What Are Company Values? (With Definition And Examples)
Updated 14 October 2022
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Many companies define a set of values and share these standards with their employees and consumers. These values can help influence business decisions and help create a collaborative and supportive professional environment. Understanding a company culture and what principles an organisation values can help professionals determine whether it is the right workplace for them, and allow customers to evaluate whether they want to support a brand.
In this article, we define what company values are, describe why they are important, explore the benefits of identifying them and provide examples of values companies use.
What Are Company Values?
Company values are the standards and guidelines that drive an organisation's business operations. These values can influence how internal teams function, the products and services a company offers and the type of marketing materials and public messaging a brand shares. They can define behavioural norms and help staff members understand management's expectations and priorities.
Here is a list of common examples of principles a company may value:
Communicate often and well
Listen to ideas and opinions
Have high standards
Put the customer first
Create an inclusive environment
Be a leader
Treat the customer right
Do not be afraid to fail
Practice social responsibility
Related: Core Values: Overview And Examples
Why Are These Values Important?
These values are important because they allow a company to define what it prioritises, and inform internal employees and customers of these principles. This can help an organisation attract employees whose beliefs align with the brand, which can help professionals feel satisfied and committed to the company and its success. It can also help a company's marketing and advertising teams develop materials that target members of a particular audience and grow the company's client base overall.
These values can help a company's employees make decisions that benefit the organisation and allow it to succeed. They can also attract investors, customers and new employees who share the same belief system. Core values create a company's culture and inspire its business strategy, and this equates to a company's success since everyone is working towards the same goals.
What Are The Benefits Of Having Company Values?
Having strong corporate values can benefit a business in a variety of ways, including:
Creating a stronger brand identity: When core values accurately portray the purpose of a company it can help create and promote the company's brand. People may associate the company and its products with the core values it projects, which can grow a business's client base and foster customer loyalty.
Promoting higher employee retention rates and attracting new employees: Employees who are proud to work for an organisation may perform better and recruit others to the company who share similar beliefs. Job seekers may research on the companies where they apply, and check the company's website, online reviews and social media to identify its core values.
Reinforcing shared company goals: When everyone shares common goals, it is easier for employees to understand expectations, have a shared direction for decision-making at all levels and improve communication. With better communication, employees are more engaged, willing to collaborate with their coworkers and committed to increasing their productivity.
Providing a positive company culture: A shared belief system and a dedication to upholding those standards create a positive environment for a business's employees. Knowing that a company shares the same values as its employees can make the workplace feel like a comfortable space for all internal leaders and staff members.
Helping appeal to target customers: Values give customers a sense of how a business operates, and the actions and attitudes of employees can reinforce values in addition to the quality of the company's product or services. Strong values are one reason customers remain loyal to a particular company year after year.
Related: Values, Mission And Vision Statements: Definition And Aim
How Can These Values Contribute To Business Success?
Identifying an organisation's values can help a brand grow and attract new customers. Here is a list of ways these values can help a company thrive and contribute to its success:
1. Motivate and support employees
Defining values that matter to an organisation can show employees it cares about its staff and help them stay motivated to act in the best interest of the company. Employees may also stay engaged in a company and want to help accomplish its overall goals if they believe in its core values. Taking the time to explain the company's priorities can also help staff members connect with its values.
Related: How To Motivate Employees: 18 Steps For Workplace Success
2. Support employees in making the right decisions
Clearly identifying the values of an organisation can support its employees in making the right decisions and choices that align with the brand. This can help staff members complete their job duties with integrity and ensure their professional choices represent the company well.
For example, if a marketing manager is creating a social media campaign, understanding the business's values can help them create materials that clearly and accurately represent the brand. Alternatively, if a professional knows that honesty is one of their employer's core values, and they confront a situation where they are required to tell a difficult truth, they may feel supported by the organisation to do the right thing, even if it is difficult.
Related: Essential Areas Of Improvement For Employees (With Tips)
3. Create positive brand association with clients
Customers may be more likely to purchase products and services from a company that has values that align with their own. This means that corporate values can attract members of a business's target audience and improve client retention rates. When consumers believe in a brand and its purpose, they may be more likely to share these opinions with their friends and family members, who may also then become clients. These values can educate customers about the brand and help them learn more about the companies they support.
Related: What Is Brand Identity? With Elements And How To Develop It
4. Support marketing teams
When a marketing and advertising team develops a campaign, they may try to gain a more in-depth understanding of the company to understand what kind of message they want to convey. By having clearly defined values, it can make these professionals' job duties easier by offering them guidelines they can reference. Many marketing teams use their employers' values to identify what they want to share with consumers to represent the company accurately and attract the right type of client.
Related: What Is Internet Marketing? (Definition And Types)
Examples Of These Values
One great way to understand a business's core values is to see how businesses use them to influence operational and marketing decisions. Reviewing existing organisations' priorities can help you analyse how they portray these values in their advertising campaigns and materials. Here are examples of values for a company that you can reference for inspiration:
Here is an example for a fictional jewellery store:
Jewel Media is a popular speaker brand that uses catchy slogans in its marketing and advertising campaigns to appeal to trendy young adults and music fans. They focus on sharing positive messages to connect with members of their target audience. Jewel Media lists its core values as:
Related: What Is Corporate Culture? (Definition And Different Types)
This example shows an investment firm's values:
High Line investors is a multi-national investment firm that offers clients a variety of services including financial advisory. It prides itself on shared values that drive the organisation's business decisions and create a sense of trust and loyalty amongst its audience. These values include:
Answer with honesty
Serve with integrity
Value the client's input
Assist your team
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