Values, Morals, Ethics
Values are the scale or standards which possessor uses to judge whether something is desirable. It is(has) intrinsic (worth) to the possessor. Value are relative in nature. Good values are just a perspective or an opinion, good for one may not be same for other. These values are acquired by possessor while growing up. But the sources of these values are diverse, according to Michael W. Small and Laurence Dickie most value originate from the historical and the traditions sources. While some values are derived from the religion and others originate from.
Morals are more widely accepted socially than value. Morals are generally personal than professional. We judge others on morals and not on values. Morals help individual to decide right or wrong or goodness or badness. Morals are also relative like values. Some morals accepted to be right eventually become laws.
Ethics are moral obligation. Ethics help you to follow right thing and take decision morally even in tight situations. Ethics are formalised morals in form of rule and regulations, and revolves around social justice and truth. Hence ethics is usually referred in case of professional context and rarely about personal context. Professional ethics are part of organisation culture, in form of interaction between informal and professional behaviour. Lack of ethics is seen as unprofessionalism in many organisations and unethical behaviour can have serious consequences. But Ethics are also relative, in some industries or nation some actions might be unethical but same action in some other industry will be ethical. For example, giving gifts to your clients might be considered unethical in government organisation or MNCs but it is a general practice in sales.
There can be conflict between values of employees, clients and ethics of an organisation. For example, if we consider a political party or a religious organisation like church, it is possible that the values of the employees are not aligned with the ethics. But in such cases employees are expected to follow professional ethics. Defence forces often kill terrorists, this might be morally wrong for someone, but it is ethical. Ethics change with developing legal and business environment. To summarise value is a litmus test which helps individual to decide right and wrong. Morals are socially accepted popular values. Ethics are professional code of conduct based on morals and legal aspects.