I am new to sfdc .I got a requirement like when user selects any option in the picklist,that value has automatically filled in the other standard text field.I tried validation rule and workflows and even i trigger on that lead object but nothing works because text field is a standard text field.My lead object has a recordtype it may leads to any problem.Because company field is required in lead page.Please help
You can't access picklist value directly inside the formula field so you need to wrap this around the another function that is TEXT Here is the definition of this function
Converts a percent, number, date, date/time, or currency type field into text anywhere formulas are used. Also, converts picklist values to text in approval rules, approval step rules, workflow rules, escalation rules, assignment rules, auto-response rules, validation rules, formula fields, field updates, and custom buttons and links.
So your formula will be