In forums of debate during the recent economic crisis, the topic of values was of particular interest to business commentators. After the first wave of discussion regarding structural or systemic failures and consequent responsibilities, a second wave focused on the attitudes, values and behaviours of the executives and business managers involved. In the middle of this controversy, the Harvard Business Review published a special edition (June 2009) with three articles on the topic of trust. Some of the conclusions were that leaders who failed their organisations and shareholders had not made their true values transparent and that consumers and markets had trusted some leaders too readily.
Established literature in the fields of psychology and leadership asserts that a clear set of values provides a foundation for leaders in how they operate and in the manner in which their employees maintain ethical norms. Values and ethical norms provide a framework by which leaders can orientate themselves in terms of choices and actions in day-to-day life. Values can change due to changing responsibilities, a significant life event (such as the birth of a child) or other high-impact personal developments. Values are not always explicit or even conscious, but they are an inherent part of our human mindset. They guide us, in our sense of right and wrong, in how we interact with other people and in making decisions. In that sense values have an ethical as well as a practical impact.
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