Company values definition

Caroline Duncan - Dec 7, 2021 7:45:00 PM

Company Values DefinitionDoes your company have a set of core values? If not, you should take the time to develop some and communicate them with your staff to enable your organization to be more successful.

What are company values and why do you need them?

Company values are a set of principals that an organization creates in order to guide it to success. They will help all the members of your organization to work together as a team to achieve business goals and outcomes. They are often used to build team culture as well as to influence the way the organization deals with the external world, such as customer service, and are important for company growth.

Having company values that are communicated well to employees will help you to ensure the team is working together towards the same goals. All decisions made by both management and employees alike should align with the values of the company. All aspects of the business should also align with values, from production and delivery to relationships, marketing and customer service.

Examples of company values include:

  • Integrity
  • Honesty
  • Trust
  • Accountability
  • Quality
  • Teamwork
  • Commitment
  • Dedication
  • Customer service
  • Ownership.

How company values make a business successful

When you don’t have company values, its hard to know what your business stands for or what it is trying to achieve. This is not a recipe for success, it is a recipe for disaster. 

Company values can make your organization successful in the following ways:

1. Guiding decision making

When employees have a good understanding of what the company stands for, it’s easier for them to make decisions that align with this. In many ways, your company values are your organization’s moral compass and can help employees to navigate difficult decisions and situations.

2. Better internal communication

There are many ways the values of business will help to boost internal culture, and improvements in internal communications are towards the top of the list. Values that include openness, transparency, accountability and collaboration naturally lend themselves to communicating well to achieve results. Without good internal communication, people can be confused and make mistakes. They are also likely to be less productive.

3. Increased employee engagement levels

A set of core company values can boost the levels of employee engagement and motivation within your company. When people feel a connection with their employer and are happy with the work they are doing, they’re more likely to have higher levels of morale and go above and beyond to help the organization succeed. 

4. Attract the right employees

When your company values are clear, you’ll be more likely to attract candidates who align with those values, ensuring that you are able to recruit new team members who are the right fit for the organization.

5. Improved customer and client relationships

Your firm values should be reflected in the dealings you have with clients, customers and other stakeholders. It will help them to understand what they can expect from your company and your brand, and can build trust and respect. 

How to communicate company values to your employees

Communicating your values to your employees will help to ensure everyone in the company understands what they mean and why they are important. It also lets your team know what is expected of them in terms of delivering on corporate values via their work.

The management team needs to be onboard with your corporate values, and all senior managers need to model the values every day in the work that they do and in their interactions with employees. If you fail to get this part right, employees will see your values statement as hollow rhetoric and are less inclined to act in the way you would like: if it isn’t something management will do, why should they?

Other ways to raise awareness of your values among your staff include:

  • Making your values visible within the organization. For example, wall displays, digital signage, screensavers
  • Providing a business values definition so that they understand the usefulness of this tool
  • Make the values prominent on your intranet and your external website
  • Include details of corporate values in all induction and recruitment material
  • Communicate your values to new recruits during their onboarding process
  • Create an internal campaign promoting your internal values using a variety of communication channels to harness the power of repetition
  • Have a regular spot in your employee newsletter where you showcase an employee or a team who have demonstrated the company values in their work
  • Have standing items in team meetings where the values are discussed
  • Incorporate key messages about the values into internal speeches and presentations given by senior managers
  • Conduct a workshop to discuss values and explore how to implement them in the workplace
  • Hold a town hall question and answer session on the values
  • Send employees quizzes to test their understanding of your company value
  • Incorporate your values into your corporate rewards and recognition programs: you can have a category where employees nominate a colleague who has demonstrated the values in an outstanding way.

company valuesConclusion

A core set of company values are critical for unity and success in business. By effectively communicating them to your team you can ensure they are embedded within your business so that you can succeed.

FAQs

What are examples of company values?

Most company values will revolve around key attributes that companies wish to embody such as loyalty, dedication, accountability, transparency, honesty, respect and other metrics of good governance. 

Why are company values important?

It is important for a business to have a set of company values for a range of reasons. These include:

  • Better decision making
  • Creating a culture of teamwork to meet goals
  • Better communication
  • Accountability and transparency
  • Hiring employees who are the right fit for the organization.

What are the best company values?

There are a lot of different values that a company can hope to embody. Sometimes these might vary across industries, depending on the work that a firm carries out. But some values are universal and are considered to be best practice for any organization. This includes company values examples such as accountability, honesty, integrity and trust.

How do you demonstrate company values?

Demonstrating company values is achieved by taking actions that make the values come to life. It relies on management and employees to actively take steps in their work tasks to ensure that what they are doing matches the company’s values and avoid any behavior or conduct that is at odds with the values statement.

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