Company values do more than represent your business. They form a foundation for your company that attracts top talent, increases employee retention, drives change, and boosts productivity. It takes time to develop solid company values and to determine if they are effective.
Company values are those core principles that define your business’s approach to work, as well as your employee well-being and collaboration. Establishing company values sets the tone for work and interpersonal interaction, guiding employees as they work with you. Strong company values give your team purpose, and nearly three-quarters of professionals agree that they would take a pay cut for a company with a mission they believe in and share their values.
5 Tips for Developing Effective Company Values
Whether you’re updating your company values or defining them from scratch, here are some important elements to keep in mind:
1. Start with Real Values
Your company values should represent what you want your employees to embody. Consider the elements and qualities your team values the most and incorporate these core principles as you develop your company values.
2. Reflect on Your Company Culture
It may be tempting to observe other companies’ core values and try to copy them, but your company values should reflect your business’s culture. Look at your company brand and culture and develop values that reflect what makes you unique.
3. Involve the Team
Work with your team to develop company values. Involving the team in the creative process boosts morale and makes the process more meaningful for everyone.
4. Embrace your Uniqueness
Whether your company is straight-laced or quirky, lean into the qualities and characteristics that make your company stand out. Those core qualities are what attract talent, and you want them reflected in your company values.
5. Keep it Simple
Quality over quantity is important. Your company values should be focused, easy to understand, and easy to remember. Aim for less than 10 values on your final list, if possible. Keep them simple and straightforward, so your employees know them off the top of their heads.
Examples of Effective Company Values
Company values should be active, inspiring workers and customers alike. Here are some examples of clear, effective company values that inspire and motivate:
- Be Accountable, even when no one is watching.
- Collaborate, because the whole is greater than the individual.
- Be Bold and think outside the box.
- Be inclusive, open-minded, and embrace diversity.
- Build a positive team and family dynamic.
- Be passionate, adventurous, and creative.
- Be honest, ethical, and trustworthy.
- Pursue growth and learning.
- Demand quality.
- Create fun and celebrate.
Establishing your company values is just the beginning. Building a solid, high-performance company culture takes time, and ongoing investment, but the rewards are worth it.