Are You Living Your Values? A Journey of Integrity and Purpose

Governance

Oct 5

Growing up in a family business taught me the importance of living my values daily. From a young age, I was surrounded by an environment where trust was paramount. The sight of neatly stacked, ironed cash—ready for daily bank deposits—was a constant, yet I never once considered taking even a dollar for myself. The family trusted each other, and that trust was a core value.

Values are often passed down through generations, and mine were shaped by my great aunt. A widow since 1924, she had faced the hardships of the Great Depression and the loss of her husband. Through resilience, she maintained the integrity of our family business. She believed that true character is revealed when no one is watching, a lesson that profoundly impacted me. For her, honesty wasn’t just a policy—it was a way of life.

The Roots of My Values

The foundation of my values wasn’t just shaped within the family. Growing up in a vibrant, close-knit town north of Chicago also played a significant role. This town, home to a mix of Polish and Irish Americans, was a melting pot of cultures. Some were new immigrants finding their way, while others had been born in the U.S. but still conversed in Polish with their elders. North Chicago, with its booming industrial scene, attracted many Poles seeking opportunities in steel mills, manufacturing, and railroads.

Religion was the lifeblood of our community. Our local Polish Catholic parishes, like Holy Rosary, anchored us. Through hard work and faith, my ancestors instilled values that would guide me throughout life. These lessons of integrity, hard work, and faith in God were more than just traditions—they were the bedrock of my existence.

A Test of Values in the Big City

When I left for college in Atlanta, I carried these deeply rooted values with me. Balancing multiple jobs to pay rent and buy school supplies while studying at Georgia Tech was challenging, but my small-town upbringing kept me grounded. After graduation, I took on a role as a consultant at KPMG, diving into the fast-paced world of banking. Here, my values were put to the test. As partners overpromised and corporate expectations grew, I held firm to my principles, refusing to compromise my integrity.

The Corporate World of the 1980s: A Challenge to Integrity

The 1980s marked the rise of corporate raiders, hostile takeovers, and cost-cutting measures aimed at boosting short-term profits. This "greed is good" mentality, epitomized in films like Wall Street, prioritized quick returns for shareholders over long-term sustainability or employee welfare. In an environment that encouraged selling off assets and cutting labor, it would have been easy to fall into the trap of placing profits over people.

Yet, I never wavered. In the world of fast-paced mergers and takeovers, my values remained a beacon. I refused to compromise on the principles instilled in me by my family and community.

The 1990s: Family and the Shift in Corporate Priorities

The birth of my first child in the 1990s shifted my focus. Prioritizing family over career, I became a stay-at-home mom. At this time, the corporate world was still deeply focused on short-term earnings and maximizing shareholder value. The pressure to deliver quarterly profits was intense, often leading to decisions that disregarded the long-term impact on employees and communities.

However, not everyone followed this path. Aaron Feuerstein, an industrialist from Massachusetts, became a national symbol of values-driven leadership. After a catastrophic fire destroyed his textile plant, he invested millions in rebuilding instead of laying off his employees. Feuerstein’s decision to continue paying his workers and rebuild the factory exemplified the power of standing by your values, even when it wasn’t the easiest or most profitable option.

The Evolution of Corporate Responsibility

While a relentless focus on earnings marked the 1990s, the business world has since evolved. Today, companies are recognizing the importance of stakeholder capitalism, where the needs of employees, customers, communities, and the environment are given as much consideration as profits. This shift from a sole focus on shareholder value to a broader, more inclusive approach is reshaping the corporate landscape.

Why This Shift Matters

Reputation and Trust: Companies that prioritize a broader range of stakeholders often build stronger reputations, leading to increased customer loyalty and employee satisfaction.
Regulatory and Market Pressure: Governments and markets are increasingly pushing for sustainable, socially responsible business practices.
Financial Stability: Companies that consider environmental, social, and governance factors tend to be more resilient and are better positioned for long-term success.
Attracting Talent: Millennials and Gen Z, who place greater value on purpose-driven work, are urging companies to adopt ethical, transparent, and socially responsible approaches.

Living My Values Through Family and Business

Although the focus on stakeholder capitalism seems new, it’s a principle that has long been woven into the fabric of my family’s business. My husband, in particular, has championed the commitment to employees, customers, and the community. We formalized these principles in 2013 when our family council developed a set of guiding values: Family, Integrity, Knowledge, and Perseverance. Each meeting begins with a reflection on how we’ve embodied these values in our actions and decisions, ensuring that they remain at the forefront of everything we do.

Conclusion

As the business world continues to shift toward a more inclusive, values-driven model, it’s important to reflect on our own values. Are you living your values? Are they guiding your decisions, even when no one is watching? For me, honesty, integrity, and resilience are not just words—they are the foundation of my life. Living by your values can be your greatest asset in both personal and professional arenas.

FAQs

What are stakeholder capitalism and why is it important?

Stakeholder capitalism is a business model that balances the needs of all stakeholders—employees, customers, communities, and the environment—rather than focusing solely on shareholders. It’s important because it promotes long-term sustainability and social responsibility.

How did Aaron Feuerstein exemplify living his values?

Aaron Feuerstein kept paying his workers and invested in rebuilding his factory after a fire, showing that prioritizing employees and community can coexist with running a successful business.

Why are values important in today’s business world?

Values are essential because they build trust and loyalty with customers and employees, foster sustainability, and attract talent, especially among purpose-driven generations like Millennials and Gen Z.

How can companies balance profits and values?

Companies can balance profits and values by embracing stakeholder capitalism, considering the needs of all stakeholders, and focusing on long-term success rather than just short-term profits.

How can individuals ensure they are living their values?

Living your values involves reflecting on whether your actions align with your principles, making decisions based on integrity, and staying true to your beliefs even in challenging situations.

Madeline S. Hoge

Madeline Hoge is a Family Business Consultant, an author, and a Family Historian. She lives on the beautiful Hoge family farm, Belle-Hampton, situated in Southwest Virginia. Madeline is a captivating speaker who is known for her engaging talks on various subjects. She shares her expertise in family business consulting, delves into the fascinating journey of her own family, and imparts insights from her published books. Moreover, she brings alive the rich history of the region's founding families through her engaging presentations.

https://www.linkedin.com/in/mhoge/