Values, or personal beliefs about what is right and wrong, are derived from several sources beginning with parents and other family members.  Other influences include religious groups, education, and the media.  For example, students are punished if they turn in assignments late, so they learn the value of punctuality.

Culture affects values.  For example, if you belong to a culture that considers the development of personal relationships important, you tend to try to establish such relationships with customers and with fellow employees.  If, on the other hand, you belong to a culture in which people tend to keep others at a distance, you may be more reserved and less likely to attempt to form close associations on the job.

When people enter the workforce, they bring with them their value system and integrate it into the company value system as well as the rules and policies of their employer.  As situations arise that need judgment, employees rely on their sense of right and wrong and choose how to react.  These decisions continue to shape their values.

Morals are similar in meaning to values and are principles or rules for behaving in the right manner.

Character refers to a combination of personal standards of behaviour or traits, such as integrity and moral strength.  Character implies consistency of behaviour traits.  Strong character is what people want in their leaders.

Core values are long term attributes.  They don’t change from day to day or situation to situation.  Because each person has different educational and life experiences, core values are not the same for everyone.

Businesses and organisations (and professions) also have core values, which form the cornerstone of the institution’s ethics program.  These values are reflected in communications and in the way employees, customers and other stakeholders are treated.

Whole Foods Market, which consistently ranks among the top 100 companies to work for as reported by Fortune magazine, is an example of a business with core values.  Those values include satisfying and delighting customers, creating wealth through profits and growth, supporting team member happiness and excellence, and caring about communities and environment.

Many organisations (and professions) also have a code of ethics, a written pledge to make responsible, moral decisions.  Employees are expected to respect their company’s code of ethics and its values and ethical policies when conducting business for the company.