Core values are important because they can have an impact on the company’s employees and customers.
Effects on your employees
Having a clear set of values can help employees make decisions that achieve your company’s mission. It provides them with guidance on the appropriate course of action.
These values can also boost employee morale. Employees are usually more motivated to work for companies that share their values.
They can also help attract the best talent as they provide prospective employees with an idea of what it’s like to work in your company. This is because a company’s core values determine its culture and work environment. Making these values clear at the recruitment stage can help you hire the right people by attracting those that share the same values. This ensures that your hires are a good cultural fit for your business and would likely stay with your business in the long run.
Effect on your company’s public image
Through your company values, your potential customers and investors can gain a better understanding of what your business is about, its mission and what it stands for. A strong set of company values makes your business more appealing to potential customers and investors that share the same beliefs. This, in turn, fosters brand loyalty.