We explain what business values are and a list of which are the most common. Also, the importance of these values.
What are the values of a company?
The values of a company are the ethical principles that define it and guide its operation since they condition both the activity of the organization and the performance of its members. Some examples of company values are trust, transparency, quality and social responsibility.
Defining the values, along with the vision and mission of a company, allows establishing business strategies and creating its institutional image. For example, Google's values are speed, accuracy, innovation, customer service, and ease of use. These ideals reinforce its business mission, that is: “To organize the world's information so that everyone can access and use it.”
Values, mission and vision are business concepts that define the activity of a company: the values define your identity, the vision is the objective you aspire to achieve and the mission is your reason for existing.
See also: Mission, vision and values of a company
Importance of a company's values
The values of a company determine the features that differentiate it from the rest of the companies in its sector. In this way, defining business values contributes to:
- Implement a set of internal rules and policies that will forge the company's identity.
- Establish strategies to achieve objectives.
- Maintain a defined course in the development of tasks.
- Generate impact on society and consumers.
Furthermore, the way in which the members of a company perceive its organizational culture is conditioned by the work environment, which is the environment that is generated from the interaction between its members, in which ideologies, thoughts and emotions intervene. individual.
See more in: Corporate communication
What are the values of a company?
The most frequent business values are:
1. Passion
Passion is the value of having commitment and dedication to a person, a project or an idea. In the business field, it has to do with demonstrating enthusiasm and energy in the performance of each task, to excel and achieve goals in the best possible way.
2. Honesty
Honesty is the value of demonstrating sincerity in actions, words and relationships. In the business environment, it manifests itself in various situations, for example: in the treatment of managers towards their teams, in professional performance or in the recognition of each person's responsibilities and mistakes.
3. Transparency
Transparency is the value of honestly and clearly communicating and disclosing important information. In the business field, it has to do with the way of communicating information that may be of interest to company members, clients and the community in general. Transparency helps generate an image of credibility and trust.
4. Originality
Originality is the value of creating innovative and distinctive ideas that make a contribution to the world. In the business field, it has to do with generating a positive impact or solving society's problems through unique innovative products and services that characterize the company and differentiate it from others.
5. Customer orientation
Customer orientation is the value of prioritizing the needs and satisfaction of consumers. In the business field, it has to do with researching and getting to know customers to understand what they need, and generating solid and lasting ties with them.
6. Quality
Quality is the value of consistently pursuing excellence. In the business field, quality can be achieved in various aspects of the activity: in the development of production processes, in internal communication, in dealing with customers, among others.
7. Social responsibility
Corporate social responsibility is the value of contributing to social, economic and environmental well-being. It has to do with the company's commitment to minimizing the negative impact that it may generate in the world or in the community in which it carries out its activity.
8. Competitiveness
Competitiveness is the value of generating and maintaining a differential advantage that makes the organization stand out among those in its field. It can occur in various aspects, such as the quality of a product, customer service or the excellence of a service.
9. Teamwork
Teamwork is the value of cooperating harmoniously and effectively between members of an organization or members of a team, so that they work together to achieve success in a common goal.
10. Excellence
Excellence is the value of continuous improvement, that is, the constant pursuit of achieving the highest quality or superiority. In the business field, excellence can be achieved in internal processes, in the quality of the final product or in interaction with customers, among other aspects.
11. Empathy
Empathy is the value of understanding and addressing the feelings and concerns of others, even if we are not going through the same situation. In the business field, it has to do with the company's directors and managers being understanding with the other members of the organization or with the citizens of the community in which they carry out their activity.
12. Loyalty
Loyalty is the value of expressing respect and trust towards a person, ideology, cause or institution. In the business field, it has to do with the loyalty that its members or clients show towards the company.
13. Punctuality
Punctuality is the value of fulfilling commitments in a timely manner. In the business field, it has to do with demonstrating excellence and professional ethics through the fulfillment of different tasks, such as delivering a project on time or attending a meeting at the scheduled time.
14. Troubleshooting
Problem solving is the value of identifying and solving various challenges effectively. In the business field, it has to do with the ability to adapt to changes, as well as being analytical and innovative to optimize the time and cost required by daily tasks.
15. Inclusion
Inclusion is the value of respecting and recognizing human diversity. In the business environment, it has to do with fostering a work environment in which all employees are respected and actively valued equally, regardless of their individual differences.
See also: Professional ethics
Examples of company values
Below we detail examples of company values taken from real companies:
1. Netflix
- Values: Innovation, competitiveness, curiosity, freedom and inclusion.
- Vision: Expand your reach to the entire world and be the leader in entertainment.
- Mission: Entertain the world.
The company of streaming Netflix achieved success by putting values such as competitiveness and innovation into practice by analyzing big data and data intelligence (big data). It went from offering DVD movie rentals to being the world leader in the entertainment industry through investment in the study of data, such as user searches, preferences, ratings, among various variables, to understand the different consumer profiles and future trends, in order to attract them as customers.
2.Louis Vuitton
- Values: Excellence, elegance and creativity.
- Vision: To be the world's leading luxury lifestyle company, preserving the ancestral craft of know-how (savoir-faire, in French) and invent the future of sustainable luxury. To this end, each employee is encouraged to develop their skills, ensuring the refinement and value of each unique piece.
- Mission: Deliver exceptional luxury products and experiences that comprise the highest quality standards.
The Louis Vuitton company achieved success mainly due to its values of exclusivity and quality. Despite being a global brand, it stands out for the production of limited editions, meaning that not everyone can have the same products. This generates long waiting lists among its loyal customers.
3. Coca-Cola
- Values: Integrity, quality, diversity, sustainability and community commitment.
- Vision: To be the world's leading beverage company, generating sustainable economic, social and environmental value, managing innovative business models with the best collaborators in the world.
- Mission: Refresh the mind, body and spirit of the world, inspire moments of optimism and happiness.
The Coca-Cola company has achieved its success mainly due to the values of diversity and community commitment. This led the company to adapt its communication in a personalized way according to the idiosyncrasies of the region in which its products are marketed. One of the brand's objectives is to satisfy the preferences and needs of its customers through experiences, not just a soft drink, and it achieves this through investment in promotion, communication and merchandisingamong other advertising strategies.
4. Mastercard
- Values: Integrity, innovation, simplicity, accessibility, inclusion and collaboration.
- Vision: To be the world's leading payments technology company, trusted by consumers, merchants and entrepreneurs alike, making transactions secure, simple, smart and accessible.
- Mission: Connect and drive an inclusive digital economy that benefits everyone, everywhere.
The Mastercard company achieved success mainly by being one of the pioneers in applying the value of innovation in digital payment. Thus, it managed to position itself on a par with VISA, its main competitor. In addition, it achieved solid brand development with the design of a unique and distinctive logo (two overlapping circles, one red and one orange), such as Coca-Cola with the white wave on the red background or McDonald's with the golden arches.
5. Dove
- Values: Self-esteem, authenticity, beauty and social responsibility.
- Vision: Be advocates for body positivity and self-esteem, putting effort into creating a world where all people feel comfortable and confident in their appearance, regardless of societal standards or expectations.
- Mission: Helping women around the world develop a positive relationship with their appearance, raise their self-esteem and amplify their full potential.
The Dove company achieved success through its identification with values such as authenticity and redefining the concept of beauty. Through inspiring words and the dissemination of new real body images, far from stereotypes, Dove was able to position itself as a brand close to the female world because it managed to connect with the feelings, thoughts and emotions of many women.
Difference between values and the mission and vision of a company
A company's values, along with the vision and mission, define the identity of the organization. Values are the ideals that the company pursues and that determine its character; The vision is the objective that you intend to achieve in the medium term; the mission is its purpose or reason for being. Both the mission and vision of a company require values that accompany its statement.
For example, YouTube's values are: “Freedom of expression, information, opportunities and belonging.” These values define the company and differentiate it from others in its field. On the other hand, its vision or business objective is: “To be the leading platform for sharing and consuming videos on a wide range of content and creating a dynamic and inclusive community.” Finally, its mission or reason for being is defined as follows: “Give everyone a voice and show them the world.”
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References
- Carrión, A. (2008). The sense of value or value in question. Universitas-XXI, Journal of Social and Human Sciences(10), 43-57.
- García, T. (2019). The importance of values in the life of human beings. Psychotherapy for All. https://psicoterapiaparatodos.com/
- Hotjar. (2024). 75+ Examples of Company Values and How to Create Your Own In 2024. https://www.hotjar.com/
- Qualtrics. (2023). 50 Examples of Strong Company Core Values. https://www.qualtrics.com/
