Hey there, and welcome to the first blog in our series on Company Core Values! We’re pumped to dive into this crucial topic and explore why establishing core values is more than just a buzzword—it’s a fundamental part of building a successful and thriving business. So, grab a cup of coffee, settle in, and let's explore the world of core values together.

Why Core Values Matter

Core values are the backbone of any organization. They are more than just a list of guiding principles; they define how you and your team operate, behave, and interact daily. As Brent Gleeson points out in Forbes, for core values to truly matter, they need to be authentic and integrated into every aspect of your business. This integration has a direct impact on your company's scalability and profitability. Brands with a high sense of purpose saw a 175% increase in value over 12 years, compared to an 86% median growth rate.

But why are core values so important right now? Core values are crucial in the virtual workplace era because they keep everyone on the same page, even when we're miles apart. They give a sense of direction and purpose, helping teams stay cohesive and motivated. According to Deloitte, 94% of executives and 88% of employees believe that a distinct workplace culture is essential for business success. Core values act like a glue, holding the team together and boosting morale despite the lack of face-to-face interactions. Plus, companies with strong values are more innovative and retain their talent better.

Defining Strong Core Values

Having a vague list of values is not enough. Your core values need to be specific and actionable. Think about your personal values—if family is a core value, you don’t just say “family” and leave it at that. You make specific commitments, like scheduling family activities or handling certain household responsibilities. Similarly, in a business context, specific values guide actions and initiatives that support the organization’s purpose.

Examples:

1. Serious Core Value: Integrity – We do the right thing, even when no one is watching. This value guides decision-making and ensures ethical behavior in all business dealings.
2. Playful Core Value: Have Fun – We believe in creating a work environment that is enjoyable and playful. This helps foster creativity and camaraderie among team members.
3. Informal Core Value: Keep It Real – We value transparency and honesty in all communications, whether with clients or among our team. This helps build trust and strong relationships.
4. Short Core Value: Respect – Treat others with consideration and courtesy, fostering a supportive work environment.
5. Long Core Value: Embrace and Drive Change – We are committed to continuous improvement and innovation, encouraging our team to think creatively and adapt quickly to new challenges to stay ahead in our industry.

Now that you have a clear idea of what makes strong core values, let's talk about how to get your team on board.

Driving Team Buy-In

Getting your team excited about core values starts with leadership but involves everyone. Regularly reminding team members about core values in meetings and recognizing those who embody them can significantly boost morale and adherence. Rewarding and recognizing positive examples of core values in action will encourage others to follow suit. Importantly, buy-in should begin at the talent acquisition stage, ensuring new hires align with your values from the outset. According to Deloitte, organizations with a strong sense of purpose and core values have 30% higher levels of innovation and 40% higher levels of retention.

Implementing Core Values

Implementing core values involves more than just posting them on a wall. It requires continuous effort and integration into daily operations. Here are some steps to help you get started:

1. Consult Your Employees: Your team is your greatest asset. Gather their input to ensure your core values resonate with everyone.
2. Ask Your Customers: Understanding what your customers value can help shape your company’s core values.
3. Look Back on Key Events: Reflect on your company’s history and identify moments that define your business ethos.
4. Start Broad & Narrow It Down: Start with broad concepts and refine them into specific, actionable values.

Making your core values memorable and engaging is key, and using creative language and visuals can really help them stick. Think about incorporating literary devices like alliteration, metaphors, or rhymes to make your values more appealing and easier to remember. The goal is to craft values that aren't just impactful but also resonate deeply with everyone in the organization. When core values are both meaningful and memorable, they become a powerful part of your company culture.

Make Core Values Visible and Tangible

One effective way to reinforce core values is by making them both visible and tangible in your workspace. Our Core Values Block and Tray Sets and Core Values Statement Display Blocks are designed to keep your values front and center. These physical reminders act as daily touchpoints for your team, reinforcing the principles that guide your business. Visual reminders are powerful. The picture superiority effect suggests that people are more likely to remember images than words. So, having a tangible representation of your core values can help keep them top of mind.

The Impact of Core Values on Business Success

Establishing and living by core values is not just a theoretical exercise—it’s a practical strategy that can significantly impact your company’s success. A Deloitte study found that 56% of employees believe that a strong workplace culture is more important than salary. Moreover, companies with engaged employees outperform those without by up to 202%. By defining specific, actionable values and integrating them into every aspect of your business, you create a cohesive, motivated, and high-performing team.

Conclusion

Core values are not just for employees—they impact profitability as well. According to Forbes, 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. Establishing core values can help your company attract and retain talent, drive engagement, and boost profitability.

And remember, our Core Values Products are here to help you keep these values at the forefront of your daily operations. Stay tuned for the next blog in our series, where we’ll dive deeper into how to define strong core values that resonate with your team and customers. Until then, keep living your values!

Sources:

1. Forbes - Why Core Values Matter and How to Get Your Team Excited About Them
2. Cooleaf - Why Core Values Are Important
3. Virtuzone - Core Values in Business
4. Deloitte - Core Beliefs and Culture
5. FirstUp - Communicating Company Core Values
6. Workhuman - Company Values Examples
7. Qualtrics - Company Core Values
8. Scott Jeffrey - Core Values List
9. The Coach Space - Values List
10. Quality Charters - Hiring for Fit Values List
11. OnStrategyHQ - Core Values
12. Red Clover - The Value of Core Values
13. Threads Culture - Core Values Examples