Strategy + Business (the business magazine / PR tool of Booz Allen Hamilton) has an article up on "the value of corporate values." It's the reusult of a moderately robust research effort (300+ completed surveys but only 20 interviews) about "how companies are dealing with the challenges of managing values." (Link
here; PDF file
here; free registration required.)
The findings are what you'd expect: lots of firms state similar values ("integrity," "commitment to customers," "commitment to employees"); the rub is in living them. Of course, we believe there's another rub as well: not confusing value messages with strategy messages. At CRA, we encourage clients to communicate values as "how we play" or "how we work" and strategy as "how we're going to succeed" or, if there's a vision for the company, "how we're going to get there."
The challenge with values is that they're not terribly actionable from a planning perspective. As a mid-level manager it's hard to look at the next 12 months and plot (or articulate) how my team is going to "do" diversity or "do" integrity.
A strategy message fills that gap: If you tell me our strategy is to "improve customer service, improve reliability, and manage costs" ... those are things I can take action on, whatever my level. I can then invoke values by saying: "And as you do so, act with integrity and encourage diversity." Mission, vision, values, and strategy each have a linked but distinct space in the strategic message heirarchy. Strategy is the game plan; values are how we play the game.