The Power of Company Values: How to Cultivate a Thriving Workplace and Achieve Business Success
In today’s competitive business landscape, SMB’s are constantly seeking ways to differentiate themselves and attract top talent. While many focus on tangible aspects such as compensation and benefits, the importance of intangible qualities like being a ‘great place to work’ should not be overlooked. Having a thriving workplace culture and fostering employee engagement start with creating and embedding strong company values, as they serve as the foundation for all people related initiatives.
We know that SMB’s and companies that prioritise and actively promote their values often reap significant benefits compared to those that lack a clear set of guiding principles. Studies have shown that companies with strong values experience increased employee engagement and motivation as employees who feel aligned with their company’s values are more likely to be engaged in their work, take ownership of their responsibilities, and go the extra mile. We also know that a strong company culture built upon shared values fosters a sense of belonging and pride among employees, leading to reduced turnover rates and lower recruitment costs. However, one of the key benefits we have seen whilst working with organisations on creating and developing their value proposition is that employees who embody the company’s values are more likely to provide exceptional customer service, leading to increased customer satisfaction and loyalty and ultimately financial gain or market share.
In our work with companies, we sometimes hear from the CEO or COO, they often don’t see the tangible benefits of having strong company values in place, and the financial impact is often underestimated. Studies have shown that companies with strong values outperform their peers in terms of financial metrics such as:
- Revenue growth: Companies with strong values are more likely to innovate, attract top talent, and retain loyal customers, all of which contribute to revenue growth.
- Profitability: Efficient decision-making, reduced turnover costs, and enhanced customer satisfaction all contribute to improved profitability for companies with strong values.
- Stock price performance: Companies with strong values tend to have higher stock price performance over the long term, as investors recognize the value of a solid company culture.
While establishing a clear set of company values is crucial, the real impact lies in bringing these values to life within the organization. Encouraging employees to take ownership of the company’s values, creating opportunities for them to share examples of how they are embodying these values in their work.
BluZinc Creating Brand Values
Here are some top tips for effectively embedding company values into the workplace culture:
- Incorporate values into the onboarding process: Introduce new hires to the company’s values from the outset, ensuring they understand their importance and how they are reflected in daily operations.
- Align values with performance management: Integrate company values into performance evaluations and recognition programs, emphasising the importance of living and breathing these values in the workplace.
- Use values as a decision-making framework: Refer to company values when making decisions, ensuring that choices align with the organization’s overarching mission and principles.
- Continuously reinforce values: Regularly communicate and celebrate company values through various channels, keeping them top-of-mind for all employees.
However the true test of a company’s commitment to values lies in the extent to which employees embody these principles in their daily work. When employees live and breathe the company’s values, it becomes evident in their interactions with colleagues, customers, and stakeholders. We ave seen when this is done well, employees become role models as they consistently demonstrate the company’s values set a positive example for others, inspiring them to follow suit. We’ve also seen that living and breathing the values can guide decision-making as employees who internalise the company’s values are more likely to make decisions that align with the organization’s overall goals and principles. We also know that those who demonstrate the values in their behaviours foster teamwork and collaboration, as shared values create a common ground for employees, fostering a sense of unity and collaboration that enhances teamwork.
Company values are not just abstract concepts; they are the foundation for a thriving workplace culture, driving employee engagement, guiding decision-making, and contributing to long-term financial success. By prioritising strong company values and effectively communicating and reinforcing them throughout the organization, companies can reap the numerous benefits that a values-driven culture has to offer.
BluZinc Values Behaviours
At BluZinc, we’re passionate about helping businesses like yours achieve their long term vision and annual big goals. Let’s work together to ensure your EVP is completely designed and implemented as a tool to be the driving force behind your continued success.
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