Core values are those things that probably will not change over time. These are the deep-seated fundamental lines you will not cross in spite of the circumstances. These values define the line over which you will not step in a situation where it would be easy to look the other way. Defining the list of company values in a planning meeting is not a task to be taken lightly. Identifying your core values is really a gut-wrenching activity. By asking questions of yourself you have to thoroughly scrutinize your baseline for business behavior and determine where limits can be set.
Another important function of core values is to provide behavioral maps for business decision making. People need to know what is important to the business so they can make informed choices in decision-making situations. Values give an organization a path out of difficult situations. When a crisis occurs, it is the value statements that give stability to the chaos. Managers turn to the core values as beacons or, better still, as channel markers to see if their intended responses to the crisis are within accepted norms.
For the organization, values play the same role in giving direction in times of crisis. By always falling back on your bedrock beliefs or core values, you are able to be consistent in your story. There is a folk saying: “If you always tell the truth you never have to remember what lie you told to whom.” If you always live your values, you never have to worry about stepping out of the ethical box. If your values are ethically in line with the societal norms of the time you should have no problems.