You can achieve this by using “Manage Values” option available on the picklist filed properties page. You can define display labels and values. where ‘value’ is the recorded value and ‘label as displayed’ is the text which is displayed to end-user. However this option is not available for global picklists.
SATHEEESH, THANK FOR THE FEEDBACK. WE HAVE IMPLEMENTED THE FIELD SET UP AS YOU DESCRIBE IT BUT THE VALUE RECORDED IS THE SAME AS THE LABELED VALUE TO BE AVAILABLE TO THE END USER. SEE ATTACHED SCREEN SHOTS. ARE WE MISSING SOMETHING? THANKS FOR YOUR FEEDBACK
The configuration appears correct.
For enumeration supported fields, while viewing the existing value, the ‘label as displayed’ text will be displayed. But in the Server, the value which is saved is the ‘value’.
You can confirm it by using the REST API for the mentioned record.