The aim of this article is to increase the awareness of and practical knowledge about values and their impact on management practices and behavioral and performance outcomes in organizations. It explores the meaning of values by using "preferences and priorities" and by differentiating values from other closely related concepts such as ethics, attitudes,needs, and morals. It also highlights some important evolving value patterns pertaining to customers, organizations,and employees belongs to three generations: Boomers, Generation X, and Generation Y. Another interesting aspect of the article is the exploration of evidence with regard to impact of values as an independent, moderator, and dependent variable on management practices and employee's behavior and performance. This review is supported by the fact that how the knowledge about degree of intensity and relative importance of value orientations can be used by managers and decision-makers. The discussion of implications of values for practicing managers is also supplemented by the arguments that "values can be modified" and "values should not always be in mesh in organizations". The article concludes by presenting numbers of sayings made by leaders and managers highlighting value of values in their personal and work life.