In this post, we’ll unpack all you need to know about Company Core Values, defining exactly what they are, their power, how to integrate them and more.
What Are Company Core Values?
Company Core Values (CCV) are the deeply ingrained principles that guide the behaviour of a company’s employees. They are the foundation of a business’ culture.
CCV can never be compromised and must be maintained at all costs. They are called core values because they are at the core of every decision that is made within the company. They ensures that they align with the company’s mission statement and vision statement.
CCV can set a business apart from its competition by clarifying its identity and serving as a rallying point for employees.
The Power Of Company Values
For better or for worse, your Company Core Values have both internal and external implications. Internally, they impact employees. Externally, they impact customers.
One study found that 63% of consumers say they want to buy products and services from companies that have a purpose that resonates with their values and belief systems. Another study found that 70% of consumers want to know how the brands they support address social and environmental issues.
Consumers are now prepared to go out of their way to avoid companies that don’t adhere to what they believe and seek out companies that do adhere to what they believe.
How To Integrate Company Core Values
Defining your core values is one thing. Deeply ingraining them into your culture is something completely different.
If your core values are going to really take hold in your organization, they must be explained and embraced by all those who work for the business. Therefore, you must promote them at every opportunity. Employees must be constantly reminded of what your core values are.
Highly successful cultures promote their values by flooding the environment with heuristics. Each heuristic functions as a small narrative that provides a vivid mental model for solving problems.
Creating behaviour around a clear and simple set of values functions as a lighthouse. Thus, it orients behaviour and providing a path towards specific desired outcomes and ultimately a shared vision.
Lastly, CCV should be supported by accountability mechanisms so they can be easily integrated into performance management systems.
Company Core Values are a tool for imposing a set of fundamental, strategically sound principles on a business in order to guide the behaviour of its employees. They impact the company both internally and externally.
By establishing values that genuinely reflect your brand and then deeply embedding them into your organisation, you’ll be able to create a thriving culture, attract your ideal customers and ultimately conquer your competition.