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values

Ethics, FTMBA, Newsroom, OCB Commentary

The Value Proposition

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After recently attending an executive coaching session in which our second-year full-time MBA students were asked to create a value chart in order of priority for family, work, community and self, the emphasis placed on “values” got me thinking.  While a large proportion of the current professional population has been affected in some way by the arduous job market, how important are values to job seekers?

At a MBA Career Services and Employers Alliance student-lead panel, full-time MBA students  from St. Thomas and the U of M cited various items they consider prior to accepting a job offer.  Of those, professional advancement, opportunity to learn and be challenged as well as sharing the same values rated much higher than a competitive salary. There are a few things any job seeker should think about before accepting a position (or even applying for one). Continue Reading

Entrepreneurship, Ethics, leadership, Local business, Newsroom

An Enduring Mission (Statement)

Medtronic Co-founder Earl Bakken was inspired by patients to create the company's mission, which is now an integral part of the company's culture.

Medtronic Co-founder Earl Bakken was inspired by patients to create the company's mission, which is now an integral part of Medtronic culture.

Last week Jack Militello, a management professor here at the University of St. Thomas’ Opus College of Business and director of our Executive UST MBA program was interviewed by the Star Tribune about mission statements, and specifically, how half a century after Earl Bakken set out Medtronic’s mission statement, it remains relevant. Few companies can boast of a mission statement so enduring, said Militello. More from the article:

“A good mission statement should tell you what the company wants to be, not what it is today,” he said. “Medtronic’s statement does that.”

Militello says corporate mission statements didn’t gain traction until the go-go 1980s following the publication of the bestselling business book “In Search of Excellence” by Tom Peters and Robert Waterman. Publicizing a corporate mission, a kind of higher business calling, became de rigueur.

But just because these statements are trendy doesn’t necessarily mean they’re effective. “A lot of mission statements are BS,” Militello said bluntly. Continue Reading