Business

The importance of establishing core company values in 2021

Does your company have a strongculture? Could your team recite your company values, and do they feed into them through their actions? In a time when three in five workers are seeking some form of career change, company culture is more important than ever in attracting and retaining talent.

Establishing company values isn’t a process that should be taken lightly however, and you’ll need to invest time and resources to bring them to life too. Read up on their importance below, as well as must-have values in 2021 and how to develop them.

Why are company values important?

Establishing company values helps founders home in on what’s important to them. But they have a range of benefits for others too, from current and prospective staff to clients and partners.

With clear values in mind, current employees will have a clearer understanding of the company’s direction and how they can play a part. Values also drive improved employee engagement by creating a culture built on principles that they believe in.

Displaying your values externally can also help inspire like-minded talent to get in touch, helping you find the right cultural fit and gain a competitive advantage. The same goes for attracting clientsif you’re a service provider as decision-makers are often attracted to those with shared values.

What values should every company have in 2021?

While your company values should be unique to your business setup and philosophy, there are certain beliefs that all modern organisations are expected to display.

Inclusivity

Businesses must demonstrate how they treat people with respect and integrity, no matter their race, gender or background. Toxic work cultures can no longer survive.

Innovation

Be it through technology, employee benefits or other aspects, companies that show a drive to not only match their competitors but surpass them will help attract and motivate workers at every level.

Flexibility

The pandemic has changed many aspects of everyday life, including the way we work. Remote working isn’t feasible in every industry but allowing employees aspects of flexibility to maintain a positive work-life balance is essential in 2021.

How to establish your own company values

Whether just starting out or well established, it’s worth engaging leadership and culture experts to helpdefine and promote valuesthat are relevant to your business profile and audience.

This process will typically involve outlining how your company thinks and behaves and how this is different to competitors.Your values must reflect your entire team however, so make sure to involve all levels of seniority and gather feedback.

There are various ways to then promote these values, including displaying them on your website and on your company’s physical property. Your values should also be integrated with your recruitment process to make sure that new starters buy in from the beginning.

Make sure to treat your values as a living, evolving beast too – reassess them regularly and make adjustments if they don’t accurately reflect your current position and attitude.

Company culture is no longer a nice-to-have. Make sure yours are strong and well-known to lay the foundations for future success.

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