Final answer:
Values are long-term appraisals held by individuals, groups, or cultures concerning the worth of various ideas, persons, or practices, and are a fundamental aspect of culture. They guide behaviors and decisions, influence organizational culture, and are subject to change over time and across different societies.
Step-by-step explanation:
Values are long-term appraisals of the worth of an idea, person, thing, or practice held by individuals, groups, or cultures. These values are essential in guiding decisions, influencing behaviors, and shaping the way individuals and societies live. For instance, values can determine the importance we place on reading significant literature, such as Ralph Ellison's Invisible Man, to gain insight into racial injustice.
In the context of an organization, values are integral to forming its culture, affecting how decisions are made and how people interact within the organization. The appraisal of employees through performance evaluations also reflects an organization's values, although their effectiveness can vary depending on how well they align with the cultural values of the organization.
Cultural values are also dynamic, capable of changing over time and varying between cultural groups. An example of differing values can be observed in the public expression of friendship across cultures, such as the acceptance of hand-holding among male friends in certain cultures compared to others, reflecting varying societal beliefs concerning physical closeness.