How workplaces can demonstrate and promote their values to employees

Your business values define who you are as a business to investors, shareholders, customers — and most importantly, your employees.

Employees

When you think about the important things needed to run a successful business, the first things that come to mind are likely in the vein of having a strong financial plan, a sound sales approach, or a stand-out marketing strategy that sets you apart from other businesses.

What is not often considered, but is equally important, is clear and defined business values.

Business values are the concepts that guide your business. They should help advise business decision-making, assist in fostering an inclusive culture, and be used as a framework to build a positive working environment.

Business values may include principles (that must be followed and are fundamental for your business’ success), beliefs and attitudes (views that the business holds true and influences employee actions), and standards of behaviour (that outline what is acceptable business practice). 

Your values define who you are as a business to investors, shareholders, customers — and, most importantly, your employees.

Having strong business values can help aid employee retention – build a culture employees want to be a part of – and, foster stronger relationships between management and their teams.

Data shows a stronger employer brand can reduce the cost of hire by as much as 50 per cent and, a negative reputation can cost a company up to 10 per cent more to hire — so taking the time to focus on developing meaningful business values can have a financial impact too. 

The upsides are endless and the concept is simple — read on and find out the best ways to demonstrate and promote your business values to your workforce. 

 
(Image via Amtec Photos | Flickr)

Hire based on your values

Using your values to make hiring decisions is a sound way to assess whether a potential candidate will be the right fit for the company. The simplest way to do this is to include questions that relate to your core values during the hiring process and rate each candidate based on their answers. 

If, for example, a core value you have is “constant improvement”, you may like to ask candidates to provide examples of how they demonstrate their willingness to improve in their day-to-day lives. 

Sharing your core values during the interview and asking the candidate what the business values mean to them is also a great way to see how they interpret them — and, what they believe your business stands for.

The overall process also gives the candidate a glimpse into what the business stands for — hiring teams like those who have studied a Master of Human Resource Management online know that values are often something employees prioritise when looking for a new role.

Recognise and reward values

Employee recognition channels or programs are a powerful way to inspire team members. Having these programs align with business values is a great way to ensure your values are highlighted — and, provide real-life examples of them in practice. 

It is important, therefore, that the recognition program enables the nomination and recognition of other team members demonstrating values, and the nominations and winners are publicly visible. Having categories that are literal definitions of your values is a great way to achieve this.

For an extra dose of effectiveness, consider having prizes or incentives — gift cards, bonuses, or merchandise, for example. 

 
(Image via Metropolitan Transit Authority | Flickr)

Public recognition for demonstrating values helps highlight their importance. 

Ask for feedback and employee contribution

In some instances, core business values will stick for life. In others, as your business grows and changes, these values may need to be adjusted.

To ensure the values continue to align with the company's growth, financial, branding, and cultural goals, it should be part of the business cadence to review them regularly. 

One of the easiest ways to review your goals – and one of the best ways to ensure buy-in – is to involve your employees and ask them for feedback on how to define core values.

A culture that emphasises communal decision-making will encourage collaboration and teamwork, resulting in a happier, more productive environment for all. This could be done as part of the business’ pulse-check  — a regular survey conducted to gain feedback from employees and measure their satisfaction level or in a separate, more dedicated forum. 

Notably, in the study Why Company Values are Falling Short, it was found that companies who discuss their values daily have 37 per cent higher employee engagement than companies who discuss their values yearly, and while only 21 per cent of companies embed their values into performance reviews — people have 80 per cent higher employee satisfaction if they do.

Keep values top-of-mind in decision-making

Decision-making in business can be done in many ways. Identifying the problem, gathering data, and weighing the benefits and drawbacks are all important factors when trying to make a sound choice, but considering your values alongside these is what can set your company apart. 

Values should guide all decision-making processes to ensure the end choice aligns with the business’ identity and ethics.

Looking beyond immediate profit and instead considering other aspects such as customers, social responsibility, or sustainability will better reflect what your company stands for, which should extend far beyond the bottom line.

Lean on, and stick to, values in challenging times

It is one thing to live by your values during the good times, but it is quite another to stick by them during those challenging moments. 

When times are tough, and the choice is made to prioritise profits over values, it sends a clear message to employees that ultimately, values do not matter as long as the business is seeing results. This will undoubtedly sit poorly with many people and does not create an environment that is likely to retain long-term employment. 

During these times it is incredibly important to see business values demonstrated at upper management and executive levels.

Showing a willingness to stick by your business values at the highest level is a great motivator for employees — and far more likely to increase productivity and a willingness to assist a business get out of a slump than anything else.