The company values that were most frequently used and evaluated among employees in Latvia last year are teamwork and cooperation. Meanwhile, the values of innovation, growth and intelligence are rated the lowest, according to customer experiences compiled by the recognition technology PEERO APP*. In 2021, it is important to identify and be aware of those company value guidelines that will help in achieving powerful post-crisis breakthroughs and developments in the longterm.
The beginning of a new year is traditionally a time when you look back, organize and create various summaries or tops of the past year, as well as forecast and predict trends for the new year, related to things such as of finance, economy, the labor market, business sectors, etc. However, have we considered the basics themselves? Namely – value guidelines. Not only individually as a person, but also more broadly – at the level of business and the state.
Core values determine the development of the company
This is a time when a company’s core values are more important than ever, because in these uncertain and difficult times there is a clear path for the company’s employees to strengthen teamwork and cooperation, as well as collaboration and unity. It is the company’s core values that determine business development and competitiveness, because focusing on the company’s goals and values helps to make the right decisions in times of crisis.
The past year has brought tremendous changes around the world, affecting every country, every business, every family and every person. The pandemic created a new understanding of company values, raising awareness of the fundamentals that go beyond reason or logic, as well as the organization’s physical products or services. These are core values or “intangible glue” that can hold an organization together, deliver great results and lead through a period of confusion and stress.
Latvia’s TOP 2020 Company Values
Recognition technology PEERO APP, summarizes the most frequently used and assessed values of the employees of its customers in 2020 (which include more than twenty of the largest private and public sector companies and organizations), and organizes them in a comprehensive list of Latvia’s TOP
2020 Company Values:
1. Teamwork and collaboration
2. Support and cooperation
5. Dignity, respect and honesty
6. Drive and diligence
8. Innovation, growth and intelligence
Company Value Distribution 2020
In the distribution of the popularity of last year’s values, “teamwork and collaboration” are in first place by far (34.8%). It is worth noting, that the importance of team collaboration has increased in 2020, especially in the last months of the year due to the pandemic. Features of team collaboration may also be observed in the value of “support and cooperation” (12.1%). These values are based on the desire to build cooperation, which is especially important in these teleworking conditions – uniting the team and supporting each other, building a unified team spirit and taking care of its overall performance.
In turn, the value of “people” (9.3%) and “results” (9.1%) emphasize the importance of human well-being in the workplace. According to research conducted in Latvia, as well as in other countries, personality, work environment, motivation and involvement are linked to the concept of well-being, ie how well a person feels in their workplace. All these factors make up a person’s well-being at work, which in turn increases work efficiency and productivity in achieving work results. “Dignity, respect and honesty” (8.1%) are values used to assess a colleague’s work ethic and responsibility and to emphasize the importance of personal responsibility in these difficult times.
Distribution of company values by days. October – December 2020 (excluding Saturdays and Sundays)
It is noteworthy that, “drive and diligence” (7.9%) and “professionalism” (7.2%) are not valued as a priority value by company employees, and the value of “innovation, growth and intelligence” (5.9%) ranks last. These are extremely important company values that are most directly related to business development and growth. The low use of values among employees indicates a decrease or loss of long-term vision and future-orientation, which may be explained by the emotional mood of the pandemic. At the same time, it is a “wake up call” to the companies themselves, who should be using this time to ask themselves – what is our goal? Do our company’s values reflect our goals? How can our core values help us return to normal?
The value of values 2021
Perhaps the beginning of 2021 has provided with hope that, with the introduction of vaccination, life could return to normal for all of us this year. However, society and the economy will need more time to recover and return to normal.
Focusing on the company’s goals and values will help us make the right decisions during this crisis. The decisions we make every day reflect our values. Values reflect our senses of right and wrong, they help us grow and develop.
Looking back at Company Values TOP 20 vs. Trends in 2021, we must significantly review and re-evaluate the importance of company values. During a global pandemic, the success of an organization is based on effective teamwork, especially when working remotely. Accordingly, the value of teamwork and cooperation will remain important in 2021 as well. Notably, in the last two months of last year, there has been an increase in the value of professionalism, indicating that employees are beginning to get used to the new working conditions and will hopefully continue assessing the quality of the work process, as well as the work accomplished in 2021. Awareness and strengthening of the value of innovation is extremely important in 2021, in order to promote a rapid and meaningful breakthrough in the development of our businesses after the crisis. After a year of uncertainty and chaos, a company’s values and internal culture have the most direct impact on its growth and all aspects of its business.
Marija Ābeltiņa, supervisor and specialist in cognitive behavioural psychotherapy
The summarized results:
“The summarized results on the usability of the company’s values among employees in Latvia are very interesting. They are in line with S. Schwartz’s model of basic psychological values, which has been validated in more than 80 countries. Four groups of values are distinguished – (1) values of self-transcendence, which include loyalty, benevolence, social justice; (2) preservationist or rather, conservative values, such as tradition, security, obedience; (3) values of self-affirmation, such authority, recognition, wealth, and (4) openness to change, which includes self-esteem, independence, creativity, and enjoyment of life. Although values are relatively stable internal standards, they can change alongside global processes.
In the compilation of results by recognition technology Peero App, the values of teamwork and collaboration, as well as support and cooperation come in first place. These values are related to social interests and belong to the group of values of self-transcendence. They promote mutual accountability, which is to be welcomed in the current situation, because it helps to overcome the pandemic – in fact, doctors and epidemiologists are desperately calling for this.
The values of innovation and growth are the least valued, as they are incompatible with the anxiety and insecurity, which is characteristic of, and understandable in this extremely turbulent time. Studies show that in difficult times, people may be more inclined towards conservative values. In the long run, this can have negative consequences, such as a lack of progress, as well as reckless planning leading to a reduction of individual freedoms. Despite the fact that the values of innovation and growth, professionalism and diligence are essential for the development of a company’s business, it would be important to reduce the sense of threat at the level of the organization and the individual. You can leave the comfort zone and accept new challenges as soon as such a zone exists. Businesses, for example, can promote support programs for their employees and increase their sense of perspective. In turn, each of us can take individual care of our emotional health by carefully selecting news and information souces, reducing time on social networks, learning to manage anxiety, and also distinguishing between real and perceived threats. ”
A company’s culture and core values are an internal compass that clearly indicates the actions that are to be taken during a crisis. In today’s work environment, company culture affects all aspects of business. Companies with a strong cultural identity have greater employee involvement, higher productivity and higher profits. In turn, companies without a developed culture face lower productivity and slower growth.
This time provides a unique opportunity to build, strengthen and use your company’s culture, taking advantage of the conditions provided by the pandemic. This time requires conscious management of a company’s culture – if the company’s core values and culture are established, they must be strengthened and kept alive in the daily activities, and if a company does not have its own culture or values, this is the right time to create them.
This crisis became a learning experience for all of us. If 2020 was a time to value values, then 2021 will be a time of value revaluation to make values more valuable.