{"id":7853,"date":"2023-08-03T16:33:24","date_gmt":"2023-08-03T16:33:24","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/creating-and-implementing-practical-company-values\/"},"modified":"2023-08-03T16:33:25","modified_gmt":"2023-08-03T16:33:25","slug":"creating-and-implementing-practical-company-values","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=7853","title":{"rendered":"Creating And Implementing Practical Company Values"},"content":{"rendered":"<div>\n<p><em>EdTech industry enthusiast | Cofounder and CMO\/CPO at <\/em><em data-ga-track=\"ExternalLink:https:\/\/codegym.cc\/\">CodeGym.cc<\/em><em>, a platform for learning Java.<\/em><\/p>\n<p>We live in a strange world; it\u2019s material, but the most important things are increasingly digital and impalpable. Soft skills are becoming more precious than hard skills, and intangible assets are gaining more value than physical ones.<\/p>\n<p>As a part of this transformation, today, people genuinely come first, and it\u2019s your values\u2014how you build and manage a team\u2014that will define your business\u2019s success or failure.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">The Practical Power Of Values<\/h2>\n<p>While values are intangible, they are also quite a practical thing. They describe the principles on which employees base their behavior. Therefore, when the situation isn\u2019t clear, people will use their moral compass in order to figure out what to do. For example, if one of your core values is teamwork, people will turn to their colleagues in times of crisis instead of trying to manage by themselves.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>Values have many essential functions. First, they help us decide who we are (and who we aren\u2019t). Thus, we can identify people like us and make better hiring decisions. Second, they play an important role in employees\u2019 engagement and motivation. If you know what your company stands for, your work seems (and is) more fulfilling. Third, a business with clear values becomes stronger. Such a company knows its strengths and capitalizes on them.<\/p>\n<p>Okay, you might say, it sounds wonderful, but is there any proof? There sure is. LinkedIn\u2019s research discovered that 71% of professionals were willing to earn less to work for a company with a shared mission and values. According to other research, there\u2019s a positive correlation between organizational values and employee engagement. Finally, a Gallup study shows that employees\u2019 engagement directly affects a company\u2019s profitability, and the most engaged teams outperform the less involved by 22% in profitability and 21% in productivity.<\/p>\n<p>In other words, we need to get our values straight if we want to be more productive and successful.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What Are Your Values?<\/h2>\n<p>Values are there even if we don\u2019t talk about them. Most often, they come from a founder. After all, it\u2019s ultimately their decision whom to hire, promote and fire (especially at the beginning of a company\u2019s existence). But you can\u2019t benefit from values that aren\u2019t clearly stated and communicated. And for sure, in this case, it\u2019s harder to replicate desirable behaviors and eliminate what\u2019s unwanted.<\/p>\n<p>That\u2019s why I recommend you create a formal list of values if you don\u2019t have one yet. How many values does a typical organization declare? According to MIT Sloan\u2019s research, 18% of American companies don\u2019t have official lists of values, 22% have five values and 73% have between three and seven values. So, there\u2019s no need to create a long list. Instead, I recommend that you focus on the most crucial factors.<\/p>\n<p>By the way, this study also discovered that the most popular values were integrity (declared by 65% of companies), collaboration (53%), customer focus (48%) and respect (35%). But here\u2019s the problem: Researchers couldn\u2019t find a strong positive correlation between official and actual (how employees perceive the company\u2019s behavior) values. For some of the values (collaboration, customer orientation, execution and diversity), the correlation was even negative.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Creating Practical And Effective Values<\/h2>\n<p>This doesn\u2019t mean identifying values is a waste of time, but the research emphasizes the importance of making your values practical. To achieve this, you can:<\/p>\n<p><strong>\u2022 Include people in the process of establishing corporate values.<\/strong> I recommend that you don\u2019t give them a list but initiate a discussion. Conduct several meetings, ask for their feedback and survey for examples of the most outstanding performances they\u2019ve seen from their colleagues.<\/p>\n<p><strong>\u2022 Show people a clear connection between values and behavior.<\/strong> Give them examples of what you expect from them. For instance, what do you mean when you say \u201ccreativity\u201d? Trying to find a solution before coming to a superior with a problem? Having the power to decide and act on an issue instead of reporting it?<\/p>\n<p><strong>\u2022 Embed values into the company\u2019s processes. <\/strong>For example, this could be in your hiring, onboarding, promoting, etc.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Do (And Not To Do) About Values?<\/h2>\n<p>I am confident in the efficiency of my company\u2019s values because we don\u2019t feel the need to exert control or pressure on our employees. Your employee\u2019s motivation should come from within because you all share the same set of values. Here are some recommendations when it comes to implementing your company\u2019s values:<\/p>\n<p><strong>\u2022 Don\u2019t expect employees to read your mind.<\/strong> If your values aren\u2019t written and communicated, people won\u2019t know they exist. You are mistaken if you think it\u2019s enough to demonstrate your values. People believe in systems. I\u2019ve found that several episodes of you behaving in a certain way aren\u2019t necessarily enough for them to grasp your values. So, write your company\u2019s values down; make them sharp and easy to remember.<\/p>\n<p><strong>\u2022 At the same time, it\u2019s not enough to make a bunch of beautiful statements.<\/strong> Don\u2019t just put your values on the company\u2019s website\u2014live according to them. Every employee\u2019s behavior should be aligned with values. For example, if your company declares autonomy as one of its core values, you shouldn\u2019t micromanage your people.<\/p>\n<p><strong>\u2022 Don\u2019t lie. <\/strong>Values should reflect what you believe in, not what you want to believe (or what you want others to think you believe in).<\/p>\n<p><strong>\u2022 Don\u2019t compromise. <\/strong>If you state your value is integrity but are willing to take a shortcut to get a quick profit, you\u2019re fooling yourself. Look at your list of values and ask yourself: Can I sacrifice any of them under some conditions? This stress test helps you understand what really matters to you.<\/p>\n<p><strong>\u2022 Praise your employees when they act according to the company\u2019s values. <\/strong>Make these examples visible to colleagues through message chains, internal newsletters, meetings, etc.<\/p>\n<p>All these steps can help make your values a part of employees\u2019 everyday life. And eventually, acting according to them will become as natural for people as breathing.<\/p>\n<p>Forbes Business Council is the foremost growth and networking organization for business owners and leaders. <em data-ga-track=\"InternalLink:https:\/\/councils.forbes.com\/qualify?utm_source=forbes.com&amp;utm_medium=referral&amp;utm_campaign=forbes-links&amp;utm_term=fbc&amp;utm_content=in-article-ad-links\">Do I qualify?<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/forbesbusinesscouncil\/2023\/08\/03\/creating-and-implementing-practical-company-values\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EdTech industry enthusiast | Cofounder and CMO\/CPO at CodeGym.cc, a platform for learning Java. We live in a strange world; it\u2019s material, but the most important things are increasingly digital and impalpable. Soft skills are becoming more precious than hard skills, and intangible assets are gaining more value than physical ones. As a part of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-7853","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Creating And Implementing Practical Company Values | Brandiary<\/title>\n<meta name=\"description\" content=\"EdTech industry enthusiast | Cofounder and CMO\/CPO at CodeGym.cc, a platform for learning Java. 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