Why are company values so essential in today’s world?
A positive corporate culture has great power – it can make potential employees, partners and customers want to work with you and, just as importantly, continue to work together in the long run. However, this is not the only benefit of establishing corporate values in a company – more than 50% of managers believe that corporate culture can have a positive impact on productivity, creativity, profitability, company value and growth rates.
Company values help companies to define what is really important while informing their employees, as well as customers and partners about it all. Values can have a positive effect on various internal and external processes of a company. Find out how!
Promoting employee involvement and loyalty
Every employer wants the company’s culture to be results-oriented. However, cultivating the same in an organization is quite difficult, especially if it does not involve employees.
Employee engagement has now become a buzzword throughout the corporate industry. However, there is a good reason for this – as times change, there are many factors that are becoming more and more important for employees, other than wages. Examples include a positive work environment, health insurance, as well as working in a company whose values are in line with the values of the employees themselves.
An employee who works in a company whose values coincide with the employee’s own values will be more positive, more productive. According to a survey conducted in 2019, employees admit that if they were offered a 10% higher salary by a company whose values do not match their own values, they would choose an employer that offers a lower salary but whose values correspond with theirs.
Values – the company’s trump card in brand building
Part of what makes a company’s brand is the way in which the company operates, what its values are, how much the company stands for them, and how it has put these values into practice.
Creating a positive image by advocating from the heart for the company’s values both from within, and in relations with partners and customers allows to strengthen a positive relationship with the company. In addition, it creates a good image both inside the company and in the public space.
By implementing common values in the company’s daily life, employees feel understood and motivated. Furthermore, a positive image of the company allows them to be proud of working in this company. On the other hand, with regard to external positive aspects – a positive image of the company with high-quality values makes it easier to attract the best talents and cooperation partners.
Customer satisfaction for the benefit of company growth
To grow in your business, you must always “keep your hand on the pulse” in terms of customer satisfaction. The happier the customers, the better the company!
Many successful companies around the world set the highest standards of customer service as one of their values. Why? Company values also determine company priorities. In order to implement values effectively in life, they must be made a priority, so if one of the company’s values is focused on customer satisfaction, this aspect will always remain in focus and will be continuously improved. Finally, ensuring the highest standards of customer service depends on the company’s employees. Company values help employees to understand what is expected of them in this area as well, knowing that this is one of the company’s values.
Also, an increasing number of members of the public are paying attention to the origin of products, for example, choosing only chocolate that uses responsibly grown cocoa beans instead of any chocolate. Caring for the planet and our fellow human beings in particular is becoming increasingly important, and consumers are choosing to support companies that share these values
Growth and stability
The company’s values play an important role in growth and stability. Development becomes smoother when all employees of the company know the goal, which is based on the company’s values, and move towards this goal as a single unit.
A survey conducted by Imperative on the LinkedIn platform found that 58% of companies with a clear and understandable goal and values grew by 10%, compared to 42% of companies that grew but did not focus on a specific goal.
This article discusses only some of the benefits of implementing and adhering to the company’s values in operation, but they are certainly not the only ones. Depending on the values, it is possible to obtain various benefits both for the company as a whole, as well as for each of its employees. To learn how to choose and implement company values in your daily life, read this article [ how to implement values ]