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Corporate Values

Key Elements for Successful Development of Corporate Values.

1) SELF ASSESSMENT: The organization analyses its structure, the corporate culture and the business environment to identify potential risks and determine levels of responsibility.
2) COMMITMENT FROM THE TOP: To be successful in the long term, any values initiative needs the explicit commitment of the most senior levels of management.
3) CODE OF ETHICS: There should be a document which includes a general statement on corporate principles and specific rules of behavior making explicit what employees need to do - and should not do - to implement them.
4) COMMUNICATION: A two-way communication process must be in place to transmit to all organizational members the company's philosophy and core values.
5) TRAINING: To enable all organizational members to understand, share and apply the values stated in the code of ethics. The purpose of ethical awareness training is to provide tools for ethical reasoning and action that in turn will facilitate ethical leadership.
6) RESOURCES: Organizational structures and activities must provide further support to ensure an effective application of the code of ethics in daily decision-making processes. They include an ethics officer, an ethical help-line and whistle-blowing mechanisms.
7) ORGANISATIONAL OWNERSHIP: The organization’s business ethics programme needs to be reinforced by widespread ownership throughout the different departments and functions of the organization, from the ethics officer to local employees in overseas offices.
8) CONSISTENT STANDARDS AND ENFORCEMENT: Core values must be consistent across the whole organization. However, given different roles and responsibilities, or by reason of geographical and cultural differences, standards of behavior can vary so as to be more effective.
9) AUDITS AND EVALUATIONS: The organization should constantly measure how effective the values programme is by reporting and investigating potential violation. Audits should also assess the programme itself., for instance by consulting employees on their knowledge and use of ethical resources made available by the organization.
10) REVISION AND REFORM: Any values programme is a living instrument and should be able to evolve as the external environment changes and as a result of an ongoing learning process.

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