Firstly, There is no doubt that Establishing strong core values in Business provides both internal and external advantages to the company. When we use our values to make decisions, we make a deliberate choice to focus on what is important to us. When values are shared, they build internal cohesion in a group.
Types of Values
1- Individual values
Individual values reflect how you show up in your life and your specific needs-the principles you live by and what you consider important for your self-interest. Individual values include enthusiasm, creativity, humility and personal fulfilment.
2- Relationship values
Relationship values reflect how you relate to other people in your life, be they friends, family or colleagues in your organization. Relationship values include openness, trust, generosity and caring.
3- Organisational values
Organizational values reflect how your organization shows up and operates in the world. Organizational values include financial growth, teamwork, productivity, and strategic alliances.
4- Societal values
Societal values reflect how you or your organization relates to society. Societal values include future generations, environmental awareness, ecology, and sustainability.
Importance of Values in Business
1- values in Business help companies in the decision-making processes. For example, if one of your core values is to stand behind the quality of your products, any products not reaching the satisfactory standard are automatically eliminated.
2- values in Business educate clients and potential customers about what the company is about and clarify the identity of the company. Especially in this competitive world, having a set of specific core values that speak to the public is definitely a competitive advantage.
3- values are becoming primary recruiting and retention tools. With the ease of researching companies, job seekers are doing their homework on the identities of the companies they are applying for and weighing whether or not these companies hold the values that the job seekers consider as important.
4- values contribute to the overall success of the organization. They dictate personal involvement and alignment. When you go to hire staff and employees, you want people who are in alignment with your values. You can always train them in skills. But they must be in alignment with your core values.
5- The core values influence overall behaviour. values influence how the staff act, and you can see it. They live it out. values in business inspire people to action. People take positive action because they aspire to live up to those core values.
6- Values are the heart of your culture. By hiring based on values and holding each other accountable to the company’s standards, the values become the fabric of the organization’s culture, regardless of who is in charge. The best way to hire and keep smart, curious, problem solvers is to already have an office filled with like-minded people who share the same values.