Managing by values

Abstract

Politicians are fond of talking about a “third way” which combines most effectively a free economy with social democratic ideals. There are parallels here with the business world. Attempts must be made to alter the systems of beliefs and values that shaped management during the last century. Today’s markets are more global, complex and subject to change. The old model of hierarchical control of employees is inadequate. A new culture is required in which leaders can develop the personal and professional potential of everyone in their organization. It is an evolutionary process, in which effective “top down” mechanisms still play a part in monitoring results, rather than a revolutionary one.