In our last article, we defined Brand Values and explained the benefits that they bring to a business. Today we’re going to look at Core Values.
Core Values are three to six words or short phrases that paint a picture of how the team is to interact with each other. As a promise to the team, Core Values are the basis upon which members of a company plan, make decisions, and interact with each other.
But why does your business need them?
When an organization adopts strong Core Values, it benefits from four tangible improvements.
First, Core Values provide a cultural foundation by setting clear expectations. They provide a basis upon which employees model their behavior and interactions with one another.
Second, Core Values improve morale and can be a rich source of individual and organizational pride. The values provide healthy boundaries that encourage the best from the team.
Third, Core Values guide decision-making by determining priorities in advance. When the organization clarifies what is important through Core Values, employees can autonomously make decisions that are in line with the organization’s priorities.
Finally, Core Values help companies attract and retain the right type of employees. When an organization lives by its Core Values, individuals that hold similar values are attracted to the organization. They may choose to stay with that company, even if they have other opportunities, because their personal values align.
In summary, Core Values have the power to unite a diverse group of people—people from all walks of life, backgrounds, and skill sets—in the pursuit of a thriving workplace. The impact is an organization that experiences less turnover, greater team cohesion, and more consistent decision making.
The concepts from this article were taken from Brand & Core Values: Keeping promises to the market and the team. Available through The ReWild Group and Amazon, the book explores in-depth this and other concepts while providing illustrations to help business leaders incorporate the ideas into their organizations. Get your copy today, and don’t forget to download the free workbook that serves as a companion guide to the book.