Company Values: What They Are and Why They Matter [Examples]
Simply put, company values are a set of standards that shape the way your business delivers its services. It’s the foundation for everything that comes next in your company - the ‘why’ behind everything you do.
These company values run from customer-facing roles all the way to senior leadership, and is important for guiding every person in your business on how to carry out the company vision.
Why company values are important
They champion the company vision
A strong set of core values will be able to clearly define the company’s goals; the way they carry out their services; and who they are delivering to. These standards show exactly what your company believes in, and why others should believe in it too.
Not only that, but company values are a key factor in attracting the right talent to your business. According to the World Economic Forum, 59% of candidates are actively seeking out companies that align with their own personal values.
If you have a strong company purpose from the outset and attract talent that naturally aligns with those values, you’ll create a company culture of like-minded teams driving business forward towards a clear, shared goal.
They create cohesion, unity and purpose
Would you conduct business without a thorough, clear and actionable business plan?
No, and you can’t expect your employees to do so either.
Your business’ core values are the compass that your employees will work against to reach the company vision. If these aren’t presented in a way that is engaging, realistic and relevant, you run the risk of creating a culture of disillusionment and demotivation.
In contrast, companies that have a strong sense of purpose will create a culture united by their shared goal - promoting collaboration and productive work towards a greater purpose. One study that researched into the top 50 fastest growing brands in the world found that purpose-driven companies achieve 400% higher returns than their counterparts.
Establish a universal goal within your business, and use your company values as a powerful motivator to reach that shared goal.
They help you stand out from the competition
The phrase ‘vote with your wallet’ has never been more relevant in today’s world.
Consumers have evolved beyond just looking at the best rates or service testimonials; now, they’re looking to make purchases with brands that allow them to make a socially conscious decision as well.
Whether it’s giving back to the community, tackling climate change or promoting diversity and inclusion, consumers are looking for the values behind the business.
In fact, a survey conducted by Sprout Social found that 77% of consumers say it’s important for brands to take a stand on social and political issues.
Your business values aren’t just for your people - it’s for your customers too.
examples of companies living their values:
1. Spotify
VALUES: Innovative, Sincere, Passionate, Collaborative, Playful
MISSION: “To unlock the potential of human creativity by giving a million creators the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by it.”
LIVING THE VALUES: Spotify is known for its transparent workplace culture, “giving [their ‘band members’] the support and autonomy they need to create.” You might remember their recent introduction of the Work From Anywhere Program, which lets Spotify employees work…well, from anywhere. This links back to their ‘Sincere’ value, which highlights the trust needed for their ‘band members’ to work well - a great example of living the values.
2. Ben & Jerry’s
VALUES: Human Rights & Dignity, Social & Economic Justice, Environmental Protection, Restoration & Regeneration
MISSION: “We seek in all we do, at every level of our business, to advance human rights and dignity, support social and economic justice for historically marginalised communities, and protect and restore the Earth’s natural systems. In other words: we use ice cream to change the world.”
LIVING THE VALUES: From LGBTQ+ rights to climate justice, Ben & Jerry’s definitely puts their spoon where their mouth is. Not only have they released a line of ‘Flavours on a Mission’ (e.g. ‘Save our Swirled’ to promote climate activism and ‘Home Sweet Honey Comb’ to support legislation resettling refugees), but they have a long history of campaigning for various causes relating to their core values. Values never tasted so sweet.
3. LEGO
VALUES: Imagination, Creativity, Fun, Learning, Caring, Quality
MISSION: “To inspire and develop the builders of tomorrow.”
LIVING THE VALUES: LEGO was built on the idea that play is a fundamental part of a child’s development - and the same goes for adults working at LEGO. To encourage and integrate ‘Imagination’, ‘Creativity’ and ‘Fun’ into their workplace culture, the children’s toy company brings play into various aspects of the employee experience. From inviting children to tour the offices (which have been described as more like ‘play spaces’) to the Annual Play Day for LEGO employees worldwide, it’s clear that their values more than make up their company culture.
4. gOOGLE
VALUES:
Focus on the user and all else will follow.
It’s best to do one thing really, really well.
Fast is better than slow.
Democracy on the web works.
You don’t need to be at your desk to need an answer.
You can make money without doing evil.
There’s always more information out there.
The need for information crosses all borders.
You can be serious without a suit.
Great just isn’t good enough.
MISSION: “To organise the world’s information and make it universally accessible and useful.”
LIVING THE VALUES: With a company culture so strong it had a movie made about it, Google is known for its brilliant workplace culture and homegrown values (which haven’t changed since they were written a few years after the company was founded in 1998). Ignoring their on-site bowling alley and bringing your dog to work, one value that stands out is “There’s always more information out there.” 80% of Google’s training is run through an employee-to-employee network called ‘g2g’ (Googler-to-Googler), where over 6000 of Google’s expert employees volunteer their time to teach their peers something new or build on their skills. This alongside their regular seminars, open-presentations and workshops creates a culture of continuous learning, staying true to their humble beginnings.
5. Headspace
VALUES: Selfless Drive, Courageous Heart, Curious Mind
MISSION: “To improve the health and happiness of the world.”
LIVING THE VALUES: Headspace doesn’t just provide health and happiness support - it lives and breathes it. The company is on a mission to create a “happy, healthy place to work”, as they know firsthand the importance of prioritising wellbeing in the workplace. Headspace offers its employees an optional group meditation twice a day, fully paid healthcare, unlimited vacation time, free gym membership and more. It’s clear that wellbeing isn’t just a buzz word here, it’s integrated into daily working life.