Core Values Definition
Core values, in simpler words, are practices or principles of an organization that make it stand out in front of others. These values are not changed in any given circumstances.
Be it small or large, every business needs to identify what exactly their core values are. Having core values helps companies to not just build a good reputation but also to make smart decisions along the way.
Core values may sound like a ‘good to have’ and not something that a company must necessarily do. If you resonate with the above statement, let us tell you that core values are beneficial and a must have because of more reasons than one.
So, let’s discover:
What are Core Values?
Every human being functions as per their core values. It is something that determines how an individual or group acts towards different situations or people.
When we talk specifically about company core values, they represent who/what it is. While some companies identify their core values in no time, others hesitate to put them into practice. This is certainly because a good number of companies still have no idea about the benefits of such values.
Let’s discuss the same in the next section!
Benefits of Company Core Values
Here are some of the top benefits of company core values you must be aware of:
Differentiate the Company
When you know what exactly your business stands for, you unknowingly portray a unique identity in front of others. This way, every person associated with your company including employees, customers, and future candidates will know their beliefs, thereby helping the company to become more competitive as a place to work and in the market.
Enhanced Hiring Results
Believe it or not, candidates want to work in organizations whose core values are like them. If you can put across your values clearly, you can effortlessly find perfect candidates for your team. This, in turn, makes your business more efficient.
Influenced Workforce
When you follow a set of rules, it will help your entire workforce to shape their work accordingly. This means, your employees will be encouraged to do better. It also turns criticism from employees into a matter of living up to those values instead of an attack on the person. Decide a few keywords that describe your values. Make sure the keywords you pick clearly describe your culture and how your people should work to reach your goals.
Smoother Decision-Making
It can be easier to make decisions when you know what a company stands for. Say, if making good products is your core value, then anything that isn’t up to par must be thrown away.
Improved Bottom Line
Core beliefs should never be changed, if possible. When you set cultural standards for yourself, you should stick to them no matter what. When you do this, things go better in marketing, hiring, and making products. This, in turn, will affect the overall success of your business.
Promotes Togetherness
Everyone works together towards a shared goal when everyone follows the same rules. This brings everyone in the workplace together. So, your business plan should be in line with your core values.
Ensures Consistency
Practicing core values tells everyone in your organization what is and isn’t okay. Your team won’t act or produce the same results if that standard isn’t written down, supported, and followed.
Components of Effective Core Values of a Company
Always Remember Your Vision Statement
A mission statement is an ideal picture of how a business will change the world. While carrying out any and every process of your business, you should remember the statement and work accordingly.
Set Differentiated Values
It is easier to decide on keywords or vision statements that describe your core values. But it is difficult to keep them unique from others. Such values will help you in the long run to hire the best talent for your company.
Easily Understandable
No matter how much time you put into making a set of core values, if no one in your company can remember them– all your effort will go in vain. So, try to keep all the values simple to comprehend, short, and brief. This list will also help your teams make decisions.
Change Your Values Frequently
When your business grows, the values you wrote down at the beginning may not be as useful as they were at first. So, you must change them as new chances and problems come up.
There you go!
Now that you know everything about the company’s core values, take the first step and install HROne HR software. It will help you document the core values, make it available for everyone in the HROne employee handbook to read and ensure transparency and standardisation.