Why Your Company’s Core Values Are Essential to Success
The last two years have brought a slew of changes for employers. These changes include remote work on the rise, the Great Resignation resulting in millions of employees leaving their jobs, as well as an influx of millennials and Gen Z joining the workforce.
Many of these events can cause employers to feel disconnected from their employees. Don’t worry, we have a solution to focus and reconnect teams with their company culture – it’s been on a poster in the HR office this whole time!
That’s right, we’re talking about your company’s core values. Read on to learn why establishing and emphasizing company values is essential to success.
First, What Are Company Core Values?
By definition, company core values are a set of guiding principles that reflect your organization’s vision, mission, and motivations. These values should drive your team towards common goals, outline their priorities, and help them navigate through difficult decisions.
What Are Some Examples?
Companies should choose unique values that reflect their organization. Here are a few common values many companies highlight:
- Integrity
- Fairness
- Transparency
- Honesty
- Innovation
- Accountability
- Respect
- Drive
- Communication
- Sustainability
How Do Company Core Values Lead to Success?
Company core values tell both customers and members of the organization who you are. By communicating these priorities to your employees, you are not only allowing them to accurately represent your brand to customers, but you are showing them what qualities you value in them as well.
Values Distinguish the Identity of a Company
Companies that understand themselves can thrive in a variety of ways. For example, a company with a distinguished identity can excel in marketing its unique brand voice to potential customers, recruiting new employees as well as retaining its existing team members.
Employees Prioritize Values in Choosing Their Jobs
According to HuffPost, 94% of millennial employees want to use their skills for good. Further, over 50% of millennials say they would take a pay cut to find work that matches their values.
So what do these statistics tell us about millennials in the workforce?
They aren’t just clocking into a 9-5 for a salary; they’re interested in contributing to change, upholding their values, and finding a position that means more than just “work.”
If an employee feels as if the company’s core values align with their own, they are more likely to stay with the company and be more productive and satisfied with their work.
Values Establish a Sense of Belonging
Especially with businesses transitioning to a hybrid or remote work model, companies should be taking extra steps to make their employees feel like they belong. Core values can help employees connect without in-person interactions by giving them a common goal.
Values Influence Behavior
When values are clearly defined and integrated into company culture, employees can be inspired to meet these expectations.
Values Help with Hiring
Core values may help employers decide which candidates to hire based on who aligns with or prioritizes the same values.
Values Shape the Future of the Company
Companies may keep core values in mind when making decisions about the next steps.
Why Operationalize Your Company’s Core Values
Your company’s core values shouldn’t just be on a poster in your HR office.
It’s time to build, revamp and operationalize your company’s core values. This will allow you to review if and how your core values are present throughout the daily operations of your company. Additionally, operationalizing your core values can expose where your business could benefit from strengthening and implementing these values.
Need a Little Help with Your Core Values?
Don’t worry – this is what we do best. At Culture Works, our values make us who we are, and we are a trusted resource working with companies to improve their processes, operationalize their company culture, invest in their people through leadership training, and bring purpose into everything they do.
Our services provide the processes to operationalize culture in your organization:
- Intentional Culture Works for businesses
- Collaborative Culture Works for employees
- Healthy Culture Works internally in companies to facilitate organizational change
- Values-Driven Culture Works to make productivity soar and reduce churn
Learn more about us here or read on for more information on leveraging learning and development to improve employee retention.
