Business Values & Corporate Values

Creating and using organizational values effectively

For an organization to be effective it needs to demonstrate consistency in the way it deals with and values its people, customers and suppliers.

Having a written and clearly understood set of values can make all the difference. These are often called corporate values.

Business Values & Corporate Values

Business Values & Corporate Values

What is a Value?

A value is a belief, a mission, or a philosophy that is really meaningful to the company.

An example of a business value is: “Customer Satisfaction.” Another example of a value is “Being Ethical and Truthful.” Every company has one or more values, whether they are consciously aware of it or not.

Another way of saying it is that a value is a statement of the company’s intention and commitment to achieve a high level of performance on a specific qualitative factor.

What a Value Consists of

When defining a value for your company, it’s a good idea to try to describe it in detail.  For example, a company may adopt the value “Customer Delight.” That’s the value’s name.

The description for the value could be something like: “We recognize that in today’s highly competitive market providing excellent service is not sufficient to satisfy customers and ensure their loyalty. Our goal is to convert the customer’s interaction with our company into a thoroughly and unforgettably enjoyable experience.” You are describing how the value can uplift a company in general, or your company in particular.

To fully implement and thus institutionalize a value in a company the following steps need to all occur:

  1. SELECTION — Choose the values that you are interesting in fully implementing in the company.
  2. COMMITMENT — There needs to be a full commitment to implement the chosen values. Senior and middle management, and other employees need to fully commit to those values; commit to improving performance on those values.
  3. STANDARDS — A set of standards for each activity in the company needs to be implemented for each value.
  4. STRUCTURE — The company needs to have the right structure (of job positions, divisions, departments, etc.) to implement the values.
  5. JOBS, ACTIVITIES & SYSTEMS — The company must have clearly defined job positions, activities, and streamlined systems to facilitate to implement the values. Values need to be incorporated into every job position, activity, every system. Standard operating procedures and even individual job position tasks need to be linked to these values.
  6. EMPLOYEE RESPONSIBILITY — The responsibility of each person to implement each value must be clearly defined and understood (e.g. in their job orientation, in their job descriptions, from their manager, etc.).
  7. SKILLS — Everyone must have the skills to achieve high performance on the values. Everyone must have the skills they need to fulfil their responsibilities for the value. If necessary, additionally training should be implemented to upgrade the skills for value implementation.
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Business ValuesPersonal values:
Continuous Improvement
CreativityCustomer Delight
Decisiveness
Develop People
Harmony
Innovation
Integrity
LoyaltyOpenness
Resourcefulness
Respect for the Individual
Service to Society
Trust(A Will to ) Succeed
Accomplishment, Success
Accountability
Accuracy
Adventure
All for one & one for all
Beauty
Calm, quietude, peace
Challenge
Change
Cleanliness, orderliness
Collaboration
Commitment
Communication
Community
Competence
Competition
Concern for others
Content over form
Continuous improvement
Cooperation
Coordination
Country, love of (patriotism)
Creativity
Customer satisfaction
Decisiveness
Delight of being, joy
Democracy
Discipline
Discovery
Ease of Use
Efficiency
Equality
Excellence
Fairness
Faith
Family
Family feeling
Flair
Freedom
Friendship
Fun
Global view
Good will
Goodness
Gratitude
Hard work
Harmony
Honesty
Honor
Independence
Inner peace, calm, quietude
Innovation
Integrity
Justice
Knowledge
Leadership
Love, Romance
Loyalty
Maximum utilization (of time, resources)
Meaning
Merit
Money
Openness
Peace, Non-violence
Perfection (e.g. of details)
Personal Growth
Pleasure
Positive attitude
Power
Practicality
Preservation
Privacy
Problem Solving
Progress
Prosperity Wealth
Punctuality
Quality of work
Regularity Resourcefulness
Respect for others
Responsiveness
Results-oriented
Rule of Law
Safety
Satisfying others
Security
Self-givingness
Self-reliance
Service (to others society)
Simplicity
Skill
Speed
Spirit in life (using)
Stability
Standardization
Status
Strength
Succeed; will to-
Success, Achievement
Systemization
Teamwork
Timeliness
Tolerance
Tradition
Tranquillity
Trust
Truth
Unity
Variety
Wisdom
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