What are Business Core Values and why should a company have them?

Like people, businesses should have fundamental beliefs and guiding principles that define a company’s culture and shape its identity. These core values will often represent the organization’s ethical standards. They should act as a compass for decision-making, and shaping behaviors among team members.

A business’s core values are important because they guide how team members interact with each other, customers, vendors and any other stakeholders. Core values foster a sense of belonging and ensure that everyone is aligned with a common framework for decision-making, ensuring consistency in actions across the organization.

Finally, core values play a critical role in attracting and retaining the right talent. Benchmarking the character of a candidate to the culture of the organization, can be much more valuable than just measuring skill sets. Ensuring the company’s core values are well known and are commonly practiced among team members can help recruit like-minded individuals who align with the company’s culture and are a great fit!