Company values play a critical role in helping businesses to achieve their goals and objectives. These values shape the identity and principles of the organization, act as a guiding light for employees, and affect the way organizations conduct their business. In effect, core values support the vision of a company. With the vital role that these values play in the life of a company, it is essential for the leadership to define the values clearly, ensure employees understand what they are and abide by the set values. The first step in doing this is to understand what constitutes company values.
Company Values Definition
Company values, also known as corporate values or core values, are the fundamental beliefs and operating philosophies upon which an organization’s business and behavior are based. These guiding principles are what the company used to manage its internal affairs as well as its relationship with customers, partners, and other stakeholders. When company values are practiced, they affect all aspects of the business, including workplace culture, marketing strategies, employee benefit packages, and customer service.
What is a value statement for an organization?
A value statement is a declaration that outlines what the top priorities and core beliefs of an organization are. A well-written value statement is regarded as a long-term or permanent declaration that communicates the principles the organization will not compromise. Companies use value statements to connect to targeted customers and remind employees of their goals and priorities.
Common Characteristics of Company Values
While most managers understand the importance of core values and strategies for setting a list of values, only a few know what company values look like. Here are some characteristics of values across organizations and industries to help you come up with a great brand values list.
When looking for the right words to describe company values, they should be focused on doing the right thing. All employees should operate within the spirit of the law and uphold the values and principles of the organization. The values should also emphasize on the importance of operating with integrity when dealing with colleagues, customers, and other partners.
Trust is important in ensuring seamless operations and a productive workplace. Employees should trust that the conversations they hold with colleagues or managers will remain confidential. Similarly, nobody should feel like a colleague has ill motives. To build and maintain trust in an organization, managers and employees alike should avoid using negative words to describe company culture.
Diversity and teamwork
Company values appreciate that employees from different cultural backgrounds will meet at the workplace. Values are centered on tolerance and acceptance of others to ensure collaboration and teamwork and prevent cultural differences from affecting how people work.
Openness and honesty
The best company values focus on promoting openness and honesty. This applies to actions as well as communication and feedback. Every voice in the organization is heard, and regular meetings are held to ensure meaningful conversations among staff members and managers. Employees should feel comfortable communicating and asking for constructive feedback.
Growth and development
When thinking about how to write a value statement, it is crucial to focus on the growth and development of employees. Every manager has a duty to provide structures and an environment that will ensure position-based, professional, financial, and personal growth of employees.
Five company core values examples
Successful company cultures have distinct company core values. Such companies focus on growth and an upward dynamic and are characterized by excellent teamwork and engagement. Here are some great company core values examples.
Companies with good values
The following companies have some of the best examples of core values in the workplace, one of the reasons they have successful company cultures and have grown in their respective industries.
One of the well-known statements in the technology company’s core values is “don’t be evil.” However, this has since been replaced by a more positive phrase “do the right thing.” These values remind employees of the importance of integrity at the workplace and in their daily behaviors. Google’s corporate mission “to organize the world’s information and make it universally accessible and useful” is one of the best vision statement examples fortune 500.
Starbucks, a coffeehouse chain, is a great example of a company that is clear about its core values. Each of the six company values of the organization is important and tells a lot about how the company operates. Starbucks focuses on creating a great working environment, treating each other with respect and dignity, embracing diversity, applying the highest standards of excellence, developing satisfied customers all the time, contributing positively to the community and environment, and recognizing profitability as an essential part of their future business.
The community-based online platform for listing and renting local homes has a great business model. The core values that influence the company’s operations have also contributed to great company culture and the success of the business. With one of the best value statement examples for business, Airbnb considers itself more than an affordable accommodation option. The mission and core values reveal an organization that is keen on enabling travelers to “feel at home anywhere you go in the world” by helping them gain access to distinctive spaces.
At Lessonly, we strive to offer powerfully simple training software to enable customer service and sales teams, “Do Better Work.” Some of the inspirational core values that guide our business and conduct are “We put learners first,” and “We have difficult conversations.”