In Jorma Ollila’s Book Jorma Ollila mentions that Nokia in late 90’s made its success partially thanks to the value-based management.
Year 2003 the values were respect, customer satisfaction, achievement and renewal. They were practically unchanged from year 1992 when the original Nokia values were laid out by Jorma Ollila and his team.
The original values from year 1992 were respect, achievement, renewal and challenge.
In my old blog post I gathered together a pile of Nokia-related news from Finnish newspaper Tekniikka & Talous. People interviewed mentioned several times that they saw the loss of clear and universal values as one of the signs of Nokia’s impending collapse.
In year 2007 CEO at the time Olli-Pekka Kallasvuo had a workgroup to create new Nokia values. They came up with “achieving together“, “engaging you“, “passion for innovation” and “very human“. What were those even supposed to mean?
In the good news:
After being selected as a CEO of Nokia, Rajeev Suri told in the meetings with employees that he wants to bring back the value-based management and good, universal values. He said that he’d love to use the values of 1992.
I noted today that there is definition of Nokia values in the Internet. 
New Nokia values from year 2014 are Respect, Achievement, Renewal and Challenge.
First half done there. Biggest challenge (pun intended) comes in making everyone do their work based on values again. Not everyone in Nokia remembers the time when it actually worked the way it is supposed to. I’ll sum it up in two sentences:
- Value-based management only works if the values are good, i.e. clear and universal.
- Good values have no benefit if they are not actively used in value-based management.