In Business, A Mission Statement Defines What An Organization Is, Why It Exists And The Reason For Being. What Are The Benefits Of Having A Highly Defined Mission Statement? Explain Why It Is Important For A Company To Define Its Values Explicitly

1843 words - 8 pages

In business, a mission statement defines what an organization is, why it exists and the reason for being. What are the benefits of having a highly defined mission statement? Explain why it is important for a company to define its values explicitly.

Mission statements, a formal summary of the vision, objectives and values of a company, have become increasingly popular around the world. With the correct formulation and implementation, a mission statement can create clear vision of a company's main objectives. This can facilitate strategic direction of how a company moves from its present situation to its desired position. (Mirvis, Googins & Kinnicutt, 2010) Effective mission statements ...view middle of the document...

(Campbell &Yeung, 1991) When a company explicitly delineates its values in the form of a defined mission statement, clear vision is articulated. This vision aids in communicating a sense of direction and purpose, and assists in keeping a company ‘on track’. (Bartkus, Glassman & McAfee, 2000) This process of analysing corporate values and deriving vision, also better positions a company to implement a process of how they want to work in order to be successful; opposed to simply what they have to do. (Ackoff, 2007) An overall awareness of corporate vision allows for a true appreciation and understanding of who they are, where they want to be, and how they need to act in order to get there. This leads to a significant increase in their ability to strategically plan for their success. (Keeling, 2013)

Without vision, a company lacks clear direction and motivation, and has no true perception for the future. This negates progress, and is detrimental to a company’s success. (Raynor, 1998) For a company to progress forward, aligned with its vision, a strategy needs to be thought out and implemented. Mission statements are a key aspect in providing ‘intellectual framework’ for company strategy. This framework, has the potential to navigate a company from where it currently sits, to where it wants to be. (Mirvis, Googins & Kinnicutt, 2010) Short term goals are critical when implementing strategy plans, and will assist in the overall attainment of corporate objectives, thus moving the company forward. Having a mission statement ensures a company’s short term goals complement its long term interests. (David, 1989) These goals ensure that a company stays focused on what really matters, to itself and to all involved, including employees. (Ireland & Hitt, 1992)

An individual’s behavior and decisions are shaped by values, and therefore a company must establish common values to promote uniformity. (Jaszay, 2002) Khalifa (2012) believes that an effective mission statement gives a sense of purpose to the individual, which brings about a sense of direction. Common values and purpose are a byproduct of a defined mission statement, and reiterates its importance in corporate structure. However, it is not just the mission statement that is important, but ensuring the employees chosen are suited, and ‘matched’ to the company’s vision. (Campbell & Yeung, 1991) When an individual can relate or be matched to the mission of the company, they will be inspired and motivated, as company goals are aligned with personal goals. (Klemm, Sanderson & Luffman, 1991) Intrinsic fulfillment comes once a goal has been accomplished, especially if that goal is personally important. (Campbell & Yeung, 1991) An employee becomes engaged when they comprehend the mission of the company, distinguish its values, and feel enriched by being connected with them. (Campbell, 1997)

To engage employees, management must lead in a way that encourages, and not merely...

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