Harvard Case - Veridian: Putting a Value on Values
"Veridian: Putting a Value on Values" Harvard business case study is written by Rakesh Khurana, Joel Podolny, Jaan Elias. It deals with the challenges in the field of Organizational Behavior. The case study is 28 page(s) long and it was first published on : Feb 9, 2006
At Fern Fort University, we recommend Veridian adopt a comprehensive strategy to integrate its values into its organizational culture and operations. This strategy should encompass a multi-faceted approach, including a clear articulation of values, leadership development, employee engagement initiatives, and a robust performance management system aligned with the values. This will ensure that Veridian's commitment to its values translates into tangible actions and positive outcomes for the company, its employees, and its stakeholders.
2. Background
Veridian, a successful manufacturing company, faces a critical juncture. While its financial performance is strong, the company faces a growing disconnect between its stated values and its actual practices. This disconnect is evident in employee dissatisfaction, a lack of trust in leadership, and a growing concern about the company's ethical practices. The case study highlights the tension between Veridian's commitment to its values and its pursuit of profitability, particularly as it considers a potential acquisition.
The main protagonists in the case study are:
- John Riley: Veridian's CEO, who is grappling with the challenges of balancing profitability with the company's values.
- Susan Davis: Veridian's VP of Human Resources, who is tasked with addressing employee concerns and fostering a more values-driven culture.
- The Veridian Board of Directors: They are concerned about the company's long-term sustainability and are pushing for a more robust approach to integrating values into the organization.
3. Analysis of the Case Study
This case study provides a valuable opportunity to examine the complex interplay between organizational culture, leadership, and business strategy. Using a framework that integrates the concepts of organizational behavior, leadership, and change management, we can analyze Veridian's situation:
Organizational Behavior:
- Organizational Culture: Veridian's stated values are not deeply embedded in its culture. There is a disconnect between the espoused values and the enacted values, leading to employee cynicism and a lack of trust.
- Team Dynamics: The case highlights the lack of collaboration and communication between different departments, particularly between the manufacturing and sales teams. This creates silos and hinders the company's ability to achieve its goals effectively.
- Motivation Theories: Employees are not motivated by the company's values. The current reward system focuses primarily on financial performance, neglecting the importance of intrinsic motivation and a sense of purpose.
Leadership:
- Leadership Styles: John Riley's leadership style is characterized by a focus on financial performance, which has inadvertently led to a neglect of the company's values. A more transformational leadership approach, emphasizing the importance of values and employee engagement, is needed.
- Power and Influence: The case highlights the power dynamics within the organization, with the manufacturing team having a strong influence on decision-making. This imbalance can lead to a lack of accountability and a disregard for values.
- Decision-Making Processes: Veridian's decision-making processes are not transparent or inclusive. This lack of transparency contributes to employee dissatisfaction and a sense of alienation.
Change Management:
- Resistance to Change: The case study suggests that there is likely to be resistance to change within Veridian, particularly from those who benefit from the status quo.
- Communication Patterns: The company's communication channels are ineffective, leading to misunderstandings and a lack of clarity about the company's direction.
- Employee Engagement: Employees are not engaged in the company's mission and values. This lack of engagement can lead to low morale, decreased productivity, and a higher turnover rate.
4. Recommendations
To address the challenges facing Veridian, we recommend the following:
1. Articulate and Communicate Values:
- Develop a clear and concise statement of values: This statement should be based on a thorough analysis of the company's history, mission, and aspirations. It should be communicated effectively to all employees.
- Develop a 'values charter' that outlines the company's commitment to its values: This charter should be used as a guide for decision-making and behavior within the organization.
- Use various communication channels to promote the company's values: This includes internal newsletters, company intranet, town hall meetings, and employee training programs.
2. Leadership Development:
- Develop a leadership training program that emphasizes the importance of values-based leadership: This program should focus on developing leaders who can effectively communicate and model the company's values.
- Create a culture of accountability and transparency: This includes establishing clear performance expectations and holding leaders accountable for their actions.
- Encourage a collaborative leadership style: This involves empowering employees at all levels to contribute to decision-making and problem-solving.
3. Employee Engagement:
- Implement employee engagement initiatives that align with the company's values: This could include employee recognition programs, volunteer opportunities, and employee resource groups.
- Create a culture of open communication and feedback: This includes establishing regular feedback mechanisms and providing employees with opportunities to share their ideas and concerns.
- Empower employees to make decisions and take ownership of their work: This fosters a sense of responsibility and ownership among employees.
4. Performance Management:
- Develop a performance management system that aligns with the company's values: This system should focus on measuring and rewarding employees for their contributions to the company's values.
- Provide regular feedback and coaching to employees: This helps employees to understand their strengths and areas for improvement.
- Recognize and reward employees who embody the company's values: This reinforces the importance of values and motivates employees to live them.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations are aligned with Veridian's stated mission and core values. By integrating values into the organization's culture and operations, Veridian can strengthen its competitive advantage and achieve its long-term goals.
- External customers and internal clients: The recommendations will enhance Veridian's reputation with external customers by demonstrating its commitment to ethical practices. Internally, it will improve employee morale, engagement, and retention.
- Competitors: By embracing its values, Veridian can differentiate itself from competitors and attract and retain top talent.
- Attractiveness ' quantitative measures if applicable: While it is difficult to quantify the impact of values-based leadership, research suggests that companies with strong values tend to outperform their peers in terms of financial performance, employee satisfaction, and customer loyalty.
Assumptions:
- Veridian's leadership is committed to implementing these recommendations.
- Employees are willing to embrace the company's values and contribute to a more values-driven culture.
- The company has the resources to invest in leadership development, employee engagement initiatives, and performance management systems.
6. Conclusion
By integrating its values into its organizational culture and operations, Veridian can achieve a sustainable competitive advantage, attract and retain top talent, and build a strong reputation for ethical business practices. This will not only benefit the company but also its employees, customers, and stakeholders.
7. Discussion
Alternatives not selected:
- Ignoring the issue: This would lead to continued employee dissatisfaction, damage to the company's reputation, and potentially reduced financial performance.
- Implementing a superficial values program: This would not address the root causes of the problem and would likely be perceived as insincere by employees.
Risks and key assumptions:
- Resistance to change: There is a risk that employees will resist the changes needed to integrate values into the organization. This can be mitigated by involving employees in the change process and addressing their concerns.
- Lack of leadership commitment: If leadership is not fully committed to the change, it will be difficult to achieve lasting results.
- Insufficient resources: The implementation of these recommendations requires significant resources. Veridian needs to allocate sufficient budget and personnel to support the change process.
8. Next Steps
Timeline:
- Month 1: Form a task force to develop a comprehensive strategy for integrating values into the organization.
- Month 2: Communicate the strategy to all employees and solicit feedback.
- Month 3: Develop a leadership training program and begin implementation.
- Month 4: Implement employee engagement initiatives and performance management system changes.
- Month 6: Evaluate the progress of the implementation and make adjustments as needed.
Key milestones:
- Develop a clear and concise statement of values.
- Implement a leadership training program.
- Establish a performance management system aligned with values.
- Measure the impact of the changes on employee engagement, financial performance, and reputation.
By taking these steps, Veridian can transform itself into a values-driven organization that is both profitable and ethical. This will ensure the company's long-term success and create a positive impact on all stakeholders.
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Case Description
David Langstaff, the CEO of Veridian, a defense company, struggles with the decision of selling the company. Langstaff has concerned himself with inculcalating his organization with the values necessary for superior achievement over the long term. But as a fiduciary, he had to come up with a single value to monetize the reputation the company had built. Langstaff wondered what was best for the firm and its customers and what his other options were. He also was concerned with how the prospect of selling the firm would square with Veridian's commitment to its constituencies and values-based leadership.
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