Value Based Management (VBM) can be stated as a management technique that has the creation of values within the organization as one of its important goals, which covers all the functional areas; particularly, the human resources, with focus on the function of providing value added products and/or services to the consumers resulting in the enhancement of shareholders' value too. It is also an ideology that infuses a sense of ownership and responsibility in the employees through participatory approach to management techniques. It is, in fact, a kind of constructional scaffold on which is built the corporate's management structure for value addition and value creation on all fronts of business, with the internal team being the main contributors towards this end.
If there is anything that can be described as ceaseless, it is the process of `evolution' and, if there is anything that can be described as inevitable it is the occurrence of `change'. The impact of this relentless phenomenon is felt, nationally and internationally, in every activity, in every situation and in every organization. The drivers of the economy, whether global or national, are no exception. For that matter, the corporate world, more particularly its vital art of management of business, is also experiencing a significant shift in perspectives. The advent of technological development and intensifying competition also compel business establishments to increasingly resort to innovativeness and reorientation in style, process, products and services. The other compelling factors such as survival in a competitive environment also do have their own contribution to these changes witnessed in the business world. A paradigm shift, therefore, is occurring in corporate management, particularly from the vital angle of the role of a worker in the organizational functions and development. The patriarchal and patronizing stance on the part of those at the management helm is yielding place to the more democratic and more participatory management techniques giving birth to many theories and experiments. |
