Choosing the Right Core Company Values

Company values are the beliefs, philosophies, and principles that drive a business. These beliefs influence the way a company interacts with partners, clients, and shareholders. These values make a difference in a company's DNA and help separate them from other competitors in the market.

These values play a critical role in talent attraction. One survey shows that 46% of job seekers cite company culture as very important when choosing an organization they wish to work for. According to Forbes, this is particularly apparent among millennials who are currently the largest working generation.

Millennials are becoming increasingly particular not just about the businesses they work for but also the values of the companies they buy from.

Communicating the organization's core values and overall purpose is essential when it comes to ensuring that employees within the company, from top leadership to entry-level, are working towards the same common goal.

How to choose the right company core values?

Examine your mission statement

An organization’s mission statement describes clearly and concisely why the organization exists by answering three simple questions. Whom does the organization serve? What does the organization do? Why does the organization do it? Some useful steps in developing a mission statement include:

• Define your business's purpose
• State what the company does for its employees.
• Describe the company's goals and objectives.
• Be specific and brief.

Once your company mission has been decided upon, you can go about turning it into individual values.

Concisely capture your core values in writing

Your core values will not need to be put down in writing. When undertaking this step, simplicity is key. Use plain and easy-to-understand language that leaves no room for confusion.

Other tips to consider:

• Focus on the organization's strengths
• Speak to your audience
• Evoke emotion
• Limit the number (a long list of values will be difficult to recall)

Make your core values accessible:

The business’ core values must then be communicated to employees and your customers. Many employers post their core values on their website where they are easily available to everyone. Others may choose to implement a training series for new recruits, create a handbook for all employees, or put together a newsletter for customers.

Lead by example

When employers lead by example they guide others through their behaviors and inspire them to do the same as they do. For this reason, it’s vital that whatever your business has laid out as its core value, all members of the organization adhere to them, whether it be senior staff or a new employee. When you lead by example, you provide a path to direct others down so that everyone is working toward a common goal with the same purpose.

Examples of companies with good core values

Coca Cola

• Leadership: The courage to shape a better future
• Collaboration: Leverage collective genius
• Integrity: Be real
• Accountability: If it is to be, it's up to me
• Passion: Committed in heart and mind
• Diversity: As inclusive as our brands
• Quality: What we do, we do well

Google

• Focus on the user and all else will follow
• It’s best to do one thing really, really well
• Fast is better than slow
• Democracy on the web works
• You don’t need to be at your desk to need an answer
• You can make money without doing evil
• There’s always more information out there
• The need for information crosses all borders
• You can be serious without a suit
• Great just isn’t good enough

American Express

• Back customers
• Make it great
• Do what’s right
• Respect people
• We embrace diversity
• Stand for inclusion
• Win as a team

Uber

• Great minds don’t think alike
• Know the details that matter
• Go get it attitude
• Stand for safety
• Build with heart
• Make big bold bets

Netflix

• Judgment
• Communication
• Curiosity
• Courage
• Passion
• Selflessness
• Innovation
• Inclusion
• Integrity
• Impact

Adidas

• Performance: Sport is the foundation for all we do and executional excellence is a core value of our group.
• Passion: Passion is at the heart of our company. We are continuously moving forward, innovating, and improving.
• Integrity: We are honest, open, ethical, and fair. People trust us to adhere to our word.
• Diversity: We know it takes people with different ideas, strengths, interests, and cultural backgrounds to make our company succeed. We encourage healthy debate and differences of opinion.

Snapchat

• Be The Next
• Remember the Feeling
• Action Is Our First Instinct
• Do The Right Thing
• Stronger United

Key Takeaway

Core business values are a set of guiding beliefs upon which a company is based. They're the bedrock on which business decisions are made and successful relationships are formed. Having a clear set of values in place helps an organization's employees, customers and shareholders understand what the business stands for.

Core values help organizations separate themselves from the competition and play a critical role in attracting talented employees to the company. When integrated effectively, a business’ core values should be followed by every member of the company. If employers and senior staff do not follow the principles and philosophies that make up the organization's DNA, then they can’t expect their workers to.

Apart from talent acquisition and setting them apart from competitors, there are a number of advantages for companies with core values in place. These include improved communication both internally and externally, along with ensuring employees are all on the same page, ultimately leading to increased employee engagement, productivity, motivation, and efficiency.