Company values are a set of core beliefs held by a company. It acts as a guide to how a company should approach everything it does and its interactions. Organisational values function as guides to what is good and essential for the firm. It helps you to ensure everyone is working towards the same goals. Your core values support the company’s vision and shape its culture. That’s why every single business decision should align with these values.
Your company values are the beliefs, philosophies, and principles that drive your business. It impacts the staff and the relationship with your customers, partners, and shareholders. It’s your firm’s DNA as they help you differentiate your business from the competition. Let us share with you why organisational values are important.
Help employees make right decisions
Having a clear set of values assists your staff in understanding what you stand for. Your company values also provide them direction for their work and a sense of security. As a result, your employees tend to make the right decisions. These decisions assist them in achieving the company’s vision and goals. It is due to their understanding of the company’s mission statement. They shared the values that you stand for and believe in your brand.
Improve employees’ communications
Staff communication plays a significant role in building a better company culture. It also helps in improving employee satisfaction and increasing staff engagement. When top management doesn’t have clear company values, it creates miscommunications. This inconsistency and unclear communication often lead to confusion in the workplace. Practising clear company values can improve employee communications at your workplace. It also helps your staff to live by those values.
Direct impact on employees’ motivation and engagement
When communication integrates with your company values, it increases employee motivation and engagement. You need to explain these values to your employees and the reasons why you believe in them. In return, they will have a better understanding and will work harder to achieve your goals.
Engaged staff have clear guidance for achieving both their personal and company’s goals. They have a good understanding of the expectations and how to achieve the business goals. The most significant part is, they are the ones that share and believe in your firm’s values. That is why you must define your company values and communicate them well.
Assist your clients understand what your company stands for
Besides your staff, it is significant to ensure that your clients understand your core values too. Your company values help you clarify the identity of your brand. It also educates your clients about what your company stands for.
Having a set of specific and distinctive core values can be a great advantage. If you build a relationship with your clients based on the values, your business will thrive. It is due to shared beliefs and principles.
Take Starbucks as an example. You can get coffee anywhere, from gas stations up to your office. Starbucks took something that’s a commodity and became a market leader. Their core values are exceptional.
“With our partners, our coffee and our customers at our core, we live these values:
Creating a culture of warmth and belonging, where everyone is welcome.
Acting with courage, challenging the status quo and finding new ways to grow our company and each other.
Being present, connecting with transparency, dignity and respect.
Delivering our very best in all we do, holding ourselves accountable for results.
We are performance-driven, through the lens of humanity.”
The first thing mentioned in the list is the key to Starbucks’ success. The culture and the atmosphere that their shops evoke. Howard Schultz, the company’s executive chairman, said, “We’re in the business of human connection and humanity, creating communities in a third-place between home and work.” Their tone is pleasant, reflecting the community vibe that Starbucks cultivates.
Increase talent attraction and retention
Company values are important for talent attraction and retention. Salaries and other benefits are essential. But candidates want to know that an organization’s principles match theirs. Research shows that 71% of people would take a pay cut to work in a business that shares their values. 39% of people would leave their current job if their employer asked them to do something not right.
Think about it. Most job seekers complete extensive research before applying to new roles. They check companies’ websites, forums, social media, and especially company reviews. That’s because they don’t want to choose the “wrong” company. The same goes for you as an employer — you want to hire the ‘right” candidates.
In conclusion, your company values affect all aspects of your business. You should communicate with your employees and clients, so everyone is on board. Sending out monthly newsletters to your entire workforce is not enough. Your company values should be visible every day at your office. It should be an integral part of your internal communication strategy. We can assist you in communicating your company’s value with your staff using Vimigo. You can leverage on VimiAnnounce feature to constantly engage with your team through schedule announcements. No more working in silos with your employees! Check out our website to know more about us.