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Why Core Company Values are Important Now More Than Ever
August 24, 2022 3 min read
Your core values are the set of beliefs that guide your company’s actions and decision-making. These values should be more than just lip service; they should be reflected in everything you do, from how you treat your employees to the products you sell.
If you live and breathe your core values, they will become an integral part of your brand identity. Customers will know what to expect from you, and they will be more likely to patronize businesses that share their values.
Core values act as the right label for your brand. It doesn’t matter how big or small your company is; with the right core values, they remain steady and fixed. Although these values don’t describe how much progress your company will make or when it will make it, they impact how your company promises to act.
Many organizations emphasize technical aptitudes but forget about the underlying core values and competencies required for companies’ smooth functioning.
In simple words, core values act as a guiding light for people, showing them how to work in an environment.
Why are core values imperative to an organization
Strong core values provide many internal and external advantages to an organization. Some of them are given below:
Core values are highly helpful when it comes to a smooth and hassle-free decision-making process. Let's take the example of the "quality of a product".
Any product that doesn't fulfill the satisfactory standard will automatically be eliminated if the right core values stand behind the product. Thus, it helps in making quick decisions.Core values help educate potential customers as well as clients about the identity of an organization or brand.
It is especially important in a competitive world where core values speak to the customers and public, resulting in a competitive advantage.Core values act as a primary factor when it comes to recruiting as well as retention tools.
With the advancement of technology, job seekers can now do their homework online before applying for a job in a particular company. They can already weigh if the company holds core values and good job culture.
What are the top core values that should be incorporated into an organization?
Listed below are the top core values that are common across many organizations and should be a mandatory part of any company:
1. Accountability:
Firstly, it is important to concede and accept responsibility for every decision, policy, product as well as action. It refers to both individual accountability and the responsibility of the entire organization.
2. Commitment:
Commitment is an obligatory core value that applies to products, services, and other initiatives. It refers to both inside and outside the organization. The commitment applies to both the employer and employees.
3. Balance:
Organizations should strive to create a balanced and healthy environment for the workers. Work-life balance is important to keep the employees happy and satisfied and keep them mentally fit.
4. Diversity:
Employee equity programs should be practiced by the organizations as it helps in respecting diversity and providing the best composition.
5. Innovation:
Introducing new ideas that have the probability of changing the world. It is also a core value that is mostly neglected in many organizations and isn’t considered a core value.
6. Integrity:
Integrity, one of the most important core values, deals with acting with honor and honesty and not compromising with the truth.
7. Ownership:
Taking care of the organization as well as the potential clients and customers and considering them as an asset.
Last Thoughts
Your company culture also stands on its core values. It serves as the foundation on which your company is built. Thus, it is very important to make sure that the foundation is sound and solid.
While it’s important to have strong core values, it’s also important to review them regularly to make sure they are still relevant. As your business grows and changes, your values should evolve along with it. By periodically reassessing your core values, you can ensure that they remain an accurate representation of who you are as a company.
The long-term success of a company largely depends on its core values.
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