Strategy Through Personal Values : A Behavioural Approach

Providing an alternative to short term, bottom line thinking this book enters into a deeper dialogue about the role of personal values in strategy formulation and implementation. Personal values are at the core of people's personality. They influence the choices we make, the people we trust, the appeals we respond to, and the way we invest our time and energy. In turbulent times, values give a sense of direction amid conflicting views and demands. This book summarises current research in this area and introduces a new model around what personal values guided strategy is, how it's linked to strategic choice and organizational goals and how it impacts upon organizational performance. Once personal value systems are recognized, personal value systems and their alignment to strategies, goals and missions provide powerful insight into how resistance to strategies is caused. With implications for leadership development, corporate governance and strategic HRM, this book extends research in this area and is essential reading for anyone involved in strategy implementation. Scott Lichtenstein (DBA, MBA, ADipC) teaches and publishes in international academic and practitioner articles and book chapters in the area of strategy, behavioural strategy and leadership. He is co-author of: From Recession to Recovery: A Leadership Guide for Good and Bad Times. Osney Media Publishing. S. Lichtenstein, M. Higgs and R. Martin-Fagg, 2009. Scott is an Associate Professor and Module Leader of a Master's level core course in International Strategic Management having also taught Strategy on MBA and Executive education courses for several business schools over the last 20 years. Malcolm Higgs is Professor of Organization Behavior and HRM at Hull University Business School Prior to joining Hull he was the head of the HRM and OB department in Southampton University Business school, having previously been the Head of the School. Before joining Southampton, Malcolm held posts at Henley Business School including: Academic Dean, Director of the Leadership Group and Research Director. Prior to moving into the academic world Malcolm had a successful career in business and consulting, concluding with 8 years as an international partner with Towers Perrin. He has published a number of books and over 150 academic journal papers on topics related to Leadership, Emotional Intelligence, Change Management and Team Behavior and is co-author of psychometric tests relating to Emotional Intelligence and Leadership. Malcolm is a Chartered Psychologist and continues to undertake consulting assignments with national and international organisations as well as his academic roles Contents List of Figures List of Tables 1 Why Should Strategy Be Guided by Personal Values? 1.1 Rationality Isn’t Rational: Cognitive Bias in Strategy 1.2 Strategy as Values Congruence 1.3 A Behavioural Approach 1.3.1 Strategy Is Personal 1.4 Why Is Personal Values-Guided Strategy Relevant? 1.4.1 The Need for Strategists’ Inner Compass in a Volatility, Uncertainty, Complexity and Ambiguity (VUCA) World 1.5 Mini Case: Sully’s Inner Compass that Saved 155 Lives 1.5.1 Top Management’s Inner Compass 1.6 Summary Bibliography 2 Personal Values and Strategic Choice 2.1 Personal Values-Strategy Theory 2.1.1 The Upper Echelon Theory 2.1.2 Congruency Theory 2.1.3 Leadership-Strategy Match 2.2 Making Sense of Personal Values and Motives for Action in a Management Context 2.2.1 Values Orientations 2.2.2 Adopted vs Operative Personal Values 2.3 Making Sense of the Personal Values-Strategic Choice Link 2.3.1 How Value Systems Orientations Shape Value Creation 2.3.2 Personal Values at Work 2.4 Mini Cases in Personal Values-Strategy Link 2.4.1 The Values Dynamic & Congruence 2.4.2 CEO-Based Values Dynamic: Mini Cases in Values Alignment & Dis-Ease at Hewlett Packard and 3M 2.4.3 Mini Case: Hewlett Packard 2.4.4 Mini Case: 3M 2.5 Summary Bibliography 3 Developing Strategy Based on Personal Values 3.1 Strategy as Personal Values Congruence/Alignment 3.1.1 Sense Making/Giving 3.1.2 The 6th ‘P’: Strategy as a Social Influencing Process 3.1.3 To What End? Intellectual and Emotional Buy-In 3.1.3.1 Intellectual Buy-In 3.1.3.2 Emotional-Buy-In 3.2 Discovering Your Own Personal Values at Work Self-Assessment: Explorers, Enterprisers and Settlers 3.2.1 Personal Values Self-Assessment 3.3 Getting Buy-In for Strategy: Your Strategy as Story 3.3.1 Narrative 3.3.2 Storylines 3.3.3 What’s Your Strategy Story? 3.4 Personal Values Alignment in Action: The Mini Case of Alex 3.4.1 Alex 3.4.2 What Are Alex’s Personal Values? 3.5 Mini-case: Values-Based Team Alignment in Action 3.5.1 Mini Case: Taking the Bull by the Horns 3.5.2 The Values-Led Vision for the Team 3.6 Summary Bibliography 4 Implementing Strategy Based on Personal Values 4.1 Translating Desired Ends into the Operative Values of Direct Reports 4.1.1 Operative vs Adopted Values 4.2 Key Components of the Translation Process: The Seven Drivers of Implementation 4.3 The Social Process of Personal Values Alignment 4.4 Personal Values-Guided Communication to Internal Stakeholders: Settlers, Explorers and Enterprisers 4.4.1 Audience 4.5 Walking the Values-Guided Talk: Signalling 4.6 Mini Case: Cisco—Re-organising to Collaborate 4.6.1 From a ‘Cowboy Culture’ to Collaboration 4.6.2 Change from the Top 4.6.3 Culture, Processes and Technology 4.6.4 The Role of the CEO 4.7 Summary Bibliography 5 Postscript: Where Are We Now and Emerging Trends in Personal Values Guided Strategy 5.1 Values-Based Strategy in the Issue Lifecycle 5.2 Emerging Trends: Transformational Adaptive Strategies 5.2.1 Values-Based Transformational Strategies 5.3 Values-Guided Strategies Revisited: Explorers, Enterprisers and Settlers 5.3.1 Explorer Type Transformational Strategy: Extractive vs Generative Values-Based Strategies 5.3.1.1 Alternative Generative Models 5.3.2 Enterpriser and Settler Type Strategies: Incrementalism and Reform 5.4 Emerging Trends: Moral Tendencies and Personal Values Orientation 5.5 Personal Values-Guided Strategy: Sustainable Living Plan 5.6 Summary Bibliography Annex: UN Sustainability Development Goals Index