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Core Values In Business

‘Values are the energetic drivers of our aspirations and intentions.’

Core values are the centre of a company’s identity. The philosophy that supports the vision & shapes the culture and informs our decisions. These principles reflect in our dealings with staff and clients. They are the underlying competencies that make a company run smoothly and ensure growth. Establishing strong core values provides both internal and external advantages to the company.

It is critical that you to take the time to clearly identify your company’s core values. That which makes your company unique. Using these core values then to make decisions in establishing direction, the setting of goals, recruitment and building relationships both internal & external.

There are 3 elements that make up a company philosophy & vision.

To identify your company’s core values, you need to evaluate your own personal core values. Your core values should be unique and personal and can be what gives you a competitive edge and sets your business apart. Think about what values and beliefs make up your own identity. When you become aware of what makes you happy & establish your reason ‘why’ you will align yourself with the projects, ideas and people who bring out the best in you and your company. You will also more readily identify who your clients are, what they really need and be able to respond to that need in alignment with your values.

Your company’s core values will define how your team members will relate with each other as well as with your clients, so they consequently will clearly define your company. A key reason to put time into identifying and establishing your company’s core values.

Establishing strong core values provides both internal and external advantages to the company:

  • Core values help companies in the decision-making processes regarding products and services. So, if a core value is to stand behind the quality of your products or services, anything not reaching that standard is addressed.
  • Core values educate potential clients about what the company is about and clarify the identity of the company. Especially in this current climate, having a set of specific core values that speak to the public is definitely a competitive advantage.
  • Core values are becoming primary recruiting and retention tools. Job seekers are doing their homework on the identities of the companies they are applying for and considering whether these companies hold the values they in personal alignment with.

How to find the core values of your company:

Many companies make the mistake of adopting core values or best practices in their industry which they are not completely congruent with. You can hold the same core values as your competitors, provided it is authentic to your company and your employees.

** Are the core values that you hold to be fundamental regardless of whether you are rewarded?

** If money was not a motivating factor in your life, would you continue to hold on to these core values?

** Can you envision these values being as valid many years from now as they are today?

** Would you want the company to continue to hold these values, even if at some point, they became a competitive disadvantage?

** If you were to start a new company tomorrow in a different line of work, would you build the core values into the new organisation regardless of its activities?

The last three questions are extremely important because they help to make a crucial distinction between core values and strategies. Core values are fixed regardless of the time and factors, internal as well as external which affect the company. On the other hand, strategies and practices should be changing all the time. If you can answer ‘yes’ to each point for the core values chosen, then you have the core identity of your company.

Here are some examples of core values:

  • Accountability – Acknowledging & assuming responsibility for actions, products, decisions & policies.
  • Balance – Creating & maintaining a healthy work-life balance for workers.
  • Commitment – Committing to great product, service & other initiatives that have a positive impact on lives.
  • Community –Contributing to & demonstrating social responsibility.
  • Diversity – respecting diversity & establishing employee inclusiveness & equity.
  • Empowerment – Encouraging employees to take initiative, leadership & deliver their best.
  • Innovation – Pursuing new creative ideas that have the potential to make a difference.
  • Integrity – Acting with honesty & honour without compromising the wellbeing of others.
  • Ownership – Taking care of the company and customers as they were one’s own.
  • Safety – Ensuring the health and safety of employees and going beyond the legal requirements to provide an accident-free workplace.

If your organisation has a need with any of the above, contact PAY plus HR via info@payplushr.com.au. Our HR team just may be able to assist your organisation.

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