage/ reward behaviours in conformity with the values and discourage/ punish/ reprimand the ones that are out of line.
Let’s take examples:
- A section of Employee Performance Management process is dedicated to appraising employee behaviour vis-à-vis company values.
- Presence of a Reward and Recognition programme that publicly acknowledges behaviours that are consistent with the company values.
- New employee induction programs, ongoing refresher training initiatives have specific learning modules woven around the company values.
- Employee Potential Appraisals have a section on behavioural indicators evident from employees’ past behaviours (the maxim being past behaviours equip us to predict future behaviours!) that are consistent/ not consistent with the organizational values.
When such programmes are well institutionalised over a period of time, they create a solid framework for the entire workforce to deliver consistent behaviours in conformity with the organizational values.
There is a BIG difference between the values that are merely formally stated and the ones that are systematically practiced. And that explains why similar sounding organizations return fundamentally different results!
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