Resumen
Values have always been perceived as a guide for action at both individual and organizational levels. By showcasing an example of one Serbian company, the paper aims to present how employees and managers? collective values can be inconsistent and contradictory, as well as the causes and effects of such a state of company? system of values. The research was conducted by applying a case study method in a Serbian company comprising both qualitative and quantitative research techniques. The company was in the process of intensive organizational changes at the time of the research. The research has shown that it is possible for values of the employees and managers to be contradictory and that this contradiction is caused by radical changes both in the environment and in the organization itself. The research has also shown that this contradiction characterizes the Moving Phase in the process of organizational change, and that it is likely to disappear when company moves into the Refreezing Phase in the change process. The conclusions of this paper imply that the structure of collective values in organizations must be taken into account both in research and in practice of change management. Generalization of conclusions and implications is limited by the nature of the applied case study research method.